2. alan_540 said...

Many contributors to HPC have commented that confusing monthly indicators will crop up as the housing market turns from growth to decline. This certainly seems to be where we are right now. I can't wait for Septembers figures - hopefully we'll see another fall in prices which will reinforce sentiment that prices are heading south in the mainstream media.

4. str 2007 said...

Anecdotaly, the main agent round me who claimed to have a record month in August (I think record August as opposed to record month) selling 23 properties, told me last night they'd already sold 8 or 9 in September.

Hold on, 8 or 9 in a busier month and we're already past half way.

Realistically at best they'll equal August then, but more likely be below August numbers, which although a micro chosm also indicates a rolling over the top to me.

I've also notice them bring a couple of larger houses to market in the last day or so at maybe 10% or so less than I would've expected them to.

These make the houses currentlt on in that price band (£7-800k) look overpriced by £100k or so.

I know these figures are way above normal peoples reach, but my point is downward pressure from the top starting to make the upper midrange (£500-650k) houses look over priced.

This will obviously take a few months to filter down through the price ranges, but there's nothing like a clearly better house than yours, priced the same and not selling to focus the mind on the reality of the situation.

6. str 2007 said...

Drewster

I'm fully aware of that hence the word mirco chosm (spelling) in the above post.

To be honest I'm directly only interested in what's happening locally to me as that's where I intend to live.

But it is a good indicator as to what is happening and the agent in question has about a 70% market share out of 6 or 8 other agents.



To add to my micro chosm analysis I notice a larger proportion of houses above 500k have come to the market, in fact the number above 500k has roughly doubled.
That is in part down to price increases but more so the number of larger houses coming to market.

This could well reflect on Rightmove as an increase in asking prices in the near term if indeed a large number of big houses do come to the market on a national basis.

So personally, I am prepared to see that index increase against a background of falling prices.

8. Ourtimewillcome said...

In the 10 mile radius I am searching there has been a quadrupling of houses on rightmove each day. Now when using propertybee it is clear that 1/4 + of these properties are asking price drops this is something we did not experience in the previous period of falling house prices. Interestingly the drops depend more on the area but are generally more than 10%. It is interesting also to note that a more of the larger houses are dropping their asking prices by greater percentage than the "FTB" catagory and that those dropping the asking prices more agressively (and selling) tend to be the new listings.

As a result of this I am wondering whether the "smarter" people are realising what's about to happen while the plebs are still firmly in denial.

Just thinking is all

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