Tuesday, Feb 09, 2010
Rightmove: +32% of surveyors reporting price rises
Bloomberg: U.K. Retail Sales, Homebuyer Enquiries Suffer in Winter Freeze
Rightmove's latest index shows that 32% more surveyors reported price rises than falls - up from +30% in December, and better than the predicted +27%.
However new enquiries from potential buyers fell for the first time in 14 months, while the number of new sellers entering the market fell for the first time in seven months.
“House prices are likely to rise in the short term, but if more supply continues to come onto the market, it is possible that the market will run out of steam” said Rightmove.
Posted by little professor @ 04:26 AM (793 views) Add Comment
14 Comments
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1. brickormortis said...
Don’t surveyors decide the value anyway? Is this not just a trend in what they are deciding as opposed to what economic conditions are determining?
2. mark said...
providing banks keep lending, i was under the assumption there is no money left in the bankers pot for mortgages
3. growler said...
"possible that the market will run out of steam"
Irony that we should have Rightmove describing the fortunes of property market in terms of not enough hot air being generated.
4. debtfree said...
More confirmation that affordable housing is now a thing of the past. With the shortage of cheap mortgages and prices still rising this really is the worst of my fears and now regret not buying a property over the last few years. With low variable rates you could have paid down large chunks but instead you now require a huge deposit in a rising market.
This country sucks.
5. growler said...
DEBTFREE:
Don't forget this is Rightmove talking. They are facing stiff competition from up-and-coming internet property marketing associations which could (will) undermine their business model. They will be making all the right noises to their fee-paying estate agent clients who need to shift properties on their now growing books for as long as they can.
You still have the fundamental issue that people are not getting mortgages. Purchases are now much more heavily skewed to those not needing a mortgage. Of the transactions that are there, it follows that sensitivity to price is less of an issue to those not requiring a mortgage: "What's a few thousand more?".
The much forseen recovery is suffering as GDP limped over the line. Retail sales have pulled back and the scrappage scheme will increase the price of cars in time for the election. After the election one thing is for sure: There will be cuts.
We still have a metaphoric long tail that hasn't wagged yet - so I would not fall for the homeownerist view that you've missed the one-and-only great chance.
Cash is king. And the impact of sovereign debt repayment is only just starting to surface.
6. Dr said...
@4 debtfree. That is where moral hazard has gone out of the window: when people regret not taking a highly leveraged position in the hope that the government bails them out if anything goes wrong.
I feel the same as you debtfree, I wish I just got a 100%-125% mortgage - I would now be on a low SVR rate and paying down my mortgage of the back of savers, tax payers and businesses (that cannot access capital now because rates are too low).
7. happy mondays said...
@ debtfree
With the shortage of cheap mortgages and prices still rising this really is the worst of my fears and now regret not buying a property over the last few years.
No, later you will be proud that you did not join the crazy housing game, house prices are a scam & when people realise that they have been f**ked over the bankers desk & have borrowed a stupid amount for this, they will feel pi**ed.. Think yourself lucky,,, There is more to life & it's a big world !
8. dill said...
Please note that the survey is issued by RICS (Royal Institute of Chartered Surveyors) - not Rightmove.
9. growler said...
@DILL. Well spotted. RICS is not as vacuous as NAEA or RM, but they earn their living from a fluid property market.
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/02/the_acute_vulnerability_of_the.html
Makes the point about how volatile the market is and how dependent it is on debt finance models to keep it floating. The people you need to focus on exposing are CML. Their existence depends on "customers" taking on debt. They can sell more debt if the average of house prices increases. The more the better .... for them.
10. Lyn said...
Rics are not revealing the full truth as always! Visit the Nestoria web site for the real facts and you will see the Holiday resorts doing well (Holiday Lets no doubt, to beat the spring change in the tax rules) and elsewhere it's a mixed bag and the reason the RBS and Lloyds aren't lending is because they KNOW what is COMING!!!!!.
11. vacuouspolitician said...
4. debtfree said...
Hang on in there. Eventually things will change. In the mean time enjoy your life...spring is on its way.
As someone said Cash is King (but not Penfold)
12. little professor said...
Yeah, sorry guys, should have been RICS not RM
13. mark wadsworth said...
@ debtfree, keep the faith! If we go on a buyers' stike, prices will crumble, if we cave in to the Home-Owner-Ist propaganda, then we'll regret it.
What's it to be? I constantly have her indoors yapping on at me, and to be honest, we could buy a perfectly nice house for cash tomorrow if we wished, but I owe to others to stand firm.
14. debtfree said...
Cheers to all posts.
Basically, hang in there, do not despair, wait til after the electons and for the dust to settle.
All the best