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Debate House Prices
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Rightmove - June -0.4%
ad9898_3
Posts: 3,858 Forumite
Asking prices have dropped this month after four months of asking too much. It will be interesting to see if this feeds through into the sold price indices, as it might back up my theory that I have posted that mortgage approvals are only rising on the back of reduced prices, as RMBS market is closed and the money that was once available for lending has been drastically cut.
If the other indices do start to slide despite the injection of QE and government borrowing, it could mean some more hefty falls when QE is finally bought to an end, and that isn't even figuring in any movement IR's which are now starting to rise.
Interesting verdict on the RICS data as well, they say EA's are selling 10 per month, the recorded data says they are selling one per month, bit of a descrepancy there, I wonder where the truth lies.
If the other indices do start to slide despite the injection of QE and government borrowing, it could mean some more hefty falls when QE is finally bought to an end, and that isn't even figuring in any movement IR's which are now starting to rise.
Interesting verdict on the RICS data as well, they say EA's are selling 10 per month, the recorded data says they are selling one per month, bit of a descrepancy there, I wonder where the truth lies.
http://firstrung.co.uk/articles.asp?pageid=NEWS&articlekey=12161UK house prices fall as vendors ask for up to 40% above market prices
UK house prices (asking) have stopped their recent 'dead cat bounce' according to Miles Shipside and his team at Rightmove. Estate agents now have on average seventy properties each on their books, and are only selling ten per month according to RICS...
However, this RICS contention is not supported by recorded data. With only 35,000 property sales a month, according to Land Registry, and the head count of agents being circa the same this would suggest that agents are in fact only selling on average one property per month.
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Comments
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When are you going to buy a house Ad? You are going to have to take the plunge at some point?Favourite hobbies: Watersports. Relaxing in Coffee Shop. Investing in stocks.
Personality type: Compassionate Male Armadillo. Sockies: None.0 -
Interesting question.0
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When are you going to buy a house Ad? You are going to have to take the plunge at some point?
2-3 years when my investments mature, I will cash them in sooner and buy if I feel the market is about to rise, I don't see that happening at all soon though.
By the way, I have mentioned this numerous times before, I don't think it's a secret to the regulars here.0 -
Key Points
- Asking prices fall back by 0.4% (£1,005) as new sellers hesitate, following 4 months of rises
- Prices still up 6% in 2009 as equity-rich snap up restricted supply of saleable properties
- New seller shortage most acute in the south, indicating north/south divide in future house price growth - new supply down 45% in southern regions compared to 40% in the north
- Mortgage famine exacerbated by rising lender margins and interest rates preventing many equity-poor first-time buyers from mopping-up less saleable stock and repossessions.
And yes, we all know it's asking prices only!! So not too much in this, but more in the key points really.0 -
Official MR B fan club,dont go............................0
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Timber etc...0
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Are the rightmove figures taken from initial asking prices when the house 1st goes on the market?
If so, they are now starting lower then having to reduce after a while as opposed to the last few months of starting higher then reduce.I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
Official MR B fan club,dont go............................0
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I would like both the RM threads to have exactly 4 responses.0
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I'll just bump this up near the other one...0
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