Monday, October 21, 2013

London asking prices have risen 10.2% in the last month

Rightmove Asking Price Index October 2013

I realise it's a new and volatile index but it's the most forward-looking and this is completely unprecedented. The previous biggest move was +6.5% in October 2009, when the market turned. Nationwide, prices rose 2.8% against a previous record of 4.1% (in Feb. 2012).

Posted by reticent @ 10:41 AM (2937 views)
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10 thoughts on “London asking prices have risen 10.2% in the last month

  • Asking prices?

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  • Shock, ‘London prices rise unsustainably, beating previous high by nearly £30k’, – and Rightmove thought that they were in control of the housing market.

    Even larger mortgages for my children, when will it all end? Houses are so detached from the realities of earnings or the ability of banks to lend at such high multiples. I wouldn’t wish to sell my home now.

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  • Do not worry about your children Will, the government will be backing %100 of all mortgages soon as banks will not take the risk! Plus our kids will be on zero hr contracts, no pension, private health care & energy bills rocketing, what’s not to Like!

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  • Do not worry about your children Will, the government will be backing %100 of all mortgages soon as banks will not take the risk! Plus our kids will be on zero hr contracts, no pension, private health care & energy bills rocketing, what’s not to Like!

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  • The slums of London have been turned into a writhing mass of hysterical property investors, but the stench never really left. Bankers are now moaning that they can’t live in zone 1 and the rest survive on interest only mortgages. We had fractional reserve banking and now fractional equity homeowners.

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  • Carney: I see no bubbles.

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  • This jump directly correlates with the govt annoucement of it’s reckless scheme at the end of September. Since the summer, based on numerous estate agents I spoke to and viewed properties with – vendors had already gradually increased prices in anticpation of the scheme but now will know the impact of the scheme going live. It’s disgraceful that members of govt have kept claiming to date that it would not have much impact on prices. In London all that their schemes have done is increased prices, reduced supply and theyby further prevented first buyers from getting on the ladder because they will not be afford the monthly payments due to the jump in prices. In that regard Buy to Help is pretty useless in London and has now made a bad situation even worse.

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  • Agreed, everyone is trying to be a smart ass and front run HTB2.

    I think the problem with their front running the housing market strategy is that they have seriously overestimated the effect of HTB2 will have on the market.
    Real wages are declining and nobody wants to take on more debt, especially youngsters repaying student loans. there were 95% mortgages available and I cant see HTB2 helping the mortgage market that much, after all repayments on a 95% mortgage are still going to be higher than a 90% mortgage even if the interest rates were the same for the two products.

    I think the market has been responding to much misinformation and propaganda. The question is will asking prices drop from here or will the greater fools pay record prices against a backdrop of falling real wages, rising energy and transport costs.

    Of course when this scheme is being reported as a failure early next year they will announce the removal of stamp duty which will bluster prices another 3% or so. When that fails they will means test pensions and put the savings into mortgage interest relief etc. etc.

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  • There is virtually no change year on year for those outside cockneyland.

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