Hooray! Asking prices down!

bernard_shaw

Asking prices are down in England and Wales.
http://www.home.co.uk/asking_price_index/HAPIndex_NOV09.pdf
more here:
http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=493726&in_page_id=57
and here:
http://www.findaproperty.com/media/house-prices/FindaProperty_HPA_Index_Nov09.pdf

ruggedtoast

This is another one of those property reports which just doesnt reflect what I am seeing. For the majority of the 'house prices up' bounce I was seeing significant cuts on property and lower priced stuff coming on to the market.

Over the last month or two property bee is showing a number of London and SE properties which have had their asking price raised - sometimes by quite a lot (£20k for one house that has remained unsold for a year). I'm not sure much new stuff is coming on to the market.

I think most of this stuff is best taken with a pinch of salt - In fact I have come to the conclusion that trying to guess the market with such inadequate data is pretty pointless. May as well just find somewhere you want to live and work on affording to buy it.

chucky

bernard_shaw wrote: »

Asking prices are down in England and Wales.
http://www.home.co.uk/asking_price_index/HAPIndex_NOV09.pdf
more here:
http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=493726&in_page_id=57
and here:
http://www.findaproperty.com/media/house-prices/FindaProperty_HPA_Index_Nov09.pdf

i wouldn't get too excited... it's one months drop since the last 7 months consecutive rises... and still only 0.6% lower than a year ago

• National asking prices ease 0.5%, the first fall since March
• At £218,654, prices are now 0.6% lower than a year ago – reversing last month’s annual rise of 0.6%

when i saw your rejoicing post i was expecting Asking Prices to be down 10% or something...

bernard_shaw

chucky wrote: »

i wouldn't get too excited... it's one months drop since the last 7 months consecutive rises... and still only 0.6% lower than a year ago

when i saw your rejoicing post i was expecting Asking Prices to be down 10% or something...

"When the levee breaks..."

ruggedtoast

The levy isnt near breaking however. Most people are not being repossessed, can afford their mortgage, and are not unemployed.

A good lot of mortgage holders are paying the lowest rates the western world has ever seen. The girl next to us bought her place for £300k on an interest only mortgage that was costing her over £1000 in the end of 2008.

Madness you'd say - yes but her mortgage now costs her £250 a month.

I'm not saying its not all going to change when rates go up and the banks are allowed to start chasing arrears again but its not in sight yet.

Edit - in fact Id go so far as to say the chevy that will be driven to the levy is stuck in traffic.

bernard_shaw

No, no, no!
NOT Don McLean, Ugh!

Zep!
http://www.lyricsfreak.com/l/led+zeppelin/when+the+levee+breaks_20082208.html

Emy1501

ruggedtoast wrote: »

This is another one of those property reports which just doesnt reflect what I am seeing. For the majority of the 'house prices up' bounce I was seeing significant cuts on property and lower priced stuff coming on to the market.

Over the last month or two property bee is showing a number of London and SE properties which have had their asking price raised - sometimes by quite a lot (£20k for one house that has remained unsold for a year). I'm not sure much new stuff is coming on to the market.

I think most of this stuff is best taken with a pinch of salt - In fact I have come to the conclusion that trying to guess the market with such inadequate data is pretty pointless. May as well just find somewhere you want to live and work on affording to buy it.

I'm looking at the south London/Surrey borders. Up to the middle of October I would have agreed with you but over the last month I seen a fair few drops on property bee and therefore am not surprised by any suggested falls. Seems like to me at moment not alot is selling but at the same time hardly anything new is appearing either.

nembot

Bullish denial

Graham_Devon

chucky wrote: »

when i saw your rejoicing post i was expecting Asking Prices to be down 10% or something...

Really? In a single month?

You'd have had kittens.

Hows de nile?

chucky

Graham_Devon wrote: »

Really? In a single month?

Rightmoves asking price index went up 6.2% in a month why can't they go the other way...

when you see a thread titled "Hooray! Asking prices down!" you're going to expect something a bit more spectacular rather than 0.6% down :money:

doire_2

When its a 0.000000000000001% rise Hamish goes bonkers and posts another one of this posts and his bullish mates all jump onboard declaring everything is rosey....but when a bull posts a fall its suddenly a load of bullsh1t