Slimline Posted September 18, 2017 Share Posted September 18, 2017 wake me up when it's double digits YoY. Quote Link to comment Share on other sites More sharing options...
Frizzers Posted September 18, 2017 Share Posted September 18, 2017 (edited) RM index is boll*cks. However, today is a great day. This is why. file and image uploader Edited September 18, 2017 by Frizzers Quote Link to comment Share on other sites More sharing options...
Guest Posted September 18, 2017 Share Posted September 18, 2017 3 minutes ago, Frizzers said: RM index is boll*cks. However, today is a great day. This is why. file and image uploader 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. Quote Link to comment Share on other sites More sharing options...
newgi Posted September 18, 2017 Share Posted September 18, 2017 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. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 18, 2017 Share Posted September 18, 2017 1 hour ago, Noallegiance said: Except on the BBC! Property118? Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 18, 2017 Share Posted September 18, 2017 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... Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted September 18, 2017 Share Posted September 18, 2017 1 hour ago, Noallegiance said: Except on the BBC! They have a shyte reputation to keep. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 18, 2017 Share Posted September 18, 2017 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 Quote Link to comment Share on other sites More sharing options...
winkie Posted September 18, 2017 Share Posted September 18, 2017 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. Quote Link to comment Share on other sites More sharing options...
newgi Posted September 18, 2017 Share Posted September 18, 2017 2 minutes ago, Bruce Banner said: Not to mention the VIs who regularly post to say it isn't And who has been right so far? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 18, 2017 Share Posted September 18, 2017 6 minutes ago, newgi said: And who has been right so far? Quote Link to comment Share on other sites More sharing options...
winkie Posted September 18, 2017 Share Posted September 18, 2017 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?...... Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted September 18, 2017 Share Posted September 18, 2017 3 hours ago, Grab_Some_Popcorn said: London performance: 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 Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 18, 2017 Share Posted September 18, 2017 13 minutes ago, winkie said: how many props being removed or have been exhausted?...... Two are in the pipeline to end just five months from now - FLS and Term Funding Scheme. Interesting timing given this RM news! Quote Link to comment Share on other sites More sharing options...
Acid In The Punch Bowl Posted September 18, 2017 Share Posted September 18, 2017 The only credible news source in the UK has it covered: London house prices falling because it is horrible http://www.thedailymash.co.uk/news/society/london-house-prices-fall-because-it-is-horrible-20170918135914 Quote Link to comment Share on other sites More sharing options...
NuBrit Posted September 18, 2017 Share Posted September 18, 2017 It's interesting that it's London where the meaty falls are coming. It makes me wonder has the reality of a hard Brexit spooked the bankers and foreign buyers. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 18, 2017 Share Posted September 18, 2017 31 minutes ago, Bruce Banner said: Cant help the people who can't do primary school arithmetic Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 18, 2017 Share Posted September 18, 2017 9 minutes ago, rantnrave said: Two are in the pipeline to end just five months from now - FLS and Term Funding Scheme. Interesting timing given this RM news! If Term funding is pulled the crash is nailed on. Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted September 18, 2017 Share Posted September 18, 2017 Time to sell is the only meaningful stat in the Rightmove index. Number of days it took to sell a London property in August 2016: 51 Number of days it took to sell a London property in August 2017: 61 Quote Link to comment Share on other sites More sharing options...
hi5lo5 Posted September 18, 2017 Share Posted September 18, 2017 (edited) 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 September 18, 2017 by hi5lo5 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 18, 2017 Share Posted September 18, 2017 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 !!!!!! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 18, 2017 Share Posted September 18, 2017 The one that sticks out for me is Coventry Building Society : 1 billion I took some money out of there last week. Quote Link to comment Share on other sites More sharing options...
hi5lo5 Posted September 18, 2017 Share Posted September 18, 2017 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. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 18, 2017 Share Posted September 18, 2017 11 minutes 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. Me too. Had savings with them since pre-FLS time. Now all moved elsewhere. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 18, 2017 Share Posted September 18, 2017 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... Quote Link to comment Share on other sites More sharing options...
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