Monday, Dec 15, 2008
Rightmove: Prices down 2.3% MoM, 6.3% YoY
FXStreet: UK house prices down 6.3 pct y/y in Dec
Rightmove's latest index shows asking prices in mid-December fell 2.3% on the month and 6.3% on the year.
Both measures fell at record rates last month with prices down 2.9% on the month and 7.1% on the year.
Asking prices are now down 10.2% from the peak in May this year, but Rightmove said feedback from estate agents suggested actual sale prices had dropped by 25% from their peak.
Miles Shipside, commercial director of Rightmove, said: "On the basis that prices actually being achieved have fallen by a quarter, we predict that overall prices are now within 10% of bottoming out."
Shipside also said the current low level of housing transactions can't be maintained, and predicted a recovery in 2009
Posted by little professor @ 12:30 AM (1008 views) Add Comment
7 Comments
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1. gone-to-colombia said...
So, asking prices are down by only 6.3%?
A case of expectation over reality.
Theses sellers have a huge rude awakening in store.
2. growler said...
Now we know why subPrime Vocation don't publish their stats anymore. At least Rightmove have the guts to publish. Wait until the UK falls into recession officially in the first/second week of Jan. Then we'll see much more lack of confidence and lower prices
3. wdbeast said...
"we predict that overall prices are now within 10% of bottoming out"
Miles, If you keep saying that for another 2 years you might (only might) be right at some stage.
The pain has not even begun yet.
4. new user 2007 said...
Hope over substance.
I was uanble to overcome the jumps in logic and inconsistencies.
5. ianbe said...
Rightmove report says prices down 6.3% annually.
Estate agents say prices down 25% since market peak.
Ianbe says Rightmove report an irrelevant piece of nonsense.
6. will said...
Miles Shipside denied any house price correction would occur in the UK last year.
Now he can predict to the nearest 1 % where they are heading. Amazing .
Rightmove are owned by the major EAs in the country.
7. renting2 said...
Rightmove WAS owned by the major EAs, Countrywide sold their shares a while back and Connells ditched theirs on Friday for £30m (recently 'valued' for £105m).