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mrpleasant

Rightmove Asking Price Index Out Tomorrow (Mon)

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As someone looking to buy, I'll join the depressed club! We really wanted more negative press to gradually encourage the sellers of the places we're interested in to be appreciative of our rather discounted offers!

I sold a place last year for 18% off 2007 peak and 10% off my initial asking. I put a second place up for sale 4 weeks ago - about a dozen viewings and two offers so far - priced at ~10% below 2007 peak. Both places are in the North West.

In the areas of interest to me I'm seeing real drops in the £1m+ bracket and <£300k. It's the stuff in the middle that seems stuck in 2007 with people happy to sit at asking price X, and when it doesn't sell in 12 months, to then think the solution is a shift to another agent...

As another commented, (at least in my area/price bracket) there is a real lack of decent places available. Given there are always going to be some buyers/mugs whatever the price, the good stuff is moving.

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The increased interest is probably due to the stamp duty holiday ending.

I've become used to them extending and improving the terms of the stamp duty holiday for years now. I'm going to have to look up what they propose changing it back to, if they are really going to. Even if they do they'll probably bring it back in again were prices to slide.

Couldn't see the link in this thread; Rightmove House Price Index, February Edition, PDF.

Big jump in SE asking prices according to RM.

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I have another theory about this ridiculous jump in asking prices.

We're coming up for 5 years since peak prices.

How many people bought at peak using liar loans, self cert and interest only mortgages. Lots will have had 5 year deals so now are facing remortgaging without their previous access to easy money and a nice dose of negative equity to go with it.

For many it will be a last ditch attempt to pass the debt to somebody else before the bank takes their house off them.

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The increased interest is probably due to the stamp duty holiday ending. Agents see some slight interest so value slightly higher. I don't think many vendors ring up an agent and tell them the price to put it on at. They just go with what the 'property experts' tell them. So I suppose you could use it to gauge agent sentiment but even then it's quite misleading without a seasonal adjustment.

Yes, I agree with all of that - Agent + seller sentiment with no seasonal adjustment of data to take into consideration.

Seller sentiment will have some bearing - everyone's a 'property expert' nowadays :P

Edited by Unsafe As Houses

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Just checked my 'barometer' postcode in the South East on Rightmove and... two decent price drops today and two sold STCs going back to Available. Obviously the 'good news' hasn't reached there just yet.

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I have another theory about this ridiculous jump in asking prices.

We're coming up for 5 years since peak prices.

How many people bought at peak using liar loans, self cert and interest only mortgages. Lots will have had 5 year deals so now are facing remortgaging without their previous access to easy money and a nice dose of negative equity to go with it.

For many it will be a last ditch attempt to pass the debt to somebody else before the bank takes their house off them.

Good insight for a first post!

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