Monday, May 16, 2011

Rightmove: +1.3%MoM

HOMES 'ARE OVERPRICED'

HOUSE asking prices have risen to their highest level for nearly three years, with some owners demanding unrealistic amounts. The average asking price rose to £238,874 in May, up 1.3 per cent on April. It is at its highest level since June 2008, according to Rightmove. The hike comes as the number of houses going on the market fell 30%, leading some agents to agree to market homes at unrealistic prices as they competed for scarcer new listings.

Posted by little professor @ 12:53 AM (3560 views)
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11 thoughts on “Rightmove: +1.3%MoM

  • Link to Rightmove May 2011 hpi.

    Note:

    • Average unsold stock rises further from 74 to 76 properties per branch, reaching highest ever level for May

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  • I have noticed that some of the stale 12 month+ properties have been pulled this morning giving the illusion that supply had dropped.

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  • How many times has The Express used that photo for a house price story?

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  • sibley's b'stard child says:

    Yet another bearish Express article sans author.

    Well spotted Dill, if I recall, last month’s average of 74 unsold properties was a then record. Now it’s risen again to 76? Guess that kinda blows that ‘demand will outstrip supply’ argument that the Halifax/Nationwide have clung to in their monthly indices.

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  • Just been thinking that the rise might be due to the mix of property coming on to the market. Might it be that there are more detatched property’s and less flats this month? How can we find out this information?

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  • Everyone looking for a house should start a campaign of going round to as many viewings as possible and dropping them by 10% – 20%, that may knock some sense into their heads.

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  • sibley's b'stard child says:

    Khards, Rightmove has a funky search function (Market Trends) that displays both the numbers of props sold by month and the mix of properties listed by month.

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  • mark wadsworth says:

    Said Shipside: “The decision to hold interest rates at unprecedented low levels has disrupted the traditional economic formula of an excess of supply over demand leading to lower prices.”

    The whole housing market is a triumph of politics over economics, he’s only just realised this?

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  • Put yourself in the shoes of someone thinking of buying a home..

    ..would you be confident, from the current crop of news stories, that your investment would not implode in value?

    – I recently looked in the windows of a couple of estate agents in south Wales – Porthcawl to be precise. This is an area where the majority are earning well under £20k, yet there was nothing in the window on offer for under £150k, and plenty above £250k. Moreover, the average build cost of a typical property with an asking price of £200k, is probably under £60k..

    How can anyone believe that this sort of pricing is realistic?

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  • – I recently looked in the windows of a couple of estate agents in south Wales – Porthcawl to be precise. This is an area where the majority are earning well under £20k, yet there was nothing in the window on offer for under £150k, and plenty above £250k. Moreover, the average build cost of a typical property with an asking price of £200k, is probably under £60k..

    Just who do they think is going to buy? That’s what confusing me….perhaps the low interest rates and just allowing people to hold on. Mervyn bloody King……

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