Rightmove October - House Price resurgance gathers pace, London up MASSIVE 10%

Turnbull2000

October 2.8% price improvement.

London up 10% in a single month.

Graham_Devon

Phew. At least theres no signs of a bubble.

Turnbull2000

Graham_Devon wrote: »

Phew. At least theres no signs of a bubble.

The Bank of England will remain vigilant. That's all that matters

chewmylegoff

Where are you getting this from? Twitter or something? The total figure of +2.8% is lower than last year's Oct figure so YoY will fall back slightly. Furthermore if London is +10% (was +4.8% last year in Oct) then that suggests that quite a few other regions must be showing weaker growth than this time last year.

Will be interested to see how the London figure breaks down across boroughs.

Graham_Devon

The London figure, if true, is a bit insane.

Even allowing for the fact that this is asking prices, has any index ever shown such an amount in a single month? This equates to new sellers asking for nearly 50k more than the previous month.... more than the average yearly wage in London. Just the extra stamp duty that will attract can't really be sniffed at.

It will be the EA's who think it's achieveable, otherwise, they'd be completely wasting their time and resources.

Turnbull2000

Only Wales and North West failed to show growth in October.

Yorkshire & Humber - 2.6%

East Midlands - 4.2%

East Anglia - 2.3%

South West - 1.7%

South East - 2.3%

Greater London - 10.2%

Turnbull2000

Graham_Devon wrote: »

The London figure, if true, is a bit insane.

Even allowing for the fact that this is asking prices, has any index ever shown such an amount in a single month? This equates to new sellers asking for nearly 50k more than the previous month.... more than the average yearly wage in London. Just the extra stamp duty that will attract can't really be sniffed at.

It will be the EA's who think it's achieveable, otherwise, they'd be completely wasting their time and resources.

With ultra-low rates being priced into the market, Help to Buy being prices into the market, and generous tax treatment for foreign buyer set to remain in place, £50,000 over a single month is not that outrageous. It's simply the market responding to government set conditions.

I expect national HPI will achieve that 10% milestone between May-July next year.

Graham_Devon

Aha, see what you did Turnbull.

Won't publish the link, but just change the 9 to 10 and change the month title of the HPI PDF's. Brings up this months data.

London asking prices are indeed up 10.2% (£50,484). Rightmove descrive this as "unsustainable".

If that's not bubble teritory, god only knows what is.

Even the October report is at pains to state theres currently no risk of a bubble outside of London....leading to the obvious conclusion there is for London.

But then it's all relative. £7k added to the average house outside of London in a single month would swallow up a good 4 months net salary for the average earner.

Loughton_Monkey

Graham_Devon wrote: »

.....Rightmove descrive this as "unsustainable"..

Or more accurately "[FONT=Calibri,Italic][FONT=Calibri,Italic]...not sustainable in the longer term..." which means perfectly sustainable in the shorter term.[/FONT][/FONT]

I suspect Aberdeen was about 15%

Loughton_Monkey

chewmylegoff wrote: »

.....Will be interested to see how the London figure breaks down across boroughs.

I'm not in a London Borough. Just outside. But nearest is Waltham Forest. Up 17.5% for the year.

So as Hamish suggests on his own thread on this subject, some "groin thrusting" is obviously in order.

[I must remember to OP him to find out what groin thrusting is.]

THE_MASKED_TURNIP

The UK is groin thrusting its way to recovery. Each and every month now.