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Debate House Prices
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RICS:Falling prices driving jump in buyer enquiries
adr0ck
Posts: 2,376 Forumite
The closely watched RICS ‘new buyer enquiries’ series has now posted three successive monthly increases, the first time this has happened since the back end of 2006. Given that this series historically has been a reliable lead indicator of transactions in the housing market, it is not altogether surprising that the latest mortgage approvals data (for December) actually registered a modest gain.
Indeed, our suspicion is that this improvement in activity levels is likely to be sustained over the coming months; mortgage approvals could climb above 35k on the back of the higher level of buyer interest.
However, this would still be well down (more than two-thirds) on the high for the cycle as well as being significantly below the long run average. By no means could this relatively small pick-up in transactions be seen as representing a move back to a more orderly housing market.
Availability of mortgage finance remains a key issue while the worsening trend in the employment picture could gradually begin to eat away at the improved sentiment amongst potential buyers.
http://www.rics.org/Newsroom/Economiccommentary/falling_prices_jump_enquiries_n_170209.htm
Indeed, our suspicion is that this improvement in activity levels is likely to be sustained over the coming months; mortgage approvals could climb above 35k on the back of the higher level of buyer interest.
However, this would still be well down (more than two-thirds) on the high for the cycle as well as being significantly below the long run average. By no means could this relatively small pick-up in transactions be seen as representing a move back to a more orderly housing market.
Availability of mortgage finance remains a key issue while the worsening trend in the employment picture could gradually begin to eat away at the improved sentiment amongst potential buyers.
http://www.rics.org/Newsroom/Economiccommentary/falling_prices_jump_enquiries_n_170209.htm
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Comments
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I was window shopping in B&Q at the weekend.
Didn't buy anything. Not even a window.0 -
I still think we're in for period of normalisation and sanity of house prices...the boom was driven a lot by BTL..with so many BTLs now in trouble, banks not that willing to lend etc, people losing jobs everywhere...it's not a difficult sum to work out..Statistics are like a lampost to a drunken man...more for leaning on than for illumination
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I was window shopping in B&Q at the weekend.
Didn't buy anything. Not even a window.
How very anecdotal!!!!!
Has abosultely jack !!!!!! to do with mr adr0ck's post or link.
Incidently, what did you go looking for in B&Q? Nobody really goes in there just to window shop.
Generally people have an idea what they want before they go inti the DIY store.
Well done Mr adr0ck on the post. It will be interesting to see how this progresses in the coming months:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »How very anecdotal!!!!!
Has abosultely jack !!!!!! to do with mr adr0ck's post or link.
Incidently, what did you go looking for in B&Q? Nobody really goes in there just to window shop.
Generally people have an idea what they want before they go inti the DIY store.
Well done Mr adr0ck on the post. It will be interesting to see how this progresses in the coming months
lol
I also viewed a house, won't be buying that either. Another anecdote for you
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Timewasters always appear at this time of year to have a nosey round other people's houses. Most of them haven't got the price of a caravan never mind a house.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
ad44downey wrote: »Timewasters always appear at this time of year to have a nosey round other people's houses. Most of them haven't got the price of a caravan never mind a house.
Careful, lets not let this thread degenerate like most others.
I withheld from calling MrDT a timewaster as he may have genuinely been looking to buy a property but just the one he viewed at the weekend was not to their requirements.
Sometimes, you do have to have a good understanding of the local market to know what the local rate is and the type of property that you can afford:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »I withheld from calling MrDT a timewaster as he may have genuinely been looking to buy a property but just the one he viewed at the weekend was not to their requirements.
It was a house that's going to auction with no reserve. I won't be attending the auction. Even if it sells for a pound it'd be too much of a liability for my liking!
I have viewed many empty houses and don't feel like a time waster. I'm giving the EAs something to do I have held back from viewing occupied houses so far as my hearts not really in it at the moment and would hate to waste the home owner/occupiers time, get their hopes up etc.
I'm unconvinced that increased viewings will bring with them increased sales. Caution is the order of the day.
ps - I kissed a girl, and I liiiiked it 0 -
have RICS factored out window shoppers? asking for details of huge mansions which we may buy if we win the lottery?!Long time away from MSE, been dealing real life stuff..
Sometimes seen lurking on the compers forum :-)0
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