Monday, Sep 22, 2008
Rightmove: -1% MoM, -3.3% YoY
Reuters: House prices fall again
Asking prices for homes in England and Wales fell 1 percent on the month in September, leaving them 3.3 percent lower than a year ago, a survey showed on Monday.
The Rightmove monthly survey showed the average asking price for a property dipped to £227,438 this month, down from £229,816 in August -- the fourth successive fall.
However the annual rate of decline eased from 4.8% last month to 3.3% in September.
Posted by little professor @ 08:06 AM (790 views) Add Comment
7 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. bystander said...
I am a little confused. YOY falls of 3.3%, Rightmove, are not really that bad when compared to YOY from Halifax of -12%. What is going on??? No wonder there are still sellers who think a two bed in Earlsfield is worth 390K. Reality check please, some time this year would be nice.
2. Zippys said...
bystander you have hit the nail on the head, people are not being realistic on asking prices hence the market crashing
3. Yoman228 said...
The asking price will shoot up again next month as Londoner has to force sell due all bankers lost their job.
4. timmy t said...
Rightmove = asking prices. Halifaxbankofscotlandtsblloydsetcetcetc = selling prices.
You can read this as:
A year ago people were asking for £250,000 and achieving £245,000
Now they're asking for £230,000 and achieving £180,000
A year from now they'll be asking for £50,000 and achieving £2.50
5. mark wadsworth said...
I dunno. There is always the slim possibility that our consensus view of overall price falls 42% is completely mad.
Or more likely, Rightmove's figures represent vendors who have completely lost all sense of reality.
6. letthemfall said...
Perhaps it will be a bit like stocks and shares. Owners cannot believe their house is worth less and will wait until it recovers before selling. Eventually, with prices falling steadily, they capitulate. Asking prices are still absurdly high, but we are not far into the financial mess yet. The foundations are crumbling a bit each day.
7. need-a-crash said...
The stand-off continues!
At the moment most sellers don't have to sell so are not reducing asking prices by much. Buyers on the other hand either won't buy (if they're sensible) or cannot borrow enough to buy (if they're stupid enough to want to buy).
The media (and most sellers) think the deadlock will be broken "once banks start lending again (at stupid income multiples)". This was looking unlikely even before last weeks events and will now probably never happen due to new FSA regulations which will inevitably be brought in.
Eventually we will win this stand-off but is frustratingly slow at the moment.