Rightmove April +1.7%

doire_2

House sellers raised their asking prices by 1.7 per cent last month, but buyers are still thin on the ground, leading to a glut of unsold properties.

It was the fourth consecutive month in which new sellers have increased asking prices, according to property website Rightmove. The increase means the average property on the market in England and Wales has a price tag of £235,822 - six per cent or £13,400 higher than at the end of last year.

But the leap in prices in March is due to misplaced optimism, as homes are not selling.

The mismatch between supply and demand led to the number of unsold properties on estate agents' books rising at its fastest level since May 2007, to an average of 74 homes per branch.

Rightmove warned that with interest rate likely to rise, vendors wanting to take advantage of the traditional spring window needed to adopt 'serious sales tactics'.

Miles Shipside, director of Rightmove, said: 'With buyers still struggling to raise the necessary finance, the net result has been the biggest jump in unsold stock on agents' books that we have recorded in nearly four years.

'With Government cuts starting to bite and interest rate rises still expected in the second half of the year, those who are serious about selling should look to price more keenly in the spring selling season.'


http://www.dailymail.co.uk/news/article-1378011/Overly-optimistic-sellers-raise-house-prices-1-7-market.html#ixzz1JrmKXStf


http://www.independent.co.uk/life-style/house-and-home/property/record-jump-in-level-of-unsold-properties-2269372.html

HAMISH_MCTAVISH

doire_2

HAMISH_MCTAVISH wrote: »

I think a 5 year old has got hold of Hamish's log in details

iandury

HAMISH_MCTAVISH wrote: »

Says it all, really.

No improved buyer affordability.

Mortgage rationing continues to block hundreds of thousands of people from entering the market.

No wonder rents are soaring......

On another note, asking prices now up a whopping 6% or £13,412, since the start of the year. Sellers obviously factoring in the expected negotiations on price.

Mortgage lending remains constant. Stock levels increasing at estate agents.

And Shipside is sounding increasingly desperate for people to cut prices and get the market moving. No wonder..... His business depends on revenue from estate agents and turnover of houses in the market.

Hi Hamish

I can confirm that house prices are getting even more expensive because of my own selling situation. I purchased a property a year to the day for £220k, last week I put it on the market for £440k. That means property prices have now risen in my area a massive 100%

Ian

HAMISH_MCTAVISH

iandury wrote: »

............

I just want to know which one of the Blockheads this socky belongs to.

Cleaver

iandury wrote: »

I can confirm that house prices are getting even more expensive because of my own selling situation. I purchased a property a year to the day for £220k, last week I put it on the market for £440k. That means property prices have now risen in my area a massive 100%

Why are you behaving like a child?

zappahey

HAMISH_MCTAVISH wrote: »

Sure......:D

There aren't enough buyers to buy all the houses, even if they all dropped by 10%, or 15%, or 20%.

Mortgage lending is at 35% or so of peak levels. The banks are rationing mortgages quite simply because they don't have the money to lend.

Example:

In Cleavertown, there are 10 houses for sale, and 2 buyers with access to a mortgage.

Changing the price on all the houses by 10% makes no difference. There will still only be 2 buyers with access to a mortgage, and 80% will remain unsold.

Here's a radical thought.

Maybe if prices dropped a little, the average mortgage amount would drop a little and the number of mortgages available would go up a little.

Repeat as necessary until the market is moving again.

Just a thought.

chucky

zappahey wrote: »

Here's a radical thought.

Maybe if prices dropped a little, the average mortgage amount would drop a little and the number of mortgages available would go up a little.

Repeat as necessary until the market is moving again.

Just a thought.

the housing market doesn't work on what people would like or on their radical thoughts. it'd driven by demand and supply and the desire of people buying and selling.

yet another one that lives in lala land dreaming away and not in reality.

Graham_Devon

chucky wrote: »

it'd driven by demand and supply and the desire of people buying and selling.

And currently, stimulus.

chucky

Graham_Devon wrote: »

And currently, stimulus.

what percentage impact is driven by stimulus?