Monday, Dec 17, 2007
Pretty soft coverage of the rightmove data
BBC News: Sharp fall in house asking prices
"The average asking price of homes put up for sale in England and Wales fell sharply in December, according to estate agents Rightmove. It said December's figure had been distorted by a disproportionate number of one- and two-bedroom properties coming on the market in the past few weeks."
Considering the frankly shocking nature of the data from Righmove, this article from the BBC feels very soft & puts lots of emphasis on the HIP's effect, without reporting the stripped-out data, which is the REAL story. Story is not even featured on News 24.... considering the newsworthy nature of the story, leaves you with some questions around brushing stories under the carpet & protecting the vested interests....?
Posted by gh @ 11:44 AM (1280 views) Add Comment
19 Comments
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1. planning4acrash said...
It was tucked into the middle of Metro today. Lets see if it gets London Lite or Evening Standard front page.
2. Social Justice Through Housing said...
Let's blame it on HIPs, Winter, the cold, Santa Claus, the fairies, Lord Lucan.
What a joke. Nothing to do with a ridiculous credit and monetary policy and down right greed.
The bubble is not going to burst - it has burst!
3. hpwatcher said...
I think this fall is a bit overstated.
A quick look at property in Wood Green, North London, the prices are still as nuts - overpriced - as they ever were.......
Property there looks more like 40% overpriced, and it isn't the best part of london by far...
4. Landedgentry said...
Vested Interests here?
They probably finished another series of how to add £30k to your prop with some cheap laminate flooring and a tin of dulux magnolia.
If they do air it, slot it in on BBC 1 primetime friday night comedy slot LOL
5. Realist said...
"House price inflation is expected to continue to slow next year as continuing credit and affordability restrictions dampen activity"
Lovely quote from the end of the BBC article. Shouldn't that have read "House price deflation is expected to continue.. etc"
6. justwatching said...
I've just watched the one o'clock news. No mention whatsoever. 10 mins on food prices at the start (with no link to inflation & interest rates'
A bit on lack of flood protection, who Diana was in love with, and then a bit on Mr Capello.
Almost not the one o'clock news.
Anyway, can we have an update on the homepage, more red please.
Also, do we know if it possible to promote the blogs with the most replies on the homepage. It would be nice if they didn't slip down order, and then disappear, especially ones with 30+ comment.
7. planning4acrash said...
Evening Standard kept it from front page so far. Lets see if its in the final edition!
8. george monsoon said...
And who says the government have no say in what news we get?
The houseprices dropping has to be the BIGGEST story for a decade because it is relevant to almost every human being in Britain. This is serious "ministry of information" control. The BBC have a disproportionate view of the population being dumb enough to not notice.
That said, simply not reporting that house prices are falling will make no difference, its happening and will snowball.
I think 60 % drop from current market price is not out of the question, given the elastic rebound that must occur to correct the inbalance.
I currently have my eyes on a few properties around my town - 6 months ago. two are unchanged in price since going on the market in July, one has been dropped by 5% and still no sale...
At present I am looking to dive back into the market in around 18mths to 2 years, if things settle enough to risk the plunge.
I hear Glorious Sunshine is putting a few properties on the market.. something about low rental yield and capital gains??
9. maddison said...
Rightmove is asking prices and everyone knows that they are dreamt up by EA's and recently have been pie in the sky anyway. When the LR comes out with stats they are given alot more attention.
10. Orwell said...
Pravda will hide it on Crash Gordon's demands... Like they did about the poll lead the Tories have last night....
11. Rocko_ftb said...
...the LR stats which are dreamt up by the property developers and the discounting scam?
Why anyone buys these days I do not know, if it's impossible to do without lying then something is wrong.
12. Letsalldance said...
calm down everyone, it's only because more flats/ cheaper end property included than would usually be the case. We all need to buy a house, but the enemy will be laughing at us rejoicing over this!!!
13. confused76 said...
Maddison
If anything the Rightmove data are optimistic
14. uncle tom said...
"House price inflation is expected to continue to slow next year as continuing credit and affordability restrictions dampen activity"
I think it was PanAm who first decided to call their losses 'negative profits' - to make them sound better (not that it did them much good.)
Don't expect much use of the term deflation - just inflation going negative!
15. Submedia said...
Not really conclusive data is it! However, a good indicator of current sentiment. It will be interesting to see what actual selling (opposed to asking prices) prices are achieved in the next few months! What will also be really interesting is to see what the BOE do with the interest rates they can't cut them too much because of inflation. Also, after april we could see a flood of BTL properties coming onto the market as LL decide to cut their losses and take advantage of the cut in CGT for second homes. That really could be the shock that causes the crash to really bite into the low double figures.
16. justwatching said...
nope, no mention on 6 o'clock news
letsalldance;
time to go and check how they arrive their figures
17. justwatching said...
Started to read, didn't get past page three but;
HIPS effect account for 1.1% of 3.2% fall, hmmmm, without hip effect that would still be a WOPPING 2.1% monthly fall, no wonder it didn't make the news.
How about this though, could the abnornal number of two bed props have nowt to do with the HIPS effect, but a great deal of BTL chaps jumping ship????
Could it be?
18. it_is_going_with_a_bang said...
Seriously. How much does a HIPS cost???
Would it really put someone in the position of selling a property in the last few months.
So the suggestion is that over 30% of sellers wanted to sell because of HIPS coming in ???
Surely they would already have been about to do it anyway.
I just cannot see that it would make any real difference in the decision process.
19. new user 2007 said...
There is indeed a strange thing about the human brain...someone who has seen their house price rise by 100k really does not want to spend £300. Cheaper properties have come on the market ahead of the final HIPS start and so the average house price was expected to fall thsis month. As Rightmove admits, only a third of the fall was down to HIPS. However, it is better to look at the numbers as they are...the general trend is downwards, but Rightmove's numbers will show a rise next month as the composition of properties returns to normal i.e. the average flat, terrached house/ detached house ratio.