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mrpleasant

Rightmove Asking Price Index Out Tomorrow (Mon)

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Mortgage broker friend (South East) complains Feb has been his worst month EVER - £zer0. Any panic to beat the stamp duty holiday has probably fallen out of the figures and we had a fall last month anyway. Having said that, I've seen a couple of properties come on in recent weeks (Cardiff) for beyond-stupid asking prices. (There's 'trying it on' and there's barking.) Without looking at previous Febs, I'd guess it's one of those months that always sees a rise and I'm preparing myself for such.

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Asheron   

95% mortgages are back ?

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Pent Up   

Asking prices are irrelevant.

Yep, this index is a waste of time. It only dropped about 6% at the worst other than that it's been roughly the same since 07.

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Was a big jump last February that will fall out of the numbers.(+3.10 % to £230,030)

YOY change should bomb to -2.6% even if they say this month was flat and prices stay around £224,000 laugh.gif Asking prices that is.blink.gif

Could cause some nice headlines tomorrow, but only if Greece situation doesn't go boom !!

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NEO72   

easy to call +1.5% at least guaranteed 100%

Agreed. Although, lack of new stock = EAs getting more desperate to win new instructions = even more ludicrous valuations.

A 3 or 4% wouldn't even surprise me - cue Miles telling vendors that they're deluded, fundamentals won't support rises like this etc etc.

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danlee74   

Always +ve in Feb!!!

2005 +2.3%

2006 +2.7%

2007 +0.9%

2008 +3.2%

2009 +1.2%

2010 +3.2%

2011 +3.1%

In my opinion, anything below 1.2% would be interesting. Also, I remember the previous report where they highlighted a 1.6% increase in two weeks during January. I would not be at all surprised to see a figure around 3% tho - got to keep the public confidence in piles of bricks high :angry: .

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Asking prices are irrelevant.

I absolutely agree! The only thing that counts is sold prices and transaction numbers. The number of sales going through is fairly low. So many houses come back on with anew agent trying it on again. The difference in price between 'homes that are selling' and the asking prices of 'homes that stay on the shelf' is now very substantial indeed. It is as if 2 markets are apparent. One with a flicker of reality attached and another in the parrallel universe where a few old victorian bricks and a new kitchen= £up to a million pounds in London or even a half million elsewhere.

Spoke to an agent on Friday - looked at a rental which is also for sale - he was strangely loose with info - no interest in the property as a sale atall - 3 viewers for rent - all had put in vastly lower rent offers (30% below asking). So we put in a 25% below rent offer. Lovely house, but half the price to rent than buy. Does that tell you anything? SE

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Asking prices may be skewed upwards by people such as a vendor on RM who is trying to sell an utter dump for £199K that the vendor he bought it from had struggled a year to shift at £160K in 2010/11

These optimists will impact the index.

It's the eventual selling price that matters

In late Jan I saw a lot of asking prices fall anyway after they tried it on, or tried to skew the RM index - let's not forget that some idiotic agents don't realise they are shooting themselves in the foot by talking the market and vendors' expectations up on their forums and Industry mags

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phead   

LOL, I was going to go for a "greed is good" guess of 5%

The market seems slightly bonkers, there are some things out there at a "reasonable" price, then I find two identical houses next door to each other with a 60K difference.

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In November it was record drops http://www.thisismoney.co.uk/money/news/article-2064167/Rightmove-Sellers-drop-asking-prices-largest-start-recession.html

Now it's record rises, highest in 10 years http://online.wsj.com/article/BT-CO-20120219-705182.html

It's laughable really, smells a tad fishy

It is supposedly NEW to the market sellers' asking prices

Prices rose in all regions covered by the survey, the largest was a 6.9% rise in south-east England, followed by a 5.6% increase in northern England over the same period.

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getknk   

Thanks for digging those numbers up. Illustrates beautifully the complete nonsense that is the Rightmove index.

Notice how the biggest monthly rises have occurred post 07.

A totally deluded and utterly pointless index that doesn't correlate with final selling prices in any way.

I still feel RM index is Ok.. just shows the mentality of sellers !! (apart from that, pure crap)

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It will be up. The media will latch on to it in a frenzy, as will EAs. It is all meanginless. Banks are lending less and the housing market appears caught up in spin and hype.

The WSJ article says more banks are lending 90%

I do hope that even if that is true, the overall lending figure is down - the last thing we need is more QE and credit-fuelled HPI, especially as when the home buyers lose their jobs or find they can't comfortably afford to repay it seems to be Johnny Taxpayer and the beaten up savers rescuing them

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Venger   
The 4.1% month-on-month increase took the typical asking price of a home on the market to £233,252, according to the property website Rightmove.co.uk.

http://news.sky.com/home/business/article/16173390

It's still gutting. ******* low interest rates, SMI, QE and not enough properties on the market.

And no relief on HPC with still too many people feeling sorry for those who bought, instead of being concerned about their own selves.

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EmmaRoid   

http://news.sky.com/home/business/article/16173390

It's still gutting. ******* low interest rates, SMI, QE and not enough properties on the market.

And no relief on HPC with still too many people feeling sorry for those who bought, instead of being concerned about their own selves.

Surprised its only 4% after seeing the houses come on the market locally. Completely detached from reality. House put on a week ago 20% over too high 2010 price getting multiple viewings already. Unbelievable.

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