Monday, Oct 16, 2006

Latest Rightmove survey shows prices on the up

Reuters: UK house prices up 11.5 pct yy in Oct

House prices in England and Wales surged an annual 11.5 percent in October, taking asking prices to a record high, a survey showed on Monday, in a further sign higher borrowing costs have not stifled demand. The Rightmove data is in tune with other surveys showing the housing market shrugging off a Bank of England rate rise to 4.75 percent in August.

"We have never (before) had a sustained low inflation, low interest rate economy combined with widespread home ownership," said Miles Shipside, commercial director at Rightmove."These unique conditions help push prices higher and higher. However, supply of houses coming onto the market is dropping."

Posted by little professor @ 01:19 AM (537 views)
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8 Comments

1. george monsoon said...

yea yea...

Monday, October 16, 2006 08:37AM Report Comment
 

2. Nohpc said...

Rightmove, unlike the CML cannot fudge the facts. These are true numbers!

Monday, October 16, 2006 08:51AM Report Comment
 

3. inbreda said...

Asking prices, not selling prices.

This could jsut be greedy amateur property developers still expecting to be able to sell something for 150% of what they bought it for 6 months previously. They will soon be disappointed.

The fact that new homes are FALLING in value, and the VIs are having to quote SURVEYS of ASKING PRICES is a positive thing for us on HPC.

Monday, October 16, 2006 10:18AM Report Comment
 

4. kpjcomp said...

inbreda, I agree. Also EA are the people setting prices and looks like there trying it on too.

Like I said last week a house that the EA's had put on the market for 340 sold at auction for 150 near us, someone on here mentioned that it was a one off and you can't use that as an indication of house prices falling, but remember what happened in Austrilia before the houses started to drop, the story of the house going to auction at v.much reduced price.

Monday, October 16, 2006 10:26AM Report Comment
 

5. the bald man said...

Low inflation rate? Does anyone believe this. What about high tax rates, high house prices, increasing interest rates, a mountain of debt.

Monday, October 16, 2006 10:44AM Report Comment
 

6. geed said...

Not one to play devils advocate...However, I certainly have not made the money someone who bought 12 months ago and sold today would, that is according to Righmove and the Halifax. Who's the dummy? Speculate to Accumulate and while it lasts Accumulate they will, or are they?

Its when I think in these terms that I realise just how misleading the VI surveys are. Houses are selling but for how much? - According to home.co.uk (supposedly independant) asking prices have reduced by 0.6% in England and Wales yoy. This figure would be much higher if the London silly money transactions were omitted (only omitted over ₤1mil) and against inflation thats over a 3% decline in 12 months.

So its official House prices are declining. Stop chanelling your efforts into rubbishing reports and stats that we already know are rubbish. Lets start getting upbeat, lets start spreading the word.

According to Home.co.uk, we are all financially astute, we have all just saved ourselves over ₤5,000* in the last year!!! woohoo!

*Based on ₤169,000 Nationwide average.

Monday, October 16, 2006 12:31PM Report Comment
 

7. Hoyo said...

Check out trevor mcdonald tonight 8pm ITV .MORTGAGE MISERY should be worth a look.Maybe some could put this up as a main aricle :)

Monday, October 16, 2006 01:02PM Report Comment
 

8. Hyrax said...

Besides its only the 10% or so of the housing stock involved in annual buying/selling that are leading the stats.. isn't the average mortgage in the UK still around 80,000, most people don't move much, its irrelevant unless you actually buy/sell? The treasury loves those that do of course, all this stamp duty and inheritance tax contribute to that 500billion/year UK tax take, wouldn't want to upset that apple cart!!

Monday, October 16, 2006 01:59PM Report Comment
 

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