Rightmove October 2011 +2.8%

reweird

Gosh this crash is speeding up. At this rate the man-babies will still be living under mummy's roof well into their 30's.

reweird

http://www.rightmove.co.uk/news/house-price-index/october-2011

HAMISH_MCTAVISH

National rise of 2.8% (£6,533) in new sellers’ asking prices masks two-tier UK property market

Asking prices in the south rise by 4.7% to set new records while the north falls back 0.7% to levels first achieved over six years ago in May 2005

Average property prices in the south (£336,743) are now more than double those in the north (£164,347)

Highest mortgage approvals since November 2009, indicating a slight easing in the mortgage famine, with low-rate deals likely to help home movers in the deposit-rich south while public sector job losses hit prices in the north

Sibley

A rise in any of the index's is good news.
What we don't need to see are any type of falls that will give the HPC gang hope.

They will be sick with this news.
Home owners and sellers only want to this these type of stories and totally blank bad news.
We don't do house price reductions for anyone

Pimperne1

They definitely do not like this over on HPC. Over 750 views already and the posters are unanimous that the figures are wrong (but for a wide variety of reasons). Let's face it Rightmove figures are generally a pretty poor indicator of where prices are actually going - I don't know why they don't just ignore them (Land Registry for me).

HAMISH_MCTAVISH

Sibley wrote: »

A rise in any of the index's is good news.

Well, sort of.

This index rose markedly around this time last year as well, but the actual sold price indices show prices have indeed fallen very slightly since this time last year, to the tune of between 0.6% and 2.5% or so as a national average.

But even those figures mask the reality, which is that for most people in most places, prices are neither rising or falling.

As both the RICS and Hometrack indices show, prices are only falling in around 35% of areas in the UK, and very mildly in most of those.

Prices are stable in around 55% of areas, and rising in around 10% of areas.

Basically a few mostly Northern England areas with significant falls are skewing the national indices downwards. But for most people in most places prices are stable or rising.

Unsurprisingly, the very few areas with significant price falls are those hit the worst by unemployment and business failure, and just like in the last couple of recessions, it's the former industrial towns in the North getting hit the hardest.

Something to bear in mind next time one of the crashaholics gloats about falling prices.:cool:

Graham_Devon

HAMISH_MCTAVISH wrote: »

Asking prices in the south rise by 4.7% to set new records

Of delusion.

See Hamish now likes this index again!

Mallotum_X

So the gap between asking prices and sold prices increased again this month. Those selling prices must be hurting some.

Really2

Mallotum_X wrote: »

So the gap between asking prices and sold prices increased again this month. Those selling prices must be hurting some.

Why has the Gap increased if prices go up, surely it is basically the same as a percentage but more expensive in nominal terms for the buyer?

Last month
£100,000 asking price. 92% achieved = £92,000

This month
£102,800 asking Price. 92% achieved = £94,576

Unless the % achieved has changed the cost is higher?

Mallotum_X

Really2 wrote: »

Why has the Gap increased if prices go up, surely it is basically the same as a percentage but more expensive in nominal terms for the buyer?

Last month
£100,000 asking price. 92% achieved = £92,000

This month
£102,800 asking Price. 92% achieved = £94,576

Unless the % achieved has changed the cost is higher?

I guess you must have missed the continued falling prices on the various Index reports this month?

Really2

Mallotum_X wrote: »

I guess you must have missed the continued falling prices on the various Index reports this month?

I would say it would have been hard for a house listed this month to be sold last month personally?

Asking prices are not a great indicator of housing cost, but they are a forward looking indicator where house sold prices (LR is the only on I think that uses actual sold prices) are backward looking.

The Gap is always the percentage of asking prices, so percentage achieved has got to fall for the gap to increase. Did asking prices not fall months ago? could that not mean the gap is still about the same (lower asking prices meant lower house prices?)

We will see what increasing asking prices mean in 3 months or so, it could mean prices rise or the price achieved falls.
But you cant say the gap has increased on this months asking price data as you don't have the sales data.