Rightmove October +2.8%, London records biggest ever indice rise at 6.5%

Turnbull2000

http://www.rightmove.co.uk/news/files/2009/10/october-2009.pdf

Dan:_4

Asking prices dont mean s.hit

Cleaver

Further evidence of the improvement in buyer sentiment comes from the latest Rightmove Consumer Confidence survey, which will be released at the end of the month. Analysis to date shows that only 1 in 10 of our sample of over 30,000 respondents believes prices will be lower one year out, a massive turnaround from the beginning of the year when nearly 7 in 10 were of that opinion. Indeed, more than half expect prices to be higher, rather than just levelling off.

And that, in one simple sentence, sums up our rather mental property market. Forget your 'economic fundementals, the public are convinced house prices are going one way and are buying before they think they get even more expensive.

Part of me thinks this is all rather stupid. But then I also think we're going to put in an offer on a property tomorrow, so it would just be slightly hypocritical of me to criticise too heavily.

nollag2006

Cleaver wrote: »

... we're going to put in an offer on a property tomorrow, so it would just be slightly hypocritical of me to criticise too heavily.

Good luck with that Cleaver. Looks like you've timed your purchase just right for the upswing

:j

Cleaver

nollag2006 wrote: »

Good luck with that Cleaver. Looks like you've timed your purchase just right for the upswing

:j

Dunno really. I have a nagging feeling the house will be worth about £34.80 in two years, but maybe I've just spent too much time on here. I don't really care in a way though. Best case for everyone would be stagnation for 3 or 4 years, we just all need to calm down.

HAMISH_MCTAVISH

Rightmove October +2.8%, London records biggest ever indice rise at 6.5%

Thats huge....

And whilst it's not indicative of achieved prices, it is a good barometer of sentiment in the market.

dopester

Cleaver wrote: »

Best case for everyone would be stagnation for 3 or 4 years, we just all need to calm down.

That isn't best for me whatsoever. Markets don't play out in some cuddly way to be best for everyone. Not when houses are so ridiculously overvalued to all the underlying economic circumstances.

House prices have seen hyperinflation under Labour and a lot of that has to correct.

Pssst

Yes..thats one of the few hopes left in this miserable country..one a sad place we live in. I'm sure people in the rest of Europe/USA have the very same thing on their minds all the time..:rolleyes:

Lets jump on the housing merry go round again and repeat the same mistakes.

Brits spend more than most other nations just putting s cramped,over priced roof over their heads.

Generali

From the release:

The 0.2% rise is led by a strong recovery in London, where property shortages
and increased buyer demand see asking prices now the highest Rightmove has ever measured. They are 0.8% above their peak of November 2007

Amazing. Can this be sustained? I still have my doubts but you never know.

dopester

Generali wrote: »

Amazing. Can this be sustained? I still have my doubts but you never know.

Of course it can't. My solicitor friend has enjoyed fine years in the boom working on lots of business cases. This year as a fee-earner they've only written 40% of business compared to their own salary. Not earning the firm 200% 300% or 400% their salary, but 40%.

You won't find this person, or increasing numbers in similar squeezed positions, in some big Cleaver style 'buy towards the peak of the bull-trap rush' to take a bigger mortgage to upsize. It's sucker's money afaic and it will run out.

Mix in new lending crackdown rules coming in on liar-loans, and ever more people concerned about their income, existing debt-levels and savings, bringing into focus just how crazily expensive houses are.

Cleaver wrote: »

And that, in one simple sentence, sums up our rather mental property market. Forget your 'economic fundementals, the public are convinced house prices are going one way and are buying before they think they get even more expensive.

Part of me thinks this is all rather stupid. But then I also think we're going to put in an offer on a property tomorrow, so it would just be slightly hypocritical of me to criticise too heavily.

System

Dan: wrote: »

Asking prices dont mean s.hit

They do in Brit's signature.