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    • Former MSE Helen
    • By Former MSE Helen 20th Feb 12, 9:30 AM
    • 2,324Posts
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    Former MSE Helen
    MSE News: Highest monthly house asking prices rise for a decade
    • #1
    • 20th Feb 12, 9:30 AM
    MSE News: Highest monthly house asking prices rise for a decade 20th Feb 12 at 9:30 AM
    This is the discussion thread for the following MSE News Story:

    "Sellers upped their asking prices by the highest monthly jump for ten years, says property website Rightmove ..."

Page 1
  • mikepegg
    • #2
    • 20th Feb 12, 9:58 AM
    • #2
    • 20th Feb 12, 9:58 AM
    I assume this rise is due to stamp duty for first time buyers coming back on the 25th March, no?
  • Caveat Mortgagor
    • #3
    • 20th Feb 12, 10:03 AM
    • #3
    • 20th Feb 12, 10:03 AM
    I assume this rise is due to stamp duty for first time buyers coming back on the 25th March, no?
    Originally posted by mikepegg
    Probably not.

    I'd assumed it was the return of all the canny sellers who took their house off the market over winter, because the well known spring bounce phenomenon means a buyer will pay much more in March, than they would in November.

    Stands to reason doesnt it? Doesnt it?
    • jimpix12
    • By jimpix12 20th Feb 12, 10:04 AM
    • 1,069 Posts
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    jimpix12
    • #4
    • 20th Feb 12, 10:04 AM
    • #4
    • 20th Feb 12, 10:04 AM
    Probably not.

    I'd assumed it was the return of all the canny sellers who took their house off the market over winter, because the well known spring bounce phenomenon means a buyer will pay much more in March, than they would in November.

    Stands to reason doesnt it? Doesnt it?
    Originally posted by Caveat Mortgagor
    Not really, it says "in the past 10 years. "

    Everyone knows the real reason for this increase is because the housing market is extremely healthy at the moment, with decent wage increases for most coupled with low unemployment, this will only drive the prices up further.


    *laughs into sleeve*
    Last edited by jimpix12; 20-02-2012 at 10:07 AM.
    "The only man who makes money from a gold rush is the one selling the shovels..."
  • Turnbull2000
    • #5
    • 20th Feb 12, 10:08 AM
    • #5
    • 20th Feb 12, 10:08 AM
    Asking prices in my area (Whitley Bay & Tynemouth) are beyond peak now. My sister sold her terrace for £180,000 in 2008. It's now up for sale again the owners are demanding £210,000, with no improvements made.

    The pent up demand we have is historically unprecedented, and new housing developments continue to be obstructed by the council and local, highly organised campaigners.

    Meanwhile, private pensions have collapsed by at least a quarter.
    Last edited by Turnbull2000; 20-02-2012 at 10:24 AM.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
    • kingstreet
    • By kingstreet 20th Feb 12, 11:04 AM
    • 35,054 Posts
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    kingstreet
    • #6
    • 20th Feb 12, 11:04 AM
    • #6
    • 20th Feb 12, 11:04 AM
    Upping your asking price, and finding someone to pay that higher price are two distinctly different and diametrically-opposed issues.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 20th Feb 12, 11:13 AM
    • 26,044 Posts
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    HAMISH_MCTAVISH
    • #7
    • 20th Feb 12, 11:13 AM
    • #7
    • 20th Feb 12, 11:13 AM
    Upping your asking price, and finding someone to pay that higher price are two distinctly different and diametrically-opposed issues.
    Originally posted by kingstreet
    They are indeed.

    However it should be noted that the Rightmove year on year figure is up 1.4%, and according to Nationwide actual sold prices ended last year up 1%.

    So not vastly different.

    Also worth noting that unsold stock continues to decline, with average stock per agent falling quite markedly in recent months and Rightmove mentioning new listings continue to be near record lows, while property searches on it's site are up 19% year on year.

    There is clearly a massive pool of pent up demand that has built over the last few years. It remains to be seen how well this translates into transactions.
    • zappahey
    • By zappahey 20th Feb 12, 11:18 AM
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    zappahey
    • #8
    • 20th Feb 12, 11:18 AM
    • #8
    • 20th Feb 12, 11:18 AM
    They are indeed.

    However it should be noted that the Rightmove year on year figure is up 1.4%, and according to Nationwide actual sold prices ended last year up 1%.
    Originally posted by HAMISH_MCTAVISH

    In the interests of completencess, it should also be noted that LR says prices dropped by 1.3%, as did the Halifax.
    What goes around - comes around
    • jimpix12
    • By jimpix12 20th Feb 12, 11:36 AM
    • 1,069 Posts
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    jimpix12
    • #9
    • 20th Feb 12, 11:36 AM
    • #9
    • 20th Feb 12, 11:36 AM
    In the interests of completencess, it should also be noted that LR says prices dropped by 1.3%, as did the Halifax.
    Originally posted by zappahey
    Sorry, are you for real? These sorts of accurate statistics are rarely if ever posted by MSE staff. If it's not Rightmove or Nationwide it isn't mentioned.
    "The only man who makes money from a gold rush is the one selling the shovels..."
    • brit1234
    • By brit1234 20th Feb 12, 11:55 AM
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    brit1234
    This isn't due to rising confidence in sellers but rising delusion.

    Sellers can ask what ever they want however these greedy ones are likely to just sit on the market unsold. People are simply getting poorer with wages freezes/cuts, high inflation and unemployment.

    This isn't a sign of a stable/healthy housing market as it is selling prices not asking prices that count. We all know selling prices are a 1/3 lower than asking prices.

    Actual selling prices will continue to fall.

    We also know Rightmove figures never include reductions in asking prices on existing homes and thus are highly unreliable.
    Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

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    • zappahey
    • By zappahey 20th Feb 12, 12:21 PM
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    zappahey
    Sorry, are you for real? These sorts of accurate statistics are rarely if ever posted by MSE staff. If it's not Rightmove or Nationwide it isn't mentioned.
    Originally posted by spunko2010
    It wasn't aimed at MSE, it was aimed at our kilted chum with a predilection for selective memory on house prices and related statistics.
    What goes around - comes around
    • billybear1
    • By billybear1 20th Feb 12, 12:22 PM
    • 420 Posts
    • 124 Thanks
    billybear1
    I agree, as a potential buyer I think that the market is hugely inflated by sellers with unrealistic ambitions.

    I try to benchmark the Sold STC and Under Offer properties with the ones still on the market and it is clear to establish why the ones that do sold have, and why the ones that have been on there for a while haven't. The simple case is it is overpriced. I have been looking at the area I want to buy with a magnifying glass for the last 6 months and what some people want for their highly polished turds in unbeleiveable. They will sit there.
  • andy.m
    Currently am a looking buyer.
    Have scoured RM for abou 6-9months and have kept a watchful eye on prices with a readiness to pounce...

    There has to be regional differences for a start.
    Niche properties will sell once they find the niche buyer.
    Sellers are not even entertaining 20% cuts on offers down here.
    Builder modernised stuff just sits and sits and sits unsold as too many people caught a cold with daytime TV promises of an easy buck or ten for no effort.
    However, there are some properties that are flying out the door at sensible money and 95% offers or higher, ceilings are only coming down a little and stuff that needed modernising is now coming to market at already 10% under with the promise of 5% under that.
    People that are selling "showhomes" are getting offers, grot seems to no longer fetch 2% under tasty, maybe this is the difference?
    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 20th Feb 12, 6:09 PM
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    HAMISH_MCTAVISH
    This isn't due to rising confidence in sellers but rising delusion.
    Originally posted by brit1234
    Given that we're nearly 5 years on from the start of the financial crisis, and house prices remain stubbornly high, the only delusion around here is from those expecting prices to fall significantly.


    Actual selling prices will continue to fall.
    .
    You've been saying that every week since they started rising in Feb 2009.

    And they're still higher today than they were then.
    • billybear1
    • By billybear1 20th Feb 12, 7:13 PM
    • 420 Posts
    • 124 Thanks
    billybear1
    True, but there are a vast majority that are just stupidly priced and so sit there. I am not saying house prices have fallen 10%! The market will always decide, there is a set amount of demand out there, granted it is slightly subdued but there is demand. What these sellers don't seem to realize is that if something isn't shifting you have to do one of a few things.

    1) Remove from market until the demand rises enough to reach equilibrium at set selling price.
    2) Lower price until equilibrium is reached where demand level reaches set selling price level.ns
    3) Make enough improvements to attract the desired fixed price.

    The deluded point comes in when sellers are not willing to let the market dictate what the property is worth. Instead they continue to turn their nose to market conditions and hope point 1) occurs throughout the subdued market conditions.

    Yes, it is the sellers decision to sell at whatever price they see fit. However, by putting into the market they should accept that with subdued market conditions they may not achieve what they may have hoped and ultimately, the market will decide.
    • Pincher
    • By Pincher 21st Feb 12, 12:12 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Do people still believe in the ten year cycle?

    1988, crash, 1998, crash, 2008, crash,

    Any bets on 2018?
    • googler
    • By googler 21st Feb 12, 8:42 AM
    • 15,191 Posts
    • 9,987 Thanks
    googler
    As with all house price statistics, this is a rise in the average of all asking prices; surely, with less FTB properties coming to market (because there's a dearth of FTBs to buy them), the average goes up because the remaining properties are weighted toward higher prices?
    • jimpix12
    • By jimpix12 21st Feb 12, 9:22 AM
    • 1,069 Posts
    • 956 Thanks
    jimpix12
    Given that we're nearly 5 years on from the start of the financial crisis, and house prices remain stubbornly high, the only delusion around here is from those expecting prices to fall significantly.




    You've been saying that every week since they started rising in Feb 2009.

    And they're still higher today than they were then.
    Originally posted by HAMISH_MCTAVISH
    Never mind mortgage advisors, I think Martin should force you to come with a warning about making delusional and misguided statements on house prices.
    "The only man who makes money from a gold rush is the one selling the shovels..."
    • zappahey
    • By zappahey 21st Feb 12, 11:59 AM
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    • 2,003 Thanks
    zappahey
    As with all house price statistics, this is a rise in the average of all asking prices;
    Originally posted by googler
    Not quite. It's the average of the asking prices of new adverts coming on to Rightmove and takes no account of reductions or of house mix.
    What goes around - comes around
    • googler
    • By googler 21st Feb 12, 1:13 PM
    • 15,191 Posts
    • 9,987 Thanks
    googler
    Not quite. It's the average of the asking prices of new adverts coming on to Rightmove and takes no account of reductions or of house mix.
    Originally posted by zappahey
    and this contradicts my point (with less FTB properties ... the average goes up because the remaining properties are weighted toward higher prices) in what way...?

    If there's less lower-priced properties coming onto RM, the average of the asking prices goes up, surely?
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