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sancho panza

UK housing transactions hit 5 year low/Rightmove listings jump 16% in Sept

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Thar she blows

 

 

 

https://www.propertyindustryeye.com/asking-prices-return-to-growth-as-new-listings-jump-16-in-first-week-of-september/

'Rightmove is still banking on seasonal boost in the housing market, after its figures showing sales agreed falling in August.

The portal reported this morning that sales agreed were down 1.6% during August, following a drop 0.8% recorded in July.

However, a Rightmove spokesperson told EYE that on a year-to-date basis, the number of sales agreed has recovered from being 5.4% down in May to 3.2% down this month on an annual basis.

The latest report shows a 16% jump in new listings in the first week of September compared with the preceding three weeks.

The report also shows that time on the market has crept back up from 57 to 60 days between July and August, while average stock per agent fell from 53 to 52.

The average price of properties coming to market increased 1.2% annually this month to £304,061, a 0.7% monthly increase, which Rightmove said is in line with previous years.

This compares with a 2.3% monthly drop and 1.1% annual rise in asking prices recorded in August.

“Sellers aren’t hanging back in coming forward to try and sell, and with average new asking prices just 1.2% higher than a year ago, many seem to be pricing sensibly.”

 

https://www.propertyindustryeye.com/housing-transactions-slide-to-their-lowest-level-for-five-years/

'Housing transactions are at their lowest for five years.

A new report out this morning says that last month an estimated 79,900 transactions completed, down 4% on the same month last year, and the lowest since 2013.

The LSL/Acadata index puts the average house price at £303,199, up just 0.1% on July but putting to an end a series of falls since March.

The average annual rate of house price growth is 1.8%, which the report says means actual falls as it is lower than 2.3% inflation. The report describes the housing market as flat.

Prices have fallen in 21 out of 33 London boroughs this year, but in the midlands and north-east house prices grew as they did in certain pockets of the market.

In the south-west, Bournemouth house prices rose 6.4% annually in August; in west Berkshire, there was a 12.7% annual rise; and in Monmouthshire, prices soared 14% annually.

The biggest faller was Westminster, where prices have gone down almost 12% year on year.'

 

 

Wolf reporting how jumps in listings can mark inflection points using Sonoma County as an example.Fulla rticle worth a read.

https://wolfstreet.com/2018/09/11/bay-area-sonoma-county-house-price-bubble-inflection-point/

'A month ago, Thomas Stone and I stuck our necks out and said that the inflection point in the housing market in the county had appeared in June. Housing markets deteriorate beneath the epidermis first, before the deterioration becomes visible in median prices. So here is an update of our anatomy of this housing market, based on August data.

In June and July 2018, supply of homes listed for sale in the county had suddenly jumped to the highest level in years. And in August, supply rose further to 1,216 homes (red indicates the moves since the inflection point in June):

us-sonoma-homes-for-sale-2018-08.png

 

 

 

 

 

Edited by sancho panza

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5 hours ago, spunko said:

I've been close to the precipice many times before but it's never happened, I hope this time it does!

Here is hoping. Still feel its going to need a further push so it falls down that precipice abruptly. Wonder if budget has anything in store.

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46 minutes ago, Banned said:

Here is hoping. Still feel its going to need a further push so it falls down that precipice abruptly. Wonder if budget has anything in store.

Help to Buy in London (outside Prime) is the only reason that helps explains Cranes seen over the skyline.  Without this government aid the builders would abruptly stop building causing significant unemployment in the construction industry. I have visited a number of new developments recently were around 85-95% of the buyers are through the Help to Buy scheme. This in turn creates a false valuation market. The Budget will be interesting. 

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5 minutes ago, Agent ZigZag said:

Help to Buy in London (outside Prime) is the only reason that helps explains Cranes seen over the skyline.  Without this government aid the builders would abruptly stop building causing significant unemployment in the construction industry. I have visited a number of new developments recently were around 85-95% of the buyers are through the Help to Buy scheme. This in turn creates a false valuation market. The Budget will be interesting. 

Thats ok, there will be little impact as the vast majority are EEs, normally picked up outside the local big shed builders merchant and paid (slave wages) by the day. 

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10 minutes ago, One percent said:

Thats ok, there will be little impact as the vast majority are EEs, normally picked up outside the local big shed builders merchant and paid (slave wages) by the day. 

Does that include the architect, the Quantity surveyor, site manager and material supplier, etc etc . There is a huge chain of professions and companys involved in the construction process.

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2 minutes ago, Agent ZigZag said:

Does that include the architect, the Quantity surveyor, site manager and material supplier, etc etc . There is a huge chain of professions and companys involved in the construction process.

Yet again, the working class get stuffed. Al those occupations are middle class. 

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1 hour ago, One percent said:

Thats ok, there will be little impact as the vast majority are EEs, normally picked up outside the local big shed builders merchant and paid (slave wages) by the day. 

I heard 'according to the media', that all the EEs had gone home due to brexit?

Whose building all these new developments. Its either the local people or the media are talking BS? 

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54 minutes ago, Green Devil said:

I heard 'according to the media', that all the EEs had gone home due to brexit?

Whose building all these new developments. Its either the local people or the media are talking BS? 

9_9

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4 hours ago, Agent ZigZag said:

Help to Buy in London (outside Prime) is the only reason that helps explains Cranes seen over the skyline.  Without this government aid the builders would abruptly stop building causing significant unemployment in the construction industry. I have visited a number of new developments recently were around 85-95% of the buyers are through the Help to Buy scheme. This in turn creates a false valuation market. The Budget will be interesting. 

Then the government should build directly cut out the middle man.. :D

I still don't understand how Philip Hammond is allowed to throw money at house builders, When he owns a house building company castlemead ltd, land, old peoples homes and BTL portfolio.. Oh and he avoids tax using creative accounting..

 

But he has the power to give himself money and create loopholes and tax incentives that he can himself exploit!

 

I honestly feel like people are completely brain dead to what THIS and previous governments are doing!  How can it not be illegal?

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 I agree. Im anticipating sovereign wealth funds and pensions funds will be involved in construction and management of the next house building cycle on a very large scale (for profit mind you) although this in turn will result in significantly lower rents for those priced out of home ownership.

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9 minutes ago, Agent ZigZag said:

 I agree. Im anticipating sovereign wealth funds and pensions funds will be involved in construction and management of the next house building cycle on a very large scale (for profit mind you) although this in turn will result in significantly lower rents for those priced out of home ownership.

And if they attempt this Corbyn walks the next election, and we see and end to this socialism.  And i just dont see how they would go for lower rents unless you mean 50p or a similar sum ....the taxpayer chucks in near 30bln in housing Benefit.

Edited by Banned

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There has been a massive jump in billericay (Essex) over the past few weeks. 

My statndard search is <600K within 1 mile of the station. 3 beds plus

Few weeks ago it was <70. Its now at 112. 

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On 18/09/2018 at 22:58, Agent ZigZag said:

 I agree. Im anticipating sovereign wealth funds and pensions funds will be involved in construction and management of the next house building cycle on a very large scale (for profit mind you) although this in turn will result in significantly lower rents for those priced out of home ownership.

For yield.

 

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united-kingdom-mortgage-approvals.png?s=

A hefty chunk of those will be HTB i.e. new builds.

And the arse end of BTL.

UK needs ~80k mortgages/ear to have stable house prices.

The BTL loons took over from FTB in 2002ish.

Theres a lot of trasnaction that have been dleayed and will need to transact as rates go up.

 

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24 minutes ago, reformed nice guy said:

where does this stat come from - its an interesting one

Its a way back stats. Ill dig it out.

Its going by the number ofdeaths divorces and the need to move.

Some towns have more probates than house sales these days. Thats deadly.

Like most stats, its hard to get at the interesting ones.

 

 

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On 18/09/2018 at 22:48, macca said:

Then the government should build directly cut out the middle man.. :D

I still don't understand how Philip Hammond is allowed to throw money at house builders, When he owns a house building company castlemead ltd, land, old peoples homes and BTL portfolio.. Oh and he avoids tax using creative accounting..

 

But he has the power to give himself money and create loopholes and tax incentives that he can himself exploit!

 

I honestly feel like people are completely brain dead to what THIS and previous governments are doing!  How can it not be illegal?

Because the Populus let him as they are far too busy focussing on football, getting their nails done, and watching Big Brother on television!

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12 hours ago, Cosmic Apple said:

Get with the times! Its strictly cunts prancing and the XXY Factor now.

:-) :-) :-)...shows how long ago I last watched the box, and that was BB series 1!

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