Daily Express Ramping - House Prices Are Up Again!

Dan:_4

http://www.express.co.uk/posts/view/96156/House-prices-are-up-again

Dr_DiNg_DoNg

Oh! Susan Boyle is in today

robin_banks

All this talk of house prices having 'rised' is rampant nonsense.

Rochdale_Pioneers

robin_banks wrote: »

All this talk of house prices having 'rised' is rampant nonsense.

Not if you can add it isn't.

ad44downey

The Daily Express makes the Sun look intellectual.

robin_banks

HOPES of a recovery in the housing market have been sparked by a report showing asking prices on the increase for the third month running.


Signs that a spring revival might be on the way have tempted people putting their homes on the market to boost their prices by £3,996 – the largest rise for 14 months and the third consecutive monthly increase.
East Anglia saw the biggest rise with a 5.1 per cent increase, followed by Wales at 4.8 per cent and the South-east of England at 4.2 per cent.
The push has forced up the cost of the typical three-bedroom semi by 1.8 per cent in April to £222,077 from £218,081 in March, according to the property website Rightmove.
In a signal of growing consumer confidence, its report shows 22,000 new sellers being tempted into the market each week – up 13 per cent on last month.
But experts last night called on vendors not to put the upward momentum at risk by overpricing their properties.
Rightmove’s director Miles Shipside said: “My view is that many sellers are still starting too high, but the fact that they are coming to market in greater numbers and feel they can ask more is an encouraging sign.
“It looks like we are bumping along the bottom of the trough, but for there to be any real sense of optimism that we’re on a sustainable road to recovery, the availability of mortgage finance needs to improve significantly, given that mortgage activity is running at about a third of its average levels between 2002 and 2007.
“Fortunately, mortgage lenders are starting to release more funds to finance new house purchases.”
Earlier this month HSBC started a mortgage price war by slashing loan rates for buyers with small deposits.
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Rivals are likely to follow suit after the bank pledged to lend £1billion to borrowers with only a 10 per cent deposit.
The move was welcomed as the beginning of the end of the mortgage drought sparked by the credit crunch, which made banks nervous about lending money.
A series of positive reports have prompted economists to say that record low interest rates and lower prices are finally tempting buyers back into the market.
According to the Royal Institution of Chartered Surveyors, the number of new home buyer inquiries rose for five consecutive months, with evidence showing that this is beginning to feed through to sales.
At the same time, the number of mortgages approved for those buying a new home also rose in February, according to the Council of Mortgage Lenders.
The number of loans rose from 23,400 in January to 24,300 in February, a four per cent increase.
Howard Archer, economist at Global Insight, said: “There are increasing signs that housing market activity may have passed its worst point.”
The Rightmove figures show a surge in the average number of homes on an estate agent’s books to 72 – and they are also selling faster. The average time a property is on the market for before it sells is down from 81 to 77 days.
There has also been an easing in the annual rate at which prices are falling, with homes losing 7.3 per cent of their value during the year to April 11, down from a nine per cent drop during the 12 months to March 7.
Over the last 12 months values have fallen £17,044.
About 80,000 owners with properties already on the market are having to drop their asking prices by two per cent or more each month because they pitched their initial prices too high.
Mr Shipside said: “Once a property has gone stale it usually needs a big reduction and a big push to regenerate buyers’ interest.
“The best advice for sellers is to price lower at the outset to tempt buyers right away, rather than having to go through months of frustration and the desperation of a major price slash.
“Less desirable and harder-hit areas will lag well behind in the recovery, given the new era of financial prudence, and those that have to sell must be even more realistic in their pricing.”


Once again a headline fails to tell the full story.

ad44downey

Toilet Paper

ruggedtoast

I love the comments, very off message of course. They'll be saying that Diana wasnt the Queen of Hearts, Maddy wont be found and caravan holidays are no good next.

ad44downey

It makes a change from slagging off immigrants I suppose.

Dan:_4

The problem is the general public will believe this stuff. The vibe around my place of work is house prices are on the increase. Hopefully a negative Nationwide figure will be published next week and will put an end to all this ramping?

Rochdale_Pioneers

Dan: wrote: »

The problem is the general public will believe this stuff. The vibe around my place of work is house prices are on the increase. Hopefully a negative Nationwide figure will be published next week and will put an end to all this ramping?

Some of you seem unable to grasp very simple principles of mathematics. If a number is higher than the previous one then it is an increase on the previous number. Either number's relation to the high point in the sries is utterly irrelevant to the movement between those two numbers.

House prices have dropped by *insert percentage here*. Now the numbers are showing month on month on month increases from the level they fell to. 1 + 1 is 2 no mattter how fascinating you may find it that before dropping to 1 the number was 4.