Monday, October 20, 2008

Deluisional: House Asking Prices Are On The Up

House Asking Prices Are On The Up

The asking price of homes has risen by 1% in the last month! Sellers are tempted to think their home is more desirable than others on the market and some have sent the average price of a house in England and Wales up to £229,691. Capitulation seems a long way off then.

Posted by crash n burn @ 09:42 AM (1358 views)
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31 thoughts on “Deluisional: House Asking Prices Are On The Up

  • i said this two weeks ago, however i really think those who put prices up are likely to lose the most as the market appears to be in full slide now and nothing will stop it, not even bailouts..

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  • Looks to me like the high value home owners are having to dump houses too and it this has influenced the average asking prices.
    This tells me the HPC is getting worse
    But then again I don’t have vested interests

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  • tyrellcorporation says:

    Asking prices at the top end in Exeter are going berserk. A house near me that was split into rented untis has recently been done up by the owners for sale. It’s been done nicely but the position on a junction is a bit iffy. In the current market I would have said £750k – it’s gone on at £1.25m!!! I had to rub my eyes when I saw the advert. these people are utterly deluded and haven’t altered their mindset one jot.

    Capitulation will take much longer to sink in that I originally thought. In the meantime EAs will go to the wall rapidly.

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  • What is really happening is that people with more expensive houses are trying to offload – in my area there are loads of £500k+ houses on the market, but none have actually sold in the last three months.

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  • uncle tom, i can safely say very little has sold in Cheshire over the past 2 years.

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  • Uncle Tom: I can safely say very little has sold in Cheshire over the past 2 years, yet the idiots are increasing prices. Don’t they realise people cannot afford the high prices any more and banks won’t lend past 4 times salary if you are lucky to get lending.

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  • Still-waiting says:

    House just gone on sale in my road for £299k. One a few doors down which is bigger and in better condition has been on the market for a year at £270k and has not sold. I cannot understand the logic. Perhaps they are starting high so that they will then show up on property snake in a couple of months’ time with a 40% reduction? Thus making people think they’ve got a bargain.

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  • It’s because all those expensive houses that were off the market are now for sale.

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  • Same story in Cambridgeshire. We know some people who put theirs on at £1.1M, as the EA told them “the credit crunch isn’t hitting the top end of the market” (yeah, great advice for people keen to sell). 4 months later after no interest it’s unsold and off-market.

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  • theboltonfury says:

    new one went on last week – just a cool 1.2 mill for 4 beds in Ashley

    it’s the other side of the road from one that’s been on the market for 13 months and hasn’t dropped at all from its 1.195mill

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  • Those who don’t adapt will be the biggest losers when they either have to take house off market or take a stupidly low offer in the end, these are the people who are so greedy they will wait and wait and lose out because they waited too long… it is pure greed and stupidity.

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  • @ mark

    Indeed – my ex-landlord is a case in point, ‘tested the market’ with a £500k asking price 18 months ago just at the supposed ‘high’ point, has now droped 20%/£100k with still no buyer in sight, he (over)paid £360k in August 2002 my guess is that if he ever sells it, his price will be well below this figure.

    Interestingly as this went up in value, he leveraged up from this place to buy another place in large grounds – both mortgages must be costing him a fortune, he’s still advertising for a tenant as well (at £1200 a month, more than I was paying but a pathetic yield all the same), zero interest there too as large houses for rent have flooded the market.

    Greed and stupidity – indeed that about sums it up.

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  • Actually makes me feel sick, although I suspect the figures are being swayed by overpriced upper end properties owned by economic gurus who’ve just come up with the brilliant idea of selling and renting whilst the market collapses.

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  • Actually makes me feel sick, although I suspect the figures are being swayed by overpriced upper end properties owned by economic gurus who’ve just come up with the brilliant idea of selling and renting whilst the market collapses.

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  • george monsoon says:

    It’s the ILL informed who are trying it on, and they will be the ones that come unstuck.

    The sensible people who are taking reasonable offers, will be the winners ultimately.

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  • Well, as I said a few weeks back, it worked for one of my friends. He changed selling agent after marketing for several months and receiving no offers, and increased his asking price by apx £35K. It eventually sold for apx £10K above the previous asking price. He has just made an offer on his next house close to the asking price.

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  • theboltonfury says:

    p.doff – you must secretly despise your friend?

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  • capitulation will come when a) they lose their jobs b) they come off fixed rates. Fortunately for us the government is investing in rewarding bad behaviour rather than investing in business, so unemployment is likely to fly and taxes will be going up. These people will soon be forced sellers. Give it 6 months and the real carnage will be there for all to see.

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  • As long as the government distorts the market there cannot be a market correction. Buying property, for social housing, at today’s prices is a waste of public money. Let the market correct itself and then buy at a cheaper price. This would represent better value for money.

    I think the government, and their friends at the B.B.C. are preparing the electorate for a spring election. Everything the government, and the B.B.C. does should be judged with this in mind. This morning on the “Today” programme, the chief secretary to the treasury forgot the script and the interviewer had to prompt the answer. Shameless!

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  • Bolton.
    No, can’t despise a lifelong mate – just rather envious of his extreme good luck.

    This article does however contradict Rightmove which says asking prices are actually down.

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  • Denial >>> People of Britain you are here <<<< Anger Desperation Acceptance

    We have a huge way to go. People really can’t accept what has happened. The banking system is in serious trouble. The money it relied on has dried up. It’s only real assets (your properties and the deeds it holds in it’s vaults) are dropping in value at about 20% a year. Listen people of Britain:

    “Your’re home is already worth less than 20% than you think. And that’s if people can actually get a mortgage to buy your over-valued property. In a year it will be worth 40% less than what you think !”
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  • theboltonfury says:

    fair enough. I couldn’t either.

    just illustrates my point that even in these most difficult times house prices are still doing very nicely indeed. I have been hearing ‘give it 6months’ for about 3 sets of 6 months now

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  • p.doff.

    There will always be exceptions to the rule. And people with money will always make irrational decisions based on their gut feelings. We have had 10 years of over-the-top increases and a decade of parasites like Kurtsie and Phril ramping things up and up. Remember the old saying :

    “One swallow does not make a summer, neither does one fine day; similarly one day or brief time of happiness does not make a person entirely happy. ” – Aristotle I believe.

    I personally knew someone that paid £49,950 for a bedsit in Essex in 1988. They sold it for £36,500 in 2001. So after 13 years they didn’t get their money back. One did sell in 2006 for £79,000 in the middle of the madness.

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  • p.doff
    ‘Well, as I said a few weeks back, it worked for one of my friends. He changed selling agent after marketing for several months and receiving no offers, and increased his asking price by apx £35K. It eventually sold for apx £10K above the previous asking price. He has just made an offer on his next house close to the asking price.’

    Surley you would pity this poor chap. He managed to sell a property for a tidy sum….. THen he bought another one? Did you try to talk him out of the second half of this equation??

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  • I wish nooneo would stop this. We are not the ‘people of britain’. We are a particular demographic that particularly believes house prices will crash. I don’t need a ‘wake up call’. Or garish red highlighting to educate myself. I wish he would do this on the BBC site. Much more appropriate.

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  • Try ‘home.co.uk’

    You can look up how asking prices of individual properties have changed over time. Its a beaut.

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  • 20. justwatching said…’Did you try to talk him out of —-‘

    I did suggest he should capitalise on his STR position by waiting. But they are fed up with the house they are renting, and the new house ticks the appropriate boxes. There had also just been a price reduction of £70K, with 2 other interested parties (genuine – I checked).

    Who am I to knock the decision – it is their choice after all, and I could be wrong.

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  • I like these articles about house prices going up as if that solves the problem.

    1, We can’t all become richer by kidding ourselves with ever increasing asking prices.
    2, House prices have to be connected with real incomes – if banks want to be paid back that is.
    3, There is no correlation between wealth and intelligence – explains p.doffs mates buyer

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  • Chilli @ 25.

    I see the thought police are in today.

    “I wish nooneo would stop this. We are not the ‘people of britain’. – No you are a [email protected]

    It appears to me that the whole country is in denial about house prices crashing. All I’m attempting to do is redress the balance that mainstream media pushes every day. I’m sure that I am preaching to the converted most of the time but who the fook are you to tell me anything.

    And If I wish to highlight red text where’s the crime.

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  • Chilli @ 25.

    Perhaps I’m trying to stop a fewe idiots buying into a plummeting market.

    What are you doing……?

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  • Chilli @ 25.

    And perhaps I had my tongue firmly in my cheek when I posted.

    Have you had a thoroughly british “sense of humour” bypass perchance ?

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