Monday, Jun 23, 2008
Asking prices plummet in just one month
Rightmove: June House Price Index
Down 1.2% Nationally MoM, and 2.4% in South East.
“In spite of the lowest housing
transactions for 30 years, new sellers had been coming to the market asking record prices.
It was a mad state of affairs that defied the laws of economics. Thankfully, new sellers are
now taking some proactive steps to price more realistically from the outset to attract
increasingly hard-pressed buyers.”
Posted by doomwatch @ 09:37 AM (618 views) Add Comment
6 Comments
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1. cyril said...
I wouldn't say plummet. 1.2% change in asking prices is nothing really. IMO it shows that sellers are not lowering their expectations in spite of everything.
2. uncle tom said...
The 'time on market' graph doesn't square with the other data. It should be at record levels now..? Odd.
3. Mxs said...
Also, on page 7 (price trends by property type) we see that detached houses and flats have both risen by the national average of 0.1% over the last year.
However, semis and terraced have fallen by -1.8% and -1.0% respectively, so how is the national average still +0.1% rise? Must be something in the mix of property types but seems a trifle suspicious to me...
4. doomwatch said...
cyril, asking prices are down over 2% in London. Big BTL places like Ealing and Clapham are disaster area. More likely the actual transactional prices will be a 15-20% drop
when they comer through next month.
5. iguana said...
......and still the Nationwide graph fails to be updated, should somebody tell them?
6. uncle tom said...
See the note on the last page - 19,220 properties (roughly 10%) excluded for being anomalies
I wonder what they define as an 'anomaly' ?
- a realistic asking price perhaps??