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Bang! RM -1.2% MoM, and London down the most in a decade


neon tetra

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2 minutes ago, Grab_Some_Popcorn said:

Exactly. Every piece of HPC news, whether it is reliable (land reg) or not (RM) affects sentiment which affects asking prices, which affects sold prices.

Don't really agree but if that's the case I think you should wait until they are all negative before celebrating.

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3 hours ago, Grab_Some_Popcorn said:

Unless RM have changed their methodology, their stats only look at new listings. Thus any properties reduced once on the market are excluded. Which means the situation is even worse than they're saying.

This.

Look at the transaction figures, not BS asking prices.

All this index show is that the reality is finally getting through to some sellers.

And now the game of chasing the market down begins...

 

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33 minutes ago, newgi said:

For those who have been watching the housing market for long enough you ought to know, pay attention to Halifax, Nationwide and Land Registry, ignore, Rightmove and RICS surveys (and the posters who come on here daily to say "HPC is here").

 

 

Not to mention the VIs who regularly post to say it isn't :rolleyes:

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3 minutes ago, spyguy said:

This.

Look at the transaction figures, not BS asking prices.

All this index show is that the reality is finally getting through to some sellers.

And now the game of chasing the market down begins...

 

This and time on market from first put up for sale including all agents......I put it that length of time on market is growing as well as price sold for less than the price it first went on the market for.;)

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5 minutes ago, newgi said:

And who has been right so far?  ;)

In a real free market without props such as, btl tax benefits, interest only, on the floor interest rates, cheap easy qe money, liar loans, no proof of income loans and help to buy at not worth it prices......prices would have crashed.....how many props being removed or have been exhausted?...... ;)

 

 

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3 hours ago, Grab_Some_Popcorn said:

London performance:

EBeCbBt.png

Isn't that last month's figures?

Article says that Southwark is up this month, above it's down -5.4%

'By contrast, the typical asking price in the central borough of Southwark leapt more than 9% from £618,000 to £676,000 between August and September .'

https://www.theguardian.com/money/2017/sep/18/asking-price-house-london-fall-kensington-chelsea

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26 minutes ago, TheCountOfNowhere said:

If Term funding is pulled the crash is nailed on.

Spot on...

Here is the snap shot of TFS drawings as of  30 /Jun/ 2017. The items in bold has strong exposure to the BTL lending and their 0% on capital money is coming to end. The banks have to bear a cost usually around 1% to raise the capital. Ironically the TFS ending just before the end of  2 year fixes of mad gainz muppets who doubled down on Mar 2016. Now they will find themselves in between the rock and hard place. They can't move to a another lender as most will fail the PRA requirements. The current lenders is not in a position to offer the ultra low IR to keep the yield above zero. And don't forget the tax bill.

Aldermore :  946 million

Precise mortgages : 878 m

Coventry Building Society : 1 billion

Leeds Building Society :  650 million 

LLoyds : 13 billion

Nationwide : 7.7 billion

Newcastle Building society : 146 mi

Nottingham building society : 275 mi

One Savings bank : 551 mi

Paragon Bank :  450 mi

Principality  Building society : 400 mi

Paragon : 450 mi

RBS : 13 billion

Santander 7.5 b

Shawbrook bank : 510 mi

Skipton : 800 mi

Tesco : 800 mi

TSB : 4.5 b

Virgin : 4.9 bi

Westbrom : 256 mi 

 

Edited by hi5lo5
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Rightmove is a load of EA bull, but it is a sentiment driver.

An IAP index should be give NO coverage in the MSM, the fact has has been in the past speaks volumes, they are happy for an index that has no real bearing on actual to be rolled out as if it is FACT.

The fact that it has fallen is a massive sentiment changer, despite the EAs all over valuign to get business..it's still going down.

London must be in full blown collapse mode.

I added the following anecdote to the London thread...

 

Was inside the M25 on Saturday, Misslesex area, heard two ladies talking....prices are down 3% here...2nd lady...well they were over inflated anyway....


The word is out !!!!!!

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1 minute ago, TheCountOfNowhere said:

The one that sticks out for me is

 

Coventry Building Society : 1 billion

 

I took some money out of there last week.

Yes...  Cumulative net lending since the TFS introduction is 3 billion out of that 1 billion capital comes from BOE.

The gap is shorter in Aldermore 1.2 billion lending since TFS introduction 946 million comes from BOE. 

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14 minutes ago, TheCountOfNowhere said:

Rightmove is a load of EA bull, but it is a sentiment driver.

An IAP index should be give NO coverage in the MSM, the fact has has been in the past speaks volumes, they are happy for an index that has no real bearing on actual to be rolled out as if it is FACT.

Only while it's been going up...

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