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MSE News: Highest monthly house asking prices rise for a decade

This is the discussion thread for the following MSE News Story:

"Sellers upped their asking prices by the highest monthly jump for ten years, says property website Rightmove ..."
«13

Comments

  • I assume this rise is due to stamp duty for first time buyers coming back on the 25th March, no?
  • mikepegg wrote: »
    I assume this rise is due to stamp duty for first time buyers coming back on the 25th March, no?

    Probably not.

    I'd assumed it was the return of all the canny sellers who took their house off the market over winter, because the well known spring bounce phenomenon means a buyer will pay much more in March, than they would in November.

    Stands to reason doesnt it? Doesnt it?
  • jimpix12
    jimpix12 Posts: 1,095 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    edited 20 February 2012 at 12:07PM
    Probably not.

    I'd assumed it was the return of all the canny sellers who took their house off the market over winter, because the well known spring bounce phenomenon means a buyer will pay much more in March, than they would in November.

    Stands to reason doesnt it? Doesnt it?

    Not really, it says "in the past 10 years. "

    Everyone knows the real reason for this increase is because the housing market is extremely healthy at the moment, with decent wage increases for most coupled with low unemployment, this will only drive the prices up further.


    *laughs into sleeve*
    "The only man who makes money from a gold rush is the one selling the shovels..."
  • Turnbull2000
    Turnbull2000 Posts: 1,807 Forumite
    edited 20 February 2012 at 12:24PM
    Asking prices in my area (Whitley Bay & Tynemouth) are beyond peak now. My sister sold her terrace for £180,000 in 2008. It's now up for sale again the owners are demanding £210,000, with no improvements made.

    The pent up demand we have is historically unprecedented, and new housing developments continue to be obstructed by the council and local, highly organised campaigners.

    Meanwhile, private pensions have collapsed by at least a quarter.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • kingstreet
    kingstreet Posts: 39,335 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Upping your asking price, and finding someone to pay that higher price are two distinctly different and diametrically-opposed issues.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • kingstreet wrote: »
    Upping your asking price, and finding someone to pay that higher price are two distinctly different and diametrically-opposed issues.

    They are indeed.

    However it should be noted that the Rightmove year on year figure is up 1.4%, and according to Nationwide actual sold prices ended last year up 1%.

    So not vastly different.

    Also worth noting that unsold stock continues to decline, with average stock per agent falling quite markedly in recent months and Rightmove mentioning new listings continue to be near record lows, while property searches on it's site are up 19% year on year.

    There is clearly a massive pool of pent up demand that has built over the last few years. It remains to be seen how well this translates into transactions.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • zappahey
    zappahey Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    They are indeed.

    However it should be noted that the Rightmove year on year figure is up 1.4%, and according to Nationwide actual sold prices ended last year up 1%.


    In the interests of completencess, it should also be noted that LR says prices dropped by 1.3%, as did the Halifax.
    What goes around - comes around
  • jimpix12
    jimpix12 Posts: 1,095 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    zappahey wrote: »
    In the interests of completencess, it should also be noted that LR says prices dropped by 1.3%, as did the Halifax.

    Sorry, are you for real? These sorts of accurate statistics are rarely if ever posted by MSE staff. If it's not Rightmove or Nationwide it isn't mentioned.
    "The only man who makes money from a gold rush is the one selling the shovels..."
  • brit1234
    brit1234 Posts: 5,385 Forumite
    This isn't due to rising confidence in sellers but rising delusion.

    Sellers can ask what ever they want however these greedy ones are likely to just sit on the market unsold. People are simply getting poorer with wages freezes/cuts, high inflation and unemployment.

    This isn't a sign of a stable/healthy housing market as it is selling prices not asking prices that count. We all know selling prices are a 1/3 lower than asking prices.

    Actual selling prices will continue to fall.

    We also know Rightmove figures never include reductions in asking prices on existing homes and thus are highly unreliable.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • zappahey
    zappahey Posts: 2,252 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    spunko2010 wrote: »
    Sorry, are you for real? These sorts of accurate statistics are rarely if ever posted by MSE staff. If it's not Rightmove or Nationwide it isn't mentioned.

    It wasn't aimed at MSE, it was aimed at our kilted chum with a predilection for selective memory on house prices and related statistics.
    What goes around - comes around
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