Rightmove Feb - Asking prices surge 3.1% as sellers demand higher prices

ultrawomble

HAMISH_MCTAVISH wrote: »

As we've seen, when prices fall, supply falls also.

And as the Rightmove report confirms, supply has now fallen for 6 months in a row.

The most likely result is that we continue bumping along the bottom at a reduced volume of sales and current prices until lending improves.

Which is all good news for your beloved FTB's - their size of their deposit increases on a monthly basis and house prices remain stagnant.

twadge_face

AD9898 wrote: »

You couldn't make it up, amongst a myriad of issues counting against the asking of higher prices, you'd think that with approvals at their lowest level ever they'd get the hint that what they want might not be achievable, and if they stick to their guns they may have to wait years for a sale.

This.

Using Rightmove and Property Bee I've seen tons of places just sitting for sale in various places in South London for up to a couple of years in many cases.

I see a bit of price movement. A sort of gentle-ish capitulation in asking prices. Sometimes more reasonable than others. Unsurprisingly the "no onward chain" places correct quicker and more accurately than those with less flexibility, and thus sell more speedily.

It is pleasing seeing a whole raft of places with reduced asking prices.

The naffest part of the asking prices index is that I understand it only looks at new instructions!

Might as well be called the BULLsh|t Index! LOLs, :rolleyes: etc., etc...

geneer

HAMISH_MCTAVISH wrote: »

Not at all.

As we've seen, when prices fall, supply falls also.

And as the Rightmove report confirms, supply has now fallen for 6 months in a row.

The most likely result is that we continue bumping along the bottom at a reduced volume of sales and current prices until lending improves.

Zero score. So sorry. Thank you for playing.

Rightmove only measure the asking prices of the property that’s come onto the market in the past month, while the others measure all asking prices – and therefore capture the price changes of all properties for sale.

Rightmove’s index may be a useful snapshot of agent sentiment (optimism … or desperation) but it’s a very limited picture of what’s really happening to all asking prices.

Because of this limitation Miles Shipside seems to be struggling to square his analysis of the market (sellers refusing to cut) with his admission that “there is still a clear imbalance between supply left on the market and demand …Demand is restricted by mortgage availability and potential buyers economic circumstances.”

Hmmm: high levels of stock lingering on the market and limited demand = rising prices? What do you think?

Graham_Devon

What a turn around..

The more pessimistic of us, now quoting estate agents!

Blacklight

Turn around indeed Graham. It wasn't long ago people were talking about a housing crash of biblical proportions.

They all seem to have vanished. Strange.

geneer

Blacklight wrote: »

Turn around indeed Graham. It wasn't long ago people were talking about a housing crash of biblical proportions.

They all seem to have vanished. Strange.

:rotfl::rotfl::rotfl:Wasn't that long ago all the bulls were talking about soft landings. Strange.

Nikel

Sellers demand higher prices, so wil the banks lend more?