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

Generali

It'll be interesting to see what happens to Haliwide in a couple of months time. Rightmove is pretty inaccurate as a rule but that's a huge rise in a month, especially as October 'should' be a down month.

Sibley

Don't worry about all the nit picking.
Are HPC actually going to put the figure on their manky website and debate it or will it get the silent treatment....hahaha

chucky

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.

Why should anyone take notice of the Rightmove figures now when in the past they were treated as just 'sentiment' or 'just' asking prices?

chewmylegoff

Generali wrote: »

It'll be interesting to see what happens to Haliwide in a couple of months time. Rightmove is pretty inaccurate as a rule but that's a huge rise in a month, especially as October 'should' be a down month.

October is always an "up" month for rightmove. It isn't really October at all, rather it is approximately the last 2 weeks of Sept and the first 2 weeks of October.

Whilst the London figures are massive for one month the first graph shows that asking prices have already peaked in London and appear to have fallen in the last week included in the data. The breakdown of the figures suggests that the large rise is probably magnified by lots of very expensive houses being listed in the most expensive boroughs (there are only 5 boroughs with >+10% for the month so for the average to be +10% the properties being listed must be more heavily weighted towards the top end). That said the YoY figures speak for themselves.

If rightmove follows its normal trend it will fall significantly between now and the start of the new year, before resuming an upward trajectory in January.

Sampong

http://news.sky.com/story/1157279/london-house-prices-leap-10-percent-in-just-a-month

London house prices are said to have soared to a new high this month, beating their previous record by nearly £30,000 and fuelling fears that the capital is overheating.


Property website Rightmove said asking prices in the capital saw an "unsustainable" 10% month-on-month increase in October, pushing typical asking prices to £544,232, leapfrogging a previous high set in July by more than £28,000.

mystic_trev

There's no reason to doubt Rightmove. Where I live in the SE, many asking prices are up nearly 20% this past year. Properties previously around the stamp duty limit of £250k now get advertised for £300k 'guide price' :eek:

Graham_Devon

Certainly interesting listening to the 5live today.

Npower have put up prices 10.2%
Asking prices in London have risen 10.2%

Npower (to be fair, more energy prices themselves) are "crippling" people and something needs to be done. These prices are effecting a large proportion of living costs pushing many families closer to the edge.

London house prices rising 10.2% is a sign of a recovery and competitive economy.

House prices is the subject of the 5live phone in today a bit later on. Always a bit of a fight!

Loughton_Monkey

Graham_Devon wrote: »

.......

Npower have put up prices 10.2%
Asking prices in London have risen 10.2%

.....These prices are effecting a large proportion of living costs pushing many families closer to the edge...

Pushed to the edge by bog-standard, predictable, died-in-the-wool economic principles known as "Supply and Demand"

If the answer to the latter is "Build more houses", then the answer to the former must surely be "Let's get Fracking".

I rest my case.

chucky

Graham_Devon wrote: »

House prices is the subject of the 5live phone in today a bit later on. Always a bit of a fight!

Let us know when you are on please.

setmefree2

The thing that nobody seems to take into account when discussing London house prices is how much Londoners are actually spending on improving their houses. The skip count in London is very high as houses are being extended from 3 beds to 4 or 5 beds - and 4 bed houses become 5/6 bedrooms. Plus an extra bathroom. Even flats get a loft conversion these days.

About 80% of houses near us have had a loft conversion - the average London loft conversion currently costs between £35k and £55k.

The average London back of the house extension is at least £50k. Plus new kitchens and new bathrooms.

In the central boroughs basement extensions are where it is at - these come in at least 6 figures.

So yes London house prices are going up - but really like is not being compared with like. The houses in the borough where I live aren't anything like they were 20 years ago. They are much more spacious.

So if Londoners are spending all this money on their houses/flats - well it would seem logical to me that house / flat prices would go up to reflect this additional spending.

I don't know of any other city like this in the uk?