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mrpleasant

Rightmove Asking Price Index Out Tomorrow (Mon)

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[quote name='strawbear' timestamp='1329694402' post='3266088']Trouble is it only takes a few people [color="#8B0000"][b]with unlimited ready cash[/b][/color] to believe this and houses start to move at more than their true value.[/quote]

Fixed.

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[quote name='ianbe' timestamp='1329686979' post='3266012']
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.
[/quote]

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

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[quote name='The Masked Tulip' timestamp='1329690392' post='3266046']
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.
[/quote]

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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[quote]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.
[/quote]

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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[quote name='Venger' timestamp='1329733304' post='3266290']
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.
[/quote]
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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[quote name='SeeYouNextTuesday' timestamp='1329733812' post='3266297']
How is tbe delusion index looking?
[/quote]

Only available up to Jan as the Nationwide data lags the RM data so if the figure is 5 odd percent this month the delusion index won't show it until the NW data is released.
**Usual caveats apply

[img]http://s16.postimage.org/iqrv3thsl/HDI_Jan_2012.jpg[/img]

[size="1"]** Caveats: due to each index making up their own definitions of "average" (geometric/arithmetic etc) as they go along this data is qualitative not quantitative and should be used for comparison/correlation purposes only.[/size]

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My next door neighbour put his place up for sale 8 weeks ago. It went sold 4 weeks later and now it's completed as he's gone.
Few others sold too on the street, so it looks quite buoyant where I am (Swindon)

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[quote name='libspero' timestamp='1329736564' post='3266329']
Only available up to Jan as the Nationwide data lags the RM data so if the figure is 5 odd percent this month the delusion index won't show it until the NW data is released.
**Usual caveats apply
[/quote]
Expect another sharp increase in delusion ont he back of this.

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[quote name='OzzMosiz' timestamp='1329739544' post='3266364']
My next door neighbour put his place up for sale 8 weeks ago. It went sold 4 weeks later and now it's completed as he's gone.
Few others sold too on the street, so it looks quite buoyant where I am (Swindon)
[/quote]

Good price?

Not far from where I am, someone put a 4-bed detached bungalow on (Blenheim Chase, SS9, AP £250K) and it seems to have sold in 2 days, but the asking price was fairly realistic for these days, although what the price for that property was in 2005 I don't know. If they're realistic then yes they will sell fast I guess

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=BLENHEIM+CHASE&locality=LEIGH-ON-SEA&town=LEIGH-ON-SEA&cCode=EW&year=All&house_style=All&house_age=All&search_radius=&outcode=SS9&incode=3BH&isSearchPostcode=1

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[quote name='OzzMosiz' timestamp='1329739544' post='3266364']
My next door neighbour put his place up for sale 8 weeks ago. It went sold 4 weeks later and now it's completed as he's gone.
Few others sold too on the street, so it looks quite buoyant where I am (Swindon)
[/quote]

Sale to completion in 4 weeks? Pull the other one......

I liked it when Miles used to post on here, or 'Zorn' as he was known back then ;)

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[quote name='OzzMosiz' timestamp='1329739544' post='3266364']
My next door neighbour put his place up for sale 8 weeks ago. It went sold 4 weeks later and now it's completed as he's gone.
Few others sold too on the street, so it looks quite buoyant where I am (Swindon)
[/quote]

Which area was this in? I watch the Swindon market closely (via rightmove) so am interested which EA "sold" actually converted to a real life "sold"

give us a clue I'll guess it in 3 ;)

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[quote name='maffo in oxford' timestamp='1329758246' post='3266586']
Express headline tomorrow: "HOUSE PRICES SOAR"
[/quote]

yes can see it now,

with also about how great it is and at last the housing market has recoverd, and good news all round,

quick buy now before it's too late, you know it makes sense :D

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[quote name='inflating' timestamp='1329730761' post='3266242']
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
[/quote]

Because this index isn't seasonally adjusted it swings quite widely with the seasons. But overall it has pretty much not moved since peak. Sold prices have fallen but asking prices are as high as ever. Partly due to the majority of sellers actually never selling and giving up, partly because a lot of houses go through several reductions and partly because bigger discounts off the asking price are going through.

All in all this index is a total waste of time other than advertising for rightmove each month. Edited by Pent Up

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[quote name='Pent Up' timestamp='1329762811' post='3266651']
Because this index isn't seasonally adjusted it swings quite widely with the seasons. But overall it has pretty much not moved since peak. Sold prices have fallen but asking prices are as high as ever. Partly due to the majority of sellers actually never selling and giving up, partly because a lot of houses go through several reductions and partly because bigger discounts off the asking price are going through.

All in all this index is a total waste of time other than advertising for rightmove each month.
[/quote]
Agree, it is an INITIAL asking price; eg 450k (appears in the index in June), down to 399k, down to 350k, down to 325k in September .... still available in February and still over priced (30% reduction from initial asking price and no sale after five more months, not even an SSTC but contributed to the 'rise' in asking prices last June.

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[quote name='Pent Up' timestamp='1329762811' post='3266651']
Because this index isn't seasonally adjusted it swings quite widely with the seasons. But overall it has pretty much not moved since peak. Sold prices have fallen but asking prices are as high as ever. Partly due to the majority of sellers actually never selling and giving up, partly because a lot of houses go through several reductions and partly because bigger discounts off the asking price are going through.

All in all this index is a total waste of time other than advertising for rightmove each month.
[/quote]

I did actually see some come new to market a few months ago at humorous prices, but quite a few of them were soon down in price to nearer Earth once they saw they didn't even get one viewer in the door, probably. Come to think of it, I see new to market properties in my Inbox daily at prices that seem very ambitious, but I think they're wasting everybody's time

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[quote name='inflating' timestamp='1329743775' post='3266421']
Good price?

Not far from where I am, someone put a 4-bed detached bungalow on (Blenheim Chase, SS9, AP £250K) and it seems to have sold in 2 days, but the asking price was fairly realistic for these days, although what the price for that property was in 2005 I don't know. If they're realistic then yes they will sell fast I guess

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=BLENHEIM+CHASE&locality=LEIGH-ON-SEA&town=LEIGH-ON-SEA&cCode=EW&year=All&house_style=All&house_age=All&search_radius=&outcode=SS9&incode=3BH&isSearchPostcode=1
[/quote]

It was above the price I paid 27 months ago, so chuffed with that, but yes wasn't mentally priced.

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[quote name='sign_of_the_times' timestamp='1329745396' post='3266438']
Sale to completion in 4 weeks? Pull the other one......

I liked it when Miles used to post on here, or 'Zorn' as he was known back then ;)
[/quote]

Yes. I put an offer in on my home and completed in 3 weeks, and that's with a trip to Africa inbetween.

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[quote name='Wig' timestamp='1329747978' post='3266470']
Which area was this in? I watch the Swindon market closely (via rightmove) so am interested which EA "sold" actually converted to a real life "sold"

give us a clue I'll guess it in 3 ;)
[/quote]

Believe it was Imagine.

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[quote name='inflating' timestamp='1329767347' post='3266704']
I did actually see some come new to market a few months ago at humorous prices, but quite a few of them were soon down in price to nearer Earth once they saw they didn't even get one viewer in the door, probably. Come to think of it, I see new to market properties in my Inbox daily at prices that seem very ambitious, but I think they're wasting everybody's time
[/quote]


I saw a house which sold for £230k just about dead on peak. Came back to market middle of last year for £275k. 6 months later reduced to £249k. Now down to £225k which probably isn't that unrealistic an asking price for the current market considering they are likely to get offers 10% below that at around the £200k level. Obviously I would want more like 30% off asking on that one ;p

But the above example shows how meaningless the rightmove index is as this property would have shown in the stats as +20% (assuming previous asking price similar to the selling price) but In reality it's a slight decrease in asking price and the reductions might not be over yet!

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Same old story. Everything is fixed to avert a crash. It's clear to me, here in SW London, that there will never be a crash and I've missed the boat. I'll probably never buy a house in England now.

I could have bought two years ago but was convinced something would have to change so held on. As it is, even a fall in prices round here would probably only take me back to that position.

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[quote name='Rousseau' timestamp='1329775604' post='3266823']
Same old story. Everything is fixed to avert a crash. It's clear to me, here in SW London, that there will never be a crash and I've missed the boat. I'll probably never buy a house in England now.

I could have bought two years ago but was convinced something would have to change so held on. As it is, even a fall in prices round here would probably only take me back to that position.
[/quote]
Something will change, but it may take longer than you will be prepared to wait. In 2004 I was also unsure if buying in London was really such a good idea, but was not prepared to wait any longer. Had I not bought back then I would still wait today, 8 years on. In the meantime we sold our first property last year with a very good profit and used the profit (and some savings we were able to make due to the extremely low interest rates of our BOE +0.6% lifetime tracker) for a 20% deposit on a nice semi. So far I cannot see much change in London. But I am sure it will come eventually.

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[quote name='Lion' timestamp='1329779848' post='3266873']
Something will change, but it may take longer than you will be prepared to wait. In 2004 I was also unsure if buying in London was really such a good idea, but was not prepared to wait any longer. Had I not bought back then I would still wait today, 8 years on. In the meantime we sold our first property last year with a very good profit and used the profit (and some savings we were able to make due to the extremely low interest rates of our BOE +0.6% lifetime tracker) for a 20% deposit on a nice semi. So far I cannot see much change in London. But I am sure it will come eventually.
[/quote]

if there is going to be a change it will be over many years, i cant see the HPC coming now, it has just gone on too long, i think if you can wait another 5 years or so then do it,

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