[OzzMosiz]

sign_of_the_times, on 20 February 2012 - 01:43 PM, said:

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

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

[OzzMosiz]

Wig, on 20 February 2012 - 02:26 PM, said:

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

Believe it was Imagine.

[Pent Up]

inflating, on 20 February 2012 - 07:49 PM, said:

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

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!

[Rousseau]

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.

[Lion]

Rousseau, on 20 February 2012 - 10:06 PM, said:

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.

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.

[Guest_James Toney_*]

Lion, on 20 February 2012 - 11:17 PM, said:

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.

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,

[Bruce Banner]

Rousseau, on 20 February 2012 - 10:06 PM, said:

.......there will never be a crash and I've missed the boat. I'll probably never buy a house in England now.....

You will if you want to. The boat is still tied to the jetty and the fare will be substantially less in a few years time.

[rantnrave]

In recent years, Rightmove have announced a rise in their asking price index each January. However, last month, they reported a fall in their January 2012 data. So, it's not really a surprise that the February number saw a bounce back from that.

Adding Jan & Febs numbers for the last few years shows that this latest data is more than likely a statistical blip.

Jan 2010: Up 0.4%
Feb 2010: Up 3.2%
Total for first two months of the year: Up 3.6%

Jan 2011: Up 0.3%
Feb 2011: Up 3.1%
Total for first two months of the year: Up 3.4%

Jan 2012: DOWN 0.8%
Feb 2012: Up 4.1%
Total for first two months of the year: Up 3.3%

[Unsafe As Houses]

rantnrave, on 21 February 2012 - 01:19 PM, said:

In recent years, Rightmove have announced a rise in their asking price index each January. However, last month, they reported a fall in their January 2012 data. So, it's not really a surprise that the February number saw a bounce back from that.

Adding Jan & Febs numbers for the last few years shows that this latest data is more than likely a statistical blip.

Jan 2010: Up 0.4%
Feb 2010: Up 3.2%
Total for first two months of the year: Up 3.6%

Jan 2011: Up 0.3%
Feb 2011: Up 3.1%
Total for first two months of the year: Up 3.4%

Jan 2012: DOWN 0.8%
Feb 2012: Up 4.1%
Total for first two months of the year: Up 3.3%

Good work!

Nevertheless, it is rather depressing.

I don't accept the 'Rightmove data is useless' argument one person put forward in the thread above. It does measure the sentiment of buyers putting their homes on the market and as a measure of that - rather than house prices per se as it is often presented by the media - it's useful.

I rreally don't understand it this latest release - perhaps the best explanation is that I was in Westminster Sainsburys last night which I assume serves many people who have houses there which are apparently booming in price ad infinitum and there was a 'Special Offer!"' on 2X4 yoghurts for £3.50. The price of a single pack of 4 was £1.84.

This post has been edited by Unsafe As Houses: 21 February 2012 - 01:34 PM

[DWM]

Unsafe As Houses, on 21 February 2012 - 01:33 PM, said:

Good work!

Nevertheless, it is rather depressing.

I don't accept the 'Rightmove data is useless' argument one person put forward in the thread above. It does measure the sentiment of buyers putting their homes on the market and as a measure of that - rather than house prices per se as it is often presented by the media - it's useful.

I rreally don't understand it this latest release - perhaps the best explanation is that I was in Westminster Sainsburys last night which I assume serves many people who have houses there which are apparently booming in price ad infinitum and there was a 'Special Offer!"' on 2X4 yoghurts for £3.50. The price of a single pack of 4 was £1.84.

I agree. Trying to sell my house at the moment and locally there is lots of interest - unusual for Feb. but that tends to mean EAs suggest silly prices. Fact is though there is s dearth of quality stuff out there so the good ones shine out. We are encouraging offers - should be interesting at Easter time, assuming the buyers come out to play.

I am mindful of the fact shown on Rightmove that 50% of houses last year failed to sell due to silly prices, poor presentation etc. It is amazing how many sellers do not realise you have to make an effort - buyers don't like toys all over the place and paint is a wonderful thing...

[Pent Up]

DWM, on 21 February 2012 - 02:25 PM, said:

I agree. Trying to sell my house at the moment and locally there is lots of interest - unusual for Feb. but that tends to mean EAs suggest silly prices. Fact is though there is s dearth of quality stuff out there so the good ones shine out. We are encouraging offers - should be interesting at Easter time, assuming the buyers come out to play.

I am mindful of the fact shown on Rightmove that 50% of houses last year failed to sell due to silly prices, poor presentation etc. It is amazing how many sellers do not realise you have to make an effort - buyers don't like toys all over the place and paint is a wonderful thing...

Forget all that, just get the price right.

[Pent Up]

Unsafe As Houses, on 21 February 2012 - 01:33 PM, said:

Good work!

Nevertheless, it is rather depressing.

I don't accept the 'Rightmove data is useless' argument one person put forward in the thread above. It does measure the sentiment of buyers putting their homes on the market and as a measure of that - rather than house prices per se as it is often presented by the media - it's useful.

I rreally don't understand it this latest release - perhaps the best explanation is that I was in Westminster Sainsburys last night which I assume serves many people who have houses there which are apparently booming in price ad infinitum and there was a 'Special Offer!"' on 2X4 yoghurts for £3.50. The price of a single pack of 4 was £1.84.

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.

[DWM]

Pent Up, on 21 February 2012 - 02:27 PM, said:

Forget all that, just get the price right.

Hmmm. Difficult to argue with that one....

[manchester50]

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.

[Venger]

Pent Up, on 21 February 2012 - 02:31 PM, said:

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.