Rightmove Feb: +4.1% - Prices rise at fastest rate in a decade!!!

chewmylegoff

IveSeenTheLight wrote: »

http://www.landregistry.gov.uk/

Oldham has picked up according to the LR in the last quarter, but not 9.3%.

As for the Greater Manchester Area (OL3), it's quite expansive but LR has it down circa 5% since May 2010.

Of course these are averages and individual properties can be affected differently to the average.

The quarterly figures on BBC represent an annual rate of change rather than an absolute rate of change, so taking the figures from the graph and calculating to reach a rough approximation - it looks like about 161 (sep 11) to about 164 (dec 11).

So +3 / 160 = +1.875% on the quarter, compounded up would be an annual rate of change of +9.4% (close enough to +9.3% to prove the point, I think).

edit: hmm actually this doesn't work as i obviously did something wrong when compounding, as it should only be +7.7%

Also, looking at the LR tables, it has September 2011 (presumably end of Sept 11) at 162, and end of December at 164.3. This is an increase of only 1.42%, which annualises to +5.8%.

No idea where BBC figures (supposedly based on LR data) are coming from then...don't seem to make much sense.

AndyGuil

HAMISH_MCTAVISH wrote: »

:rotfl::rotfl::rotfl:

Rightmove, and I believe also DCLG and Acadametrics, quote the average price of properties across the market. All those indices list the current average price as 200K plus.

Halifax, Nationwide and LR quote the average price of a "typical" house. Which would be in the 160K region.

They are measuring different things. To compare them is pointless, and to assume that the average difference between asking and selling price is £70K is just plain delusional.

Hometrack is the only index I know of that lists average drop between asking and selling price, and it's around 8%.

The asking and selling price move independently. The market conditions have not got any better. There is some concern that the asking prices have risen in expectation of people rushing before the stamp duty relief ends. Also it is heavily influenced if more higher value properties come onto the market.

MrRee_2

AndyGuil wrote: »

The asking and selling price move independently. The market conditions have not got any better. There is some concern that the asking prices have risen in expectation of people rushing before the stamp duty relief ends. Also it is heavily influenced if more higher value properties come onto the market.

I can tell you now that, in 2009, selling prices were about 10-20% less than asking.

£250k properties were regularly getting sold for between £200k and £225k.

Today, we see these same properties coming to the market at £259k .... the clear indication is that nothing under £250k will be acceptable.

The selling prices here in the South, along the coast, are certainly UP 10-20% on 2009.

Sellers know that there is an abundance of buyers and can push them further than they ever could before.

Prices, both asking and selling, are well up on 8 months ago.

UrWntr

AndyGuil wrote: »

The average asking price is £233,252 and the average selling price is £160,384 (and falling).

Every single one of your posts is an unsubstantiated statement of fact. Except the facts are opinions, and your opinions are ludicrous.

RenovationMan

ILW wrote: »

This cannot be the Oldham I went to a year or two ago.

It was a complete and utter dump and seemed mostly boarded up.

There are rough bits, as I'm sure jimmy or that other bloke he plays (skilledsinglesomething?) will tell you, but we live in Upper Mill so it's quite nice. I doubt that our area has suffered quite as badly as Oldham but even so, I was quite surprised to see that Oldham itself was flatlining.

ruggedtoast

Although this report is largely meaningless as it relates only to asking prices, for discouraged and disappointed first time buyers this is just yet another steaming dollop of poo deposited on their doormat by Britain's disjointed and dysfunctional 'housing market'.

It also offers no real hope for sellers that the market is going to start moving again anytime soon, it isn't, and raising prices even more certainly won't help.

AndyGuil

MrsReweird wrote: »

Reported for misrepresenting a fellow poster and lacing a thread with misinformation.

Seem to have spooked the multi ID poster.
You find the info is not misinformation. It is well sourced. Misinformation is claiming prices are rising when actually asking prices rose. That is misrepresentation of information.

Desperate... lol:rotfl:

Sibley

I'll add that dude sibley into that little team because if by magig he has appeared!. sibley man how come Rightmove is cool to you when ASKING prices are positive yet you're the same dude who dismisses it when its negative.

It's not everyday we see the largest rise in 10 years is it?

You have to take notice of that whatever side of the fence you are on.
This is good news for me personally. I do not want house prices to drop. When I sell my house I want as much money as possible. I predict the average house price will be over 200k around 2015. That will do me nicely. I will sell at that. Nothing less. Just keep it rented out. Over 100% profit.

Not bad.

Aberdeenangarse

Sibley wrote: »

No, how about getting your head around the fact house prices are and will continue to rise.

Angus and that other imbecile who put about Maidstone house prices on their signature.

Would you care to change it now please?

Prices rose nearly 7% canceling out any drops. Now you will be paying 2007+ prices.

Have a great day. :rotfl:

Hello Sibley

Would you like me to explain the difference between 'asking prices' and sold prices?

I know in the past you've admitted to being a bit 'slow' But I'm afraid to tell you that despite the rise in 'asking' prices, values in Maidstone are still back to late 2004.

I'm sorry to hear you're still in 'negative equity' but remember the Housing market is a long term investment.

Kind regards to Ting Tong.

AndyGuil

Sibley wrote: »

It's not everyday we see the largest rise in 10 years is it?

You have to take notice of that whatever side of the fence you are on.
This is good news for me personally. I do not want house prices to drop. When I sell my house I want as much money as possible. I predict the average house price will be over 200k around 2015. That will do me nicely. I will sell at that. Nothing less. Just keep it rented out. Over 100% profit.

Not bad.

Of asking prices, yes. Selling prices are still falling.