Monday, October 19, 2009

What the…..?

London house prices surge past 2007 record high

Property asking prices in London have broken through the record high set in November 2007 as the drought of homes for sale around the country continues to distort the market. New research out today shows that the average asking price in London jumped 6.5% to £461,157 in the four weeks to 10 October, sailing through the high of £412,731 set in November two years ago. The survey by the property website Rightmove also shows that asking prices in England and Wales are now higher than a year ago, after climbing 2.8% in the past month. In its survey, Rightmove said a paucity of homes coming on to the market fuelled a £6,188 rise in asking prices in England and Wales. "Some agents are virtually 'sold out' and are reporting available stock levels in single figures."

Posted by drewster @ 02:36 AM (2134 views)
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10 thoughts on “What the…..?

  • fallingbuzzard says:

    Not where I live. Still down on 2007 prices in Hampstead. Places that used to go for anywhere between £1.6m and £1.9m have asking prices now of £1.3-£1.4m. Low stock levels means low sales levels so expect the next wave of estate agency wipeouts during the next 6 months. The independents won’t be able to hang on.

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  • little professor says:

    HOUSE PRICE CRASH CANCELLED!!!

    Oh wait, it’s asking prices

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  • The article makes no sense anyway.

    In one month “Prices jumped 6.5% to 461k”… IE Last month the average was 433k, “… sailing through the high of £412k set in November 2 years ago”

    But according to them it was already 21k above that high last month.

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  • watching with amusement says:

    Phhh… quick sum to find out what the price was before the 6.5% jump:

    £461,157 x 100% / (100% – 6.5%) = £431,182 (to the nearest pound), which is larger than the £412,731 that the increase was meant to cause the asking price to sail through…

    So, however wrote this article clearly can’t do basic sums.

    And, as pointed out by lp – it’s asking prices…

    How can anyone actually write such contradictory nonsense and then get it published on a National Newspaper’s website???

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  • mark wadsworth says:

    Round where I sold two years ago (East London), asking prices are down about twenty per cent compared to selling prices two years ago.

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  • @3 watching with amusement,

    I think you’ve done your sums wrong: £461,157 pre 6.5% jump = £433,011.26 (Not that it makes much difference)

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  • Moving closer to colapse.

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  • Watching With Amusement says:

    @5 estrader,

    Good point, well made. Should’ve been £461,157/106.5% to give the correct answer.

    D’oh!

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  • “House prices in the UK are affected by demand and a lack of supply, more so than elsewhere…”

    Rightmove has 650,000 houses for sale and says that 95000 more were put on the market last month. Bearing in mind that monthly sales volumes are around 35-40,000, how does this constitute a lack of supply?

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  • I have 200K sitting in cash and some in stocks, with current lax lending, I could easily get a mortgage to buy a four bedroom house right now but have no intention of buying as within two years, I’m expecting house prices to be down at least another 15% from current levels. Do these optimists not realise that after the election we are going to be hit by the most restrictive fiscal policy that we have seen in last 50 years, with higher taxes for everyone and contraction in the public sector (and higher unemployment). People will be shocked by how bad things will getm haven’t seen nothing so far!

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