Monday, March 15, 2010

Spring Thud

Property asking prices stall as glut of homes hits market

Asking prices for residential homes stalled in March in a further sign that the recent recovery in house prices may be running out of steam. Non-seasonally adjusted asking prices rose just 0.1% between February and March, a period of the year in which prices normally bounce thanks to the Spring effect, according to new figures from property website Rightmove. The annual rate of house price growth, meanwhile, slowed to 5.3% from 6.1%, the first fall in the yearly rate for more than a year. The data was based on sale prices recorded on the Rightmove website between 7 February and 6 March.

Posted by doomwatch @ 01:45 PM (3243 views)
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2 thoughts on “Spring Thud

  • This is all very strange. I have been keeping an eye on what have been reporting since the end of August last year where they reported 658,801 homes at an average price of 273,470. Today they report 568,966 homes for sale at an average price of 272,081. So there are 90K less homes for sale than there were 6.5 months a go. I am sure there is a simple explanation for this such as there being less estate agents now than there were back then and hence fewer property websites are being monitored. However today the site reports 15,791 estate agents, whereas 6.5 months a go there were (by pure coincidence) the same number. A difference of 90K seems to be a rather big difference and does not indicate that we now have a glut of properties. So I think the articles claim is unsubstantiated. Perhaps there are seasonal effects that I am not taking into account, etc.

    Most of the drop in the number of house prices being monitored occurred between mid-December last year and end of February.

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  • mark wadsworth says:

    “Spring thud” Brilliant 🙂

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