Rightmove Jan +0.4% YoY, -0.8% MoM

shortchanged_2

HAMISH_MCTAVISH wrote: »

And as Rightmove note, new supply has now reached it's lowest level ever.

Well you know what that means Hamish. If prices are still dropping with such a lack of supply, what's going to happen to prices when the supply suddenly increases.

FTBFun

shortchanged wrote: »

- 44 million property searches in first 10 days of 2012, up 27% on 2011, highlighting pent-up demand held back by ongoing mortgage famine

I look on rightmove quite a lot but I am not a serious buyer. Does that count as pent up demand?

It's probably just a lot of people bored of facebook after Christmas, looking for a change of scene.

Me too - I've had a look as I'm intending to move in a year's time or so and am just curious. I expect there's a little bit of a "New Year Change" syndrome.

HAMISH_MCTAVISH

shortchanged wrote: »

Well you know what that means Hamish. .

Yes. Prices are due to rise shortly.

Remember what happened in early 2009, after supply fell off a cliff in late 2008.......

ruggedtoast

Generali wrote: »

Sellers won't sell, buyers can't buy. Something has to give eventually or things just muddle along with 0% nominal price changes and eventually sellers and buyers can meet.

It's not going to be too long until my theory about baby boomers retiring and wanting to sell to top up the pension will be tested. That will be the Rubicon moment for the housing market I reckon.

The problem is that Babyoomers have some odd ideas about the values of their properties. Most fifty and sixty something's I have encountered would consider the 2007 price as them being robbed blind.

I know one couple who paid £30k for their house in the 80s. Current market value £185k.

They wanted to downsize to free up capital and get somewhere more manageable, but were very distressed by the current market value.

They had been quoted £225k by an EA four years ago and had mentally added another £25k on to that, that they had also mentally already spent.

They won't sell or downsize now.

ukcarper

ruggedtoast wrote: »

The problem is that Babyoomers have some odd ideas about the values of their properties. Most fifty and sixty something's I have encountered would consider the 2007 price as them being robbed blind.

I know one couple who paid £30k for their house in the 80s. Current market value £185k.

They wanted to downsize to free up capital and get somewhere more manageable, but were very distressed by the current market value.

They had been quoted £225k by an EA four years ago and had mentally added another £25k on to that, that they had also mentally already spent.

They won't sell or downsize now.

You obviously move in some very funny circles, me and most of my friends are well aware of what is happening to the price of our properties.

I’m not sure where the impression that all babyboomers live in massive detached houses and can afford to downsize and put thousands in their pockets comes from.

pbouk

HAMISH_MCTAVISH wrote: »

http://www.rightmove.co.uk/news/files/2012/01/january-2012.pdf

Record level of search activity as value-seeking buyers face the smallest ever choice of new listings:

- 44 million property searches in first 10 days of 2012, up 27% on 2011, highlighting pent-up demand held back by ongoing mortgage famine

- Estate agents marketing less than one new property per week per branch, the lowest ever seen

- First week of 2012 sees asking prices rise by 1.4%, though prices still down 0.8% on the month - an early indicator that a new seller shortage is likely to underpin prices this year, especially in ‘micro-markets’ where supply is limited

since when have ASKING prices meant anything? its SELLING prices that count.

ruggedtoast

ukcarper wrote: »

You obviously move in some very funny circles, me and most of my friends are well aware of what is happening to the price of our properties.

I’m not sure where the impression that all babyboomers live in massive detached houses and can afford to downsize and put thousands in their pockets comes from.

If you bought a house in the 80s and are selling it now, you would have to have been extremely unlucky not to put to thousands in your pocket in the process.

pbouk

shortchanged wrote: »

- 44 million property searches in first 10 days of 2012, up 27% on 2011, highlighting pent-up demand held back by ongoing mortgage famine

I look on rightmove quite a lot but I am not a serious buyer. Does that count as pent up demand?

It's probably just a lot of people bored of facebook after Christmas, looking for a change of scene.

I agree! i regularly check to see how many sellers have dropped their asking prices from month to month but i have no intention at the present time to buy a house when i know they are falling.:j

mystic_trev

HAMISH_MCTAVISH wrote: »

Yes. Prices are due to rise shortly.

Remember what happened in early 2009, after supply fell off a cliff in late 2008.......

How much do you expect Prices to rise this year?

HAMISH_MCTAVISH

mystic_trev wrote: »

How much do you expect Prices to rise this year?

Well I wasn't expecting them to rise much at all until this latest supply data came through.

Still too early to tell, but if new supply remains at record lows for any significant length of time, it could change things quite dramatically.