Hometrack:+25% in some areas, Sharpest price rises in 6 years, insufficient supply

the_flying_pig

standard deliberately misleading, ramping, fare from H:

most obviously he: (a) misleadingly gives pride of place in his topic title to the "+25% in some areas" quote; and (b) dishonestly attributes this quote to Hometrack, when a quick glance at the Daily Heil article shows that the source of this figure is a single estate agent in Brixton;

the actual Hometrack report is here - Scarcity of supply pushes up house prices in the South, much more sober stuff, confirming that serious inflation is confined to the LSE area.

System

quantic wrote: »

Anecdotal but...

We are planning to move in the next year and so have been keeping an eye on the market for the past 6 months or so.. there seems to be a stock of houses which are over priced or not as nice as they seem in pics, which have been on Rightmove for a good while, some of them have been on since the last time i looked before buying this one (3 years ago)...

However, whenever a house comes on, which is presentable, reasonably priced, they literally sell - sometimes that day, my friend is moving at the moment, has been to see 9 or 10 in the past 2 weeks, all of them have sold before hes been able to even put an offer in.

The last 3 houses that sold in our estate all sold for asking price and within a week. Whereas others which have been up for 6 months + have not sold.

I was talking to the estate agent about it, he said its a great market, either immediate or none existent, they either sell pretty much immediately for asking price or they dont sell at all.

That's exactly the same as my experience, although I was called a liar by the usual clowns for voicing it here so you might want to be careful.

ruggedtoast

From a part of the article that Hamish elected not to bother quoting:

The rises come amid warnings that official measures to boost the housing market risk creating a dangerous price bubble.

People will only pay inflated prices if they can find the money from somewhere, in this case through institutionalised debt. Debt that we will all have to pay back, but the heaviest burden will, as always, fall on the shoulders of the young and the poor.

Mr._Pricklepants

the_flying_pig wrote: »

most obviously he: (a) misleadingly gives pride of place in his topic title to the "+25% in some areas" quote; and (b) dishonestly attributes this quote to Hometrack, when a quick glance at the Daily Heil article shows that the source of this figure is a single estate agent in Brixton;

Yes, piggy. I think most of us realised the +25% was not applicable to the whole of the UK.

the_flying_pig

Mr._Pricklepants wrote: »

Yes, piggy. I think most of us realised the +25% was not applicable to the whole of the UK.

right.

so here's a suggested non-misleading topic title.

Hometrack:+0.4% asking prices (NSA) in May; a Brixton estate agent: prices round my way up 25% YoY.

harpoboy

The rises come amid warnings that official measures to boost the housing market risk creating a dangerous price bubble.

This is quite a pertinent point.

The market has been largely flat for the past 2-3 years, and probably did need something to give it a shot in the arm.

My concern is that Help to Buy may be coming in at just the wrong time, as the market starts to make a robust recovery.

Might have been a better idea to wait for Carney to say interest rates are going to remain at 0.5% until 2016, at the earliest, and then offer a more modest subsidy to FTBs such as re-introduicing a stamp duty holiday for lower value properties.

HAMISH_MCTAVISH

harpoboy wrote: »

My concern is that Help to Buy may be coming in at just the wrong time, as the market starts to make a robust recovery.
.

Nah.

There won't be a robust recovery until mortgages are available to the masses again, rather than just the lucky few, because of mortgage rationing.

Help to buy is just a small transitional step on the road to a real housing market recovery.

HAMISH_MCTAVISH

Mr._Pricklepants wrote: »

Yes, piggy. I think most of us realised the +25% was not applicable to the whole of the UK.

Perhaps it was the word "some" that confused him.

the_flying_pig

HAMISH_MCTAVISH wrote: »

Perhaps it was the word "some" that confused him.

right.

not that it matters a great deal but if we're going to be precise about this:

(1) hometrack came up with the +0.4% monthly asking price increase;

(2) an estate agent in Brixton came up with a 25% YoY figure for round his way;

(3) the "some" word was inserted by the DM journo, with an EA's view of his local patch presumably counting as "some";

(4) you attributed the DM's "some" to Hometrack;

(5) i at no point tried to say or even implied that you or anyone else was trying to pass the 25% off as a nationwide figure;

(6) this not withstanding the MENSA branch of the MSE homeowners' front accused me, at post 15, of doing so.

is this a fair summary?

HAMISH_MCTAVISH

the_flying_pig wrote: »

the "some" word was inserted by the DM journo

Jolly helpful of him.