MSE News: House asking prices rise 3.5%

ukcarper

gadgetmind wrote: »

If selling prices fall, yet asking prices don't, which of these is right and which is wrong? Has the gap between the two widened or narrowed?

As it happens, I don't expect a major correction in the short term as interest rates are low, and the bank are being very generous with forbearance, which means we have few forced sellers.

However, QE hasn't yet triggered the inflation that was expected, but it will happen eventually. The plan when it does would seem to be (reading between the lines) for the BOE to sell their gilts back to the market to reduce M4. If this doesn't affect inflation as expected (which buying didn't) then the only other recourse is to raise interest rates.

As they say, when the tide goes out, you see who's been swimming naked.

There is a difference between selling and asking price but not 33% and the way Brit gets to 33% is flawed.

Nobody knows what will happen to prices in the future I certainly don’t claim to know and if people want to sit around hoping for a crash that’s up to them. But I don’t like people making up figures and posting them as fact .

gadgetmind

Eton_Rifle wrote: »

all it means is that more is sold at the bottom end of the market.

As properties at the upper end, where there are more cash buyers as opposed to those needing mortgages, is more buoyant, you'd expect these properties would maintain average asking but lift average selling.

chewmylegoff

Rightmove asking prices go up at this time of year every year (just as their falls in the last couple of months mirror similar falls in previous years). This is because it is not seasonally adjusted. As a result trying to analyse month on month changes is totally and utterly pointless.

brit1234

The asking price of properties new to the market this month is considerably to the north of ‘actual’ prices as being quoted by Halifax, Nationwide and the Land Registry.

Rightmove’s figure of £243,168 is £83,682 more than Halifax’s figure of £159,486 for September, and also contrasts with Nationwide’s £163,964. The Land Registry is quoting £163,376 for August.

http://www.introducertoday.co.uk/news_features/house-sellers-ignore-warnings-on-over-pricing

If rightmove used all their properties asking prices whether they changed up or down rather than initial asking prices then you would have a more realistic indicator. However they don't and as a result the rightmove figures are inaccurate and have no economic use. House prices will continue to fall and pass below the average of £160k this year, even London is now starting to fall.

gadgetmind

Eton_Rifle wrote: »

This is not the case in my town.

Maths, including averages, tends to work universally, even in America.

ukcarper

Hamish has already shown why Brit is wrong.

http://forums.moneysavingexpert.com/showpost.php?p=55414337&postcount=74

abaxas

ukcarper wrote: »

Hamish has already shown why Brit is wrong.

http://forums.moneysavingexpert.com/showpost.php?p=55414337&postcount=74

What he failed to tell you is they are both unscientific and have the accuracy of a 1987 weather forecast.

ukcarper

abaxas wrote: »

What he failed to tell you is they are both unscientific and have the accuracy of a 1987 weather forecast.

Surely that makes Brits figures even more flawed

ukcarper

Davesnave wrote: »

"Excuse me, is this the five minute argument, or the full half hour?" :rotfl:

Not only the Full Half hour Brit has had his ridicules figures argued about many times in the past.

Davesnave

ukcarper wrote: »

Not only the Full Half hour Brit has had his ridicules figures argued about many times in the past.

Yes, I know. I remember from way back, which is why I don't get into arguments now.

Back then, I also believed prices were going to tumble, and they did, so I sold well below my original asking price. However, I later bought at a good discount by paying cash and completing to the vendor's tight deadline, so it was all neither here nor there in the end.