RIGHTMOVE February - Prices rocket 3.2%, London sets new record, reminiscent of boom

Turnbull2000

www.rightmove.co.uk/news/files/2010/02/february-2010.pdf

I bet the HPC mods will be more ban happy than ever following this news :eek:

HAMISH_MCTAVISH

Turnbull2000 wrote: »

www.rightmove.co.uk/news/files/2010/02/february-2010.pdf

I bet the HPC mods will be extra trigger happy with the ban button after this news.

:rotfl:

3.2% is HUGE......

Sure, it's only asking prices, but still, that is seriously indicative of rising sentiment.

And of course it matches up nicely with the other reports out, RICS showing prices stable or rising in 94% of the country, NAEA reporting supply at a 2.5 year low and demand still rising, etc, etc, etc.......

1984ReturnsForReal_2

Don't forget Aberdeenshire losing a humugous 10%

IveSeenTheLight

1984ReturnsForReal wrote: »

Don't forget Aberdeenshire losing a humugous 10%

LOL taking one months statistical noise is as funny as looking at asking prices in my opinion

HAMISH_MCTAVISH

1984ReturnsForReal wrote: »

Don't forget Aberdeenshire losing a humugous 10%

Actually Aberdeenshire was up 0.6%. (It was Aberdeen city down 10)

And I'm still going to rub your nose in it when the spring bounce comes along...:D

Turnbull2000

EXPRESS - House prices rocket by 7000 in just one month

We're back in a self-feeding upwards price loop IMO, only based on lower transaction levels due to lack of mortgage finance. My prediction of 2007 peak by Q4 2010 remains on course. With the February inflation measure expected to be even higher than January, those holding cash are certainly looking mugs right now.

HAMISH_MCTAVISH

Turnbull2000 wrote: »

EXPRESS - House prices rocket by 7000 in just one month

We're back in a self-feeding upwards price loop IMO, only based on lower transaction levels due to lack of mortgage finance. My prediction of 2007 peak by Q4 2010 remains on course. With the February inflation measure expected to be even higher than January, those holding cash are certainly looking mugs right now.

I think you're broadly right about the self feeding sentiment loop.

I'm more inclined to think previous peak won't be breached as a national average til 2011, but 2010 is more likely than 2012 IMO.

I'm still thinking we'll see some price softening with the election uncertainty, and I'm far from convinced about inflation. I reckon we'll be back around target after this spike works its way through.

nembot

You lot aren't kidding anyone you know.

But keep it up, puts a smile on my face

Oh and Hamish, explain the big picture to me?

[edit] No comments allowed on the article's page, I wonder why...

Now i'm actually laughing.

Jonbvn

http://www.nytimes.com/reuters/2010/02/14/business/business-uk-britain-property-rightmove.html?_r=1

LONDON (Reuters) - Asking prices for houses in England and Wales are 6.1 percent higher than a year ago after the biggest monthly increase since April 2007, property website Rightmove said Monday.

"This market is more akin to the mortgage-rationed times of the 1970s and 1980s than to more recent times of relatively easy mortgage availability," said Rightmove's commercial director Miles Shipside.

http://www.rightmove.co.uk/news/house-price-index/february-2010
Scarce new sellers bump up asking prices by 3.2%, an average increase of £7,137 with London setting a new record of £427,987.

Monthly rise reminiscent of boom-times; there has been no higher rise since April 2007 when we saw a 3.7% increase.

January sees record search activity on rightmove.co.uk, up 29% on same period last year.

The economic fundamentals cannot support further price increases of this magnitude.

MissMoneypenny

Jonbvn wrote: »

http://www.nytimes.com/reuters/2010/02/14/business/business-uk-britain-property-rightmove.html?_r=1

LONDON (Reuters) - Asking prices for houses in England and Wales are 6.1 percent higher than a year ago after the biggest monthly increase since April 2007, property website Rightmove said Monday.

"This market is more akin to the mortgage-rationed times of the 1970s and 1980s than to more recent times of relatively easy mortgage availability," said Rightmove's commercial director Miles Shipside.

http://www.rightmove.co.uk/news/house-price-index/february-2010
Scarce new sellers bump up asking prices by 3.2%, an average increase of £7,137 with London setting a new record of £427,987.

Monthly rise reminiscent of boom-times; there has been no higher rise since April 2007 when we saw a 3.7% increase

January sees record search activity on rightmove.co.uk, up 29% on same period last year

The economic fundamentals cannot support further price increases of this magnitude

Asking prices may be up but selling prices aren't.

The EA that is selling my mother's house has given us an optimistic value and then added 18% to that for an asking price.

We put in on at that high price as there seems to be a few people who think house prices are going up and we just might hook one of those suckers.

Jonbvn

MissMoneypenny wrote: »

Asking prices may be up but selling prices aren't.

The EA that is selling my mother's house has given us an optimistic value and then added 18% to that for an asking price.

We put in on at that high price as there seems to be a few people who think house prices are going up and we just might hook one of those suckers.

So the price of your mother's house is actually the only statistic we should be concerned with??;)

It will be interesting to see where the Haliwide figures are this month. If you look at that table of figures in my OP, you will see that RM has lagged Haliwide previously. Surely not likely this month? I would guess RM figures are significantly more volatile.