Rightmove Jun: +1.2% MoM +2.7% YoY

HAMISH_MCTAVISH

• Price of new to market property up by 1.2% (+£2,957) in June, breaking £250,000 for the first time
  
• Despite another record in the capital, the biggest winner in 2013 is the ‘under-priced’ South East where prices have soared by 14.8% (+£42,548) since the start of the year
• Each and every region records a strong half-year rise in new seller asking prices, as they start to ride the wave of London’s buoyancy
• Evidence of a wider pick up reinforced as the north shows signs of keeping pace with the south – up 9.2% and 10.6% respectively over the first six months of 2013
• Higher confidence, lower mortgage rates and inflation-eroded prices encourage more housing market activity

http://www.rightmove.co.uk/news/house-price-index/june-2013

And of course, it's not just asking prices setting new records....

House prices in England and Wales top pre-credit crunch high:
“House prices in England and Wales rose to a record last month, beating their pre-recession peak, as government measures to boost home ownership started to stimulate the market.

A month-on-month rise of 0.4 per cent in May, to £233,061, took the annual growth rate to 2.7 per cent, according to the LSL/Acadametrics house price index, which the Financial Times helped set up.”

http://ftalphaville.ft.com/2013/06/14/1535072/the-early-lunch-wrap-295/

:beer:

Fella

Why do you think this is good news? Are you planning an imminent downsize perhaps for retirement? For everyone else it's bad news.

Graham_Devon

Underpriced south east?

Rose by £42,000 in the last 6 months?

Do these statistics just get less and less relevant or something?

Apparently, the average price over all of England and Wales has now risen by 10% since January.

DaddyBear

Yippee. I'm rich.

HAMISH_MCTAVISH

Fella wrote: »

Why do you think this is good news? Are you planning an imminent downsize perhaps for retirement? For everyone else it's bad news.

Eh?

Rising house prices are good for......

-The millions of people who are in or approaching retirement, and who either plan to, or may unexpectedly need to, downsize.

-The millions more people who are in their final property now, but will find themselves in the position above at some point.

-The couple of million people who bought within the last 7 years, who may be in or close to negative equity.

-The owners of the 2 million investment properties.

-The millions of people who may need to re-mortgage as and when rates climb, and want the best possible LTV ratio to get the best rates.

-House builders, construction industry, suppliers, investors, pension funds holding mortgage securities, banks, and all housing related industries, all of their shareholders and employees, whether they own a house or not.

-The family members of anyone who will leave an inheritance, or release equity to help their kids onto the ladder when downsizing, etc.


Rising prices are bad for......

-A few hundred thousand potential FTB's at any given time...... But only until they get on the ladder, and become one of the groups above.

And as for upsizers......

It used to be commonly believed that falling prices were better for them.

However this crash has proved that to be wrong, in most cases, because the price of their FTB property has fallen by far more than the price of the 2TB properties.

So the gap between rungs on the ladder has widened, not narrowed, with falling prices.

In summary, rising prices are better by far for the vast majority of society, and falling prices only benefit a few, and then only temporarily.

ruggedtoast

HAMISH_MCTAVISH wrote: »

Eh?

Rising house prices are good for......

-The millions of people who are in or approaching retirement, and who either plan to, or may unexpectedly need to, downsize.

-The millions more people who are in their final property now, but will find themselves in the position above at some point.

-The couple of million people who bought within the last 7 years, who may be in or close to negative equity.

-The owners of the 2 million investment properties.

-The millions of people who may need to re-mortgage as and when rates climb, and want the best possible LTV ratio to get the best rates.

-House builders, construction industry, suppliers, investors, pension funds holding mortgage securities, banks, and all housing related industries, all of their shareholders and employees, whether they own a house or not.

-The family members of anyone who will leave an inheritance, or release equity to help their kids onto the ladder when downsizing, etc.


Rising prices are bad for......

-A few hundred thousand potential FTB's at any given time...... But only until they get on the ladder, and become one of the groups above.

And as for upsizers......

It used to be commonly believed that falling prices were better for them.

However this crash has proved that to be wrong, in most cases, because the price of their FTB property has fallen by far more than the price of the 2TB properties.

So the gap between rungs on the ladder has widened, not narrowed, with falling prices.

In summary, rising prices are better by far for the vast majority of society, and falling prices only benefit a few, and then only temporarily.

To be closely followed by Hamish's 'Top Ten Reasons Why Turkeys Should Vote for Christmas'.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Eh?

Rising house prices are good for......

-The millions of people who are in or approaching retirement, and who either plan to, or may unexpectedly need to, downsize.

-The millions more people who are in their final property now, but will find themselves in the position above at some point.

-The couple of million people who bought within the last 7 years, who may be in or close to negative equity.

-The owners of the 2 million investment properties.

-The millions of people who may need to re-mortgage as and when rates climb, and want the best possible LTV ratio to get the best rates.

-House builders, construction industry, suppliers, investors, pension funds holding mortgage securities, banks, and all housing related industries, all of their shareholders and employees, whether they own a house or not.

-The family members of anyone who will leave an inheritance, or release equity to help their kids onto the ladder when downsizing, etc.


Rising prices are bad for......

-A few hundred thousand potential FTB's at any given time...... But only until they get on the ladder, and become one of the groups above.

And as for upsizers......

It used to be commonly believed that falling prices were better for them.

However this crash has proved that to be wrong, in most cases, because the price of their FTB property has fallen by far more than the price of the 2TB properties.

So the gap between rungs on the ladder has widened, not narrowed, with falling prices.

In summary, rising prices are better by far for the vast majority of society, and falling prices only benefit a few, and then only temporarily.

Really?

Wow. My viewpoint is suddenly changed. Better get inflating house prices then....what could possible go wrong with it being good for so many?

michaels

HAMISH_MCTAVISH wrote: »

http://www.rightmove.co.uk/news/house-price-index/june-2013

And of course, it's not just asking prices setting new records....

http://ftalphaville.ft.com/2013/06/14/1535072/the-early-lunch-wrap-295/

:beer:

Hamish, whilst I agree with you more than disagree on house prices I think your thread title should read: Non seasonally adjusted asking price index in 'shock' spring increase!

the_flying_pig

HAMISH_MCTAVISH wrote: »

Eh?

Rising house prices are good for......

-The millions of people who are in or approaching retirement, and who either plan to, or may unexpectedly need to, downsize.

-The millions more people who are in their final property now, but will find themselves in the position above at some point.

-The couple of million people who bought within the last 7 years, who may be in or close to negative equity.

-The owners of the 2 million investment properties.

-The millions of people who may need to re-mortgage as and when rates climb, and want the best possible LTV ratio to get the best rates.

-House builders, construction industry, suppliers, investors, pension funds holding mortgage securities, banks, and all housing related industries, all of their shareholders and employees, whether they own a house or not.

-The family members of anyone who will leave an inheritance, or release equity to help their kids onto the ladder when downsizing, etc.


Rising prices are bad for......

-A few hundred thousand potential FTB's at any given time...... But only until they get on the ladder, and become one of the groups above.

And as for upsizers......

It used to be commonly believed that falling prices were better for them.

However this crash has proved that to be wrong, in most cases, because the price of their FTB property has fallen by far more than the price of the 2TB properties.

So the gap between rungs on the ladder has widened, not narrowed, with falling prices.

In summary, rising prices are better by far for the vast majority of society, and falling prices only benefit a few, and then only temporarily.

What a load of codswallop (see the dozens of previous discussions for an explanation of why).

HAMISH_MCTAVISH

michaels wrote: »

Hamish, whilst I agree with you more than disagree on house prices I think your thread title should read: Non seasonally adjusted asking price index in 'shock' spring increase!

LOL.

If the Year on Year wasn't up 2.7% (and funnily enough, the selling price index is up an equal amount) then I'd actually agree with you.

Of course, that also wouldn't get the usual suspects quite so wound up, so perhaps not quite as much fun....;)

HAMISH_MCTAVISH

Graham_Devon wrote: »

Underpriced south east?
.

By comparison to London, yes.

Just like last time around, prices rose first in London, but this is now spreading out to the rest of the country.