DCLG hpi = + 6.2% YoY +2.2% MoM

Graham_Devon

neas wrote: »

Or.... one random report that coincides with OPs viewpoint... seriously what has this place got down to but finding reports that are obscure and nobody heard of lol.

Before it was land registry, nationwiwde and halifax.... now its well i cant remember what this is.. but you get the ponit...

:T

This is heard of.

Last time I remember it being used was when house prices were falling, and many arguments would then take place, as this report has always exceled well ahead of other reports in terms of the average house price.

Certainly haven't seen it used in a while!

Really2

Graham_Devon wrote: »

T
Last time I remember it being used was when house prices were falling, and many arguments would then take place, as this report has always exceled well ahead of other reports in terms of the average house price.
!

Has it? I thought it was always a lagging mix of LR and mortgage approvals.

IveSeenTheLight

Jonbvn wrote: »

To be fair, Scotland has a very different system from E&W. As such, "asking price" means something different in the two locations.

Absolutely agree, hence the point I was making

HammerSmashedFace

DCLG hpi = + 6.2% YoY +2.2% MoM

All based on approvals and transactions that are lower than at any point in the last 2 decades, and are therefore irrelevant. The majority of the country has seen stagnation at best over the past 12 months, with some getting lucky and selling quickly, whilst most have seen their house languish with no interest.

HAMISH_MCTAVISH

IveSeenTheLight wrote: »

I spoke to a colleague of mine who bid on a house with a closing date last Friday.
He bid 6.8% above the asking and found out he was 8th out of 10 bidders
Your absolutely correct that different areas are acting differently.

To prove it's not anecdotal, the property was 11 Airyhall Road AB15 7TQ
Here's the link showing the price was offers only.
http://www.aspc.co.uk/cgi-bin/public/SINGLE?ID=277410
this will likely be removed from the site shortly as it is in process of completion
The property is also in need of modernising, so not as if people are paying for work already completed.
Price was offers over £250k and we'll see in three months what it actually went for.

I guess if you offered 10% below, you'd have been 11th out of 11

Superb.

Just looked at the home report, valuation at 250K.

So offers over the valuation, went to a closing date for competitive bids, and of the 10 people willing to pay a premium, the person offering 6.5% ABOVE valuation was only 8th out of 10.

I love the Aberdeen property market!!!!!!!!:D

Mr.Brown_4

That sure is an ugly house.

chucky

HammerSmashedFace wrote: »

DCLG hpi = + 6.2% YoY +2.2% MoM

All based on approvals and transactions that are lower than at any point in the last 2 decades, and are therefore irrelevant. The majority of the country has seen stagnation at best over the past 12 months, with some getting lucky and selling quickly, whilst most have seen their house languish with no interest.

those numbers don't necessarily mean house prices won't go up or go down even...

it's a house price index providing price changes not volumes

Mr.Brown_4

Oh btw. Anecdotal. Prices still dropping in my area.

Instead of talk it up threads, maybe leafletting would help?

Arch-Angel

Meanwhile Rightmove's latest house price index has reported a change of just 0.1% for March:

http://www.rightmove.co.uk/news/house-price-index/march-2010-house-price-index

Key Points:

• Virtual price standstill as new sellers ask just 0.1% (£216) more – the lowest rise ever recorded in March

• Previously snowbound sellers return, leading to highest new property supply for 18 months

• First quarter of 2010 shows overall asking price gain of 3.7% (£8,151) despite distortions from severe weather

• Potential first-time buyers still struggling to enter home-ownership

With the average increase in March being 1.3% (between mar 2002 and Mar 2009) and 34% more property on the market compared to the same time last year, it's not unreasonable to argue that this is the start of a modest price drop over the next 12-18 months.

Or it could just be another indicator for the usual suspects to argue over! :rotfl:

FWIW I personally think that the next 3 months is the key to understanding what's going to happen over the next 2-3 years. If prices continue to hold their own then the market will generally continue it's recovery. But if prices stall then a -5% drop by 2011 is a real possibility.

IveSeenTheLight

Jonbvn wrote: »

To be fair, Scotland has a very different system from E&W. As such, "asking price" means something different in the two locations.

On reflection, how much of a difference is the "asking price" between the two location.
I agree the buying process is different however this house was marketed with an asking price that matched the valuation.

The bids were therefore in excess of the valuation and regardless of the location shows a desire and the demand for buying property in this location