MSE News: Rise in housing market asking prices

PasturesNew

On RM today in my county there are 143 properties (all sorts) showing up as added in the past 24 hours. These break down to:

29 are price reductions of 5-10%
7 have become available again (having been SSTC before)
1 is sold

No price increases.

dopester

PasturesNew wrote: »

On RM today in my county there are 143 properties (all sorts) showing up as added in the past 24 hours. These break down to:

29 are price reductions of 5-10%
7 have become available again (having been SSTC before)
1 is sold

No price increases.

Yes I think that is part of the reason why RM is announcing a rise in asking prices.

There has been a flood of properties on to Rightmove in recent weeks (including many more plots/parcels of land I've noticed - perhaps people realising best to get rid at best price of non/little revenue productive land now, rather than deep into the crash.)

I suspect the new properties coming onto Rightmove have slightly skewed asking price data for existing properties on their database, translating as an asking price rise overall. The fact there are more properties flooding on to market is the significant thing.

Harry_Powell

dopester wrote: »

The fact there are more properties flooding on to market is the significant thing.

Is it not simply the case that a lot of people have been wanting to move, but have held back because of worries about the economy and job security? Perhaps now that we are out of recession and there are positive news stories about the economy, people are gaining enough confidence to move home?

Not many people believed that there was a crash building in 2007 and I suspect even fewer people think there is another crash in the wings now, so your theory about people cashing in before a second crash just doesn't seem feasible, certainly not in the volumes we're seeing. Even on here, many of the most bearish people are buying. It seems to be a much smaller minority of hard-core bears who still believe we'll see a large fall. Joe public seems content to just get on with their lives.

doire_2

HAMISH_MCTAVISH wrote: »

Recovery continues.
:beer:

Is this the same Hamish who dimissed the "Trees dont grow to the sky" website as it was based on asking prices?

Harry_Powell wrote: »

Is it not simply the case that a lot of people have been wanting to move, but have held back because of worries about the economy and job security? Perhaps now that we are out of recession and there are positive news stories about the economy, people are gaining enough confidence to move home?

Then again maybe they are frightened of whats coming after the election.

chucky

Harry_Powell wrote: »

Not many people believed that there was a crash building in 2007

this is very similar to the people that were mocked and laughed at because they were in denial and didn't believe there would be a crash/correction.

these people that expect another crash are at the opposite end of the spectrum now where they could quite easily be the ones in denial...

Harry_Powell

doire wrote: »

Then again maybe they are frightened of whats coming after the election.

If they were frightened then why would they go to the expense of moving home, wouldn't they just sit tight to see what happens? As they did during the HPC and recession?

Yakubu22

A small selection of idiots are rightly/wrongly* bumping their prices up for no reason other than it's sunny and the SD threshold has been moved.

Have I missed something?


* delete as appropriate

Harry_Powell

Yakubu22 wrote: »

A small selection of idiots are rightly/wrongly* bumping their prices up for no reason other than it's sunny and the SD threshold has been moved.

Have I missed something?


* delete as appropriate

Who's the bigger idiot, the person who puts his asking price up by 20% or the person who knocks them down 15% and thinks he has a bargain?

Yakubu22

Harry_Powell wrote: »

Who's the bigger idiot, the person who puts his asking price up by 20% or the person who knocks them down 15% and thinks he has a bargain?

In this case the person who thinks they have a bargain.

That's why knowing your area and using tools like property bee allow you to detect such "foul play"

Harry_Powell

Yakubu22 wrote: »

In this case the person who thinks they have a bargain.

That's why knowing your area and using tools like property bee allow you to detect such "foul play"

Plenty of people on here recently boasting about large discounts on ASKING prices who have access to these same tools. The allure of knocking 35% of a ludicrous asking price is clearly too much for some people.