Timm Posted March 16, 2009 Share Posted March 16, 2009 http://uk.reuters.com/article/domesticNews...16?rpc=401&Asking prices for houses in England and Wales were 9.0 percent lower than a year ago this month, slightly less than February's record 9.1 percent annual drop, property website Rightmove said on Monday. Average asking prices rose by 0.9 percent in March, less than the usual increase for the time of year, and new listings were 57 percent lower than last year at 79,000, Rightmove said. Well done that poster. Rightmove figures are not seasonally adjusted. With seasonal adjustment, the figures show a drop. Quote Link to comment Share on other sites More sharing options...
notthereyet Posted March 16, 2009 Share Posted March 16, 2009 Asking prices Quote Link to comment Share on other sites More sharing options...
notthereyet Posted March 16, 2009 Share Posted March 16, 2009 fill your boots Yes Sibley if i thought house prices were going to rise quickly again i would not be telling everyone on here or spending hours on here like you do, It is a sign you are a worried Man. Quote Link to comment Share on other sites More sharing options...
Yorkshire Lad Posted March 16, 2009 Share Posted March 16, 2009 Yep, home owners can ask what they want for a house, however that doesnt mean that they willl get it. How many buyers do you know that can lay there hands on 20k or even 40k as a deposit? - probably hardly anyone. Except those that STRd months ago. So, yes prices are going up (according to Rightmove), but only through desperation. Real life suggests otherwise. Strange logic. Quote Link to comment Share on other sites More sharing options...
grey shark Posted March 16, 2009 Share Posted March 16, 2009 So the EA says asking prices are up, but the Halifax say they have crashed £40,000 this year,the Natinwide say £38,000, and the LandReg say 15%. And mortgages are at a 30 year low. Maybe it's about time some of these deluded sellers need to learn the basics of the law of gravitation by Isaac Newton . Quote Link to comment Share on other sites More sharing options...
we the sheeple Posted March 16, 2009 Share Posted March 16, 2009 Asking prices Even worse, Initial Asking prices Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted March 16, 2009 Share Posted March 16, 2009 Even Alan Sugars Amsprop company is buying property developments again. That's the answer as far as I'm concerned. I'd trust his judgement more than anyone on here's. I wouldn't. Anyway, I was wondering which part of the press release you can't read or understand? In particular the bit about sellers being unrealistic. Either way, I still support the removal of your troll status. I actually think people let you off the hook when they see you ar a troll, whereas if you were a simple bull, you would get savaged more. Quote Link to comment Share on other sites More sharing options...
Rinoa Posted March 16, 2009 Share Posted March 16, 2009 Anything you don't like to hear is labeled trolling.How about all your posts seem like trolling to me? I can't believe people actually believe what they post on this site. It's just want they would LIKE to see happen. When it doesn't go to plan the dummy comes out of the pram. If you think houses will drop 90% or you will be able to get a new car at a massive discount then don't let me put you off. Go and buy today. You'll be living ooop north or in Wales though and your J reg Rover will blow up on the way to Asda. Like your style sibley. Can't see the RM argument that people this month are being unrealistic. In January when asking prices dropped 1.9% they never queried how sensible sellers were. But suddenly this month Rightmove have been lumbered with a bunch of stupid sellers who don't know what they're doing. The 0.9% increase is an average. People in the East Midlands actually reduced their asking prices whereas those in London asked 2.6% more. It's a nonsense to suggest that London folk are being unrealistic yet those in the East Midlands are wise and astute. Maybe, just maybe, sellers are increasing prices for a valid reason. Quote Link to comment Share on other sites More sharing options...
Flat Bear Posted March 16, 2009 Share Posted March 16, 2009 (edited) Rightmove March +0.9%, Lets forget for a minute about what we want to see and forget about being sidetracked by silly tongue in cheek posts. Is anyone surprised? As discussed to death we are in a bull trap. Although actual prices are falling the slight slowing down of the decline shows this and general viewing activity is definately up (evidence from everywhere) so is it surprising that vendors are putting an optomistic value on their property and EAs are capitulating? Just read some of the many threads on this forum where so called bears think it is a good time to buy. Around 25% of the bears? The truth, as I see it, is that we are around 50% through the crash in actual prices. Facts? as I see them Average prices have dropped around 20% to date. We have approx 20 to 25% falls from current prices to go. Speed of decline will increase once spring bounce is over and the economy deteriorates further. As has happened on every other occasion prices will slow down and rate of fall will very slowly come to a halt. This could take several years or even much longer before rising. Interest rates will rise dramatically once any growth in the economy is seen. Q.E. will distort many of the above, will have a much bigger inflationary affect than offical forecasts, will erode our currency and destroy savings. Money will become more scarce as what free money is left buys up the falling assets, but in the slightly longer term inflationary fiat monies will destroy any real value we have left. edited to add "to go" Edited March 16, 2009 by Flat Bear Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted March 16, 2009 Share Posted March 16, 2009 Anything you don't like to hear is labeled trolling. How about all your posts seem like trolling to me? I can't believe people actually believe what they post on this site. It's just want they would LIKE to see happen. When it doesn't go to plan the dummy comes out of the pram. I'm sure the hope is that somebody in power will browse the site and be influenced into making a statement to cause panic to the public. Come on then. How do you equate RM's asking prices with ACTUALs from both Nationwide and Halifax? You are our spokesperson so we want a good answer. This weekend, I spent some time with an important business person in Zurich. He made me smile when he told me a little story. He advertises in one of the big national newspapers and noticed they kept running doom and gloom economy stories. He rang the editor and said he would pull out unless they stopped writing rubbish about everything going bust and started printing the good things that are happening in the economy. Quite rightly he told him that there was no reason to pay good money to be in a paper telling people not to spend. He wants good news so people get their hand in their pocket. As I said last week, the company I work for is creating at least 30 new jobs in a depressed area. Why isn't that in the news? I spent last week in Sweden. The taxi driver said his business is down 30%. Massive knock on throughout Europe. Volvo shutting down and unemployment soaring. 30 jobs in a depressed area is nothing compared to the thousands losing their jobs. Add to that the thousands that work on contract through their own businesses and you suddenly have a lot of people doing nothing and having little or no income. How is that going to push house prices up? You'll be living ooop north or in Wales though and your J reg Rover will blow up on the way to Asda. I live Ooop North and it is a damn sight more expensive than the shithole you live in. Get over yourself. Quote Link to comment Share on other sites More sharing options...
Rinoa Posted March 16, 2009 Share Posted March 16, 2009 Not at all.Asking prices ALWAYS rise in spring, simply because that's when the 'kite fliers' come out to play. You know, those people who aren't particularly motivated and will only sell if a mug comes their way and offers to pay over the odds. The Rightmove index is fundamentally flawed (as I've pointed out endless times on the forum) as it only measures the initial asking price of new instructions. It therefore only serves any purpose as a leading indicator of vendor delusion. True, it's not seasonally adjusted. However, the important YoY has also declined slighly from -9.1% to -9.0%. Recoveries always start with small gains initially. Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 16, 2009 Share Posted March 16, 2009 This is Money reports the Sugars went buying commercial property of £1bn in summer 2006 http://www.thisismoney.co.uk/news/article....mp;in_page_id=2 Was that a good time? http://www.guardian.co.uk/business/2008/ma...runch.economics 19 March 2008 "Commercial property prices could fall by a further 15% after 'unprecedented' drop ends 14-year boom" Not so sweet. Quote Link to comment Share on other sites More sharing options...
0q0 Posted March 16, 2009 Share Posted March 16, 2009 True, it's not seasonally adjusted. However, the important YoY has also declined slighly from -9.1% to -9.0%.Recoveries always start with small gains initially. I would agree with you - unemployment, debt crisis, contraction in exports, real and/or perceived over-valuation of assets, are all likely indicators of a likely surge in property prices. And yes I am insane. Quote Link to comment Share on other sites More sharing options...
Lepista Posted March 16, 2009 Share Posted March 16, 2009 My opinion on why (initial) asking prices are rising may be that the the seller has a price they have in mind that they are looking to sell for. They are then trying to 'price in', say, 20% below asking price offers and thus adding 20% onto their 'need to sell for' price to come up with this 'initial asking price'. All it means is that buyers need to start asking for AT LEAST 40% the asking price in order to get anywhere close to the current actual selling prices. That's if you're buying, that is. House prices are halving from where we are today. 60-70% average falls. This rightmove data hasn't changed any of the fundamentals. Quote Link to comment Share on other sites More sharing options...
Wad Posted March 16, 2009 Share Posted March 16, 2009 To be honest I think the survey and comments in the Rightmove are a pretty fair reflection of what is happening in the market right now. My own view is 25% off peak asking price is where deals are being struck right now. Sellers are still deluded, agents are accepting instructions at about 10% below asking price and hoping to encourage sellrs to reduce later when they get an offer. Volumes are very low as a result. The gap between asking and actual sales prices is still widening in my view. Low volumes of sales are the end result. Until that gap closes the volume will not pick up. Plain fact is many sellers just cannot afford to accept less than asking price as they would be in negative equity. Quote Link to comment Share on other sites More sharing options...
notthereyet Posted March 16, 2009 Share Posted March 16, 2009 Yep, home owners can ask what they want for a house, however that doesnt mean that they willl get it.How many buyers do you know that can lay there hands on 20k or even 40k as a deposit? - probably hardly anyone. Except those that STRd months ago. So, yes prices are going up (according to Rightmove), but only through desperation. Real life suggests otherwise. Strange logic. Its the age old con of putting property up for sale at a overvalued price then knocking a chunk off and Mr Gullible says look Mrs Gullible that property has dropped by X% lets buy it, its a good job most people are a lot wiser these days and with all the info on the internet its far easier to see if a property is a fair price. Quote Link to comment Share on other sites More sharing options...
ace100 Posted March 16, 2009 Share Posted March 16, 2009 For a new listing that comes onto the market, say today, how can anyone guage exactly what that house is worth? When I sold my house I told the EA what I wanted it to go up for, this amount was £20k more than they advised, because thats what I valued it at. Prospective buyers turned up regardless of this £20k overpriced asking price. My point is there is no RRP for any house other than what people are prepared to pay, so all this % drop talk is totally dependent on what some spotty little EA thinks a house is worth when he views, not some fixed price for 3 bed semi's in that area for example. Quote Link to comment Share on other sites More sharing options...
bearbullfence Posted March 16, 2009 Share Posted March 16, 2009 Hang on. I can feel myself getting ready to give it the biggun. This is stage 2 for HPC gang. Anger. I bet there will be millions of reasons why this can't be true. BUT.......it is. Houses are going up. QE was the answer. Even Alan Sugars Amsprop company is buying property developments again. That's the answer as far as I'm concerned. I'd trust his judgement more than anyone on here's. Whilst not normally one to agree with Sibley, I have evidence that commercial property vulture funds have taken QE as a trigger to buy and I know of several deals currently being fast tracked by groups with low gearing and lots of capital in the bank (mainly because they sold off their portfolio durung 2006/07). Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 16, 2009 Share Posted March 16, 2009 Whilst not normally one to agree with Sibley, Really, your posting has long been of a similar ilk All you need to do now is rid yourself of the stench of failure that renting brings to the nose of every other man and woman you come into contact with. Quote Link to comment Share on other sites More sharing options...
PropertyGuru Posted March 16, 2009 Share Posted March 16, 2009 Hang on. I can feel myself getting ready to give it the biggun. This is stage 2 for HPC gang. Anger. nope... cant feel much of that. Amusement, maybe. Is amusement 'stage two'??? I bet there will be millions of reasons why this can't be true. BUT.......it is. Houses are going up. hahahahahaha here we go again hahahahaha QE was the answer. hahahahahahahahahahahahaha that's right wibbly, the answer to 'too much debt' is... more debt!!! hahahahhaahh Even Alan Sugars Amsprop company is buying property developments again. That's the answer as far as I'm concerned. I'd trust his judgement more than anyone on here's. You're fired hahahahahahahahahahahahah >wipes eyes< ah, wibbly, you are just TOO funny! Keep it up old chap! Quote Link to comment Share on other sites More sharing options...
Lander Posted March 16, 2009 Share Posted March 16, 2009 Hang on. I can feel myself getting ready to give it the biggun. This is stage 2 for HPC gang. Anger. I bet there will be millions of reasons why this can't be true. BUT.......it is. Houses are going up. QE was the answer. Even Alan Sugars Amsprop company is buying property developments again. That's the answer as far as I'm concerned. I'd trust his judgement more than anyone on here's. Denial Anger Bargaining Depression Acceptance I've said this before, you sir are in the ANGER stage Quote Link to comment Share on other sites More sharing options...
darwin Posted March 16, 2009 Share Posted March 16, 2009 Then why don't you drop him a line and see if he has any of those Emailer machines left. You could rent one if his many empty commercial properties off him and fill it with them. I'm sure they'd sell like hot cakes - especially if you you bundled each machine with a snazzy Woolworths share certificate. He probably has a few kicking about after he bought 4% of the failed store at the end of last year. I can see why he'd be your hero. Quote Link to comment Share on other sites More sharing options...
kittingerjump Posted March 16, 2009 Share Posted March 16, 2009 (edited) I don't feel anger, in fact I really don't feel anything. I don't believe in much stats positive / negative because there is always a purpose behind it. For me the facts are that unemployment is going up and we are not being encouraged to save. House prices could rise for 500k for all I care. When you come to sell, whether it's your choice or you are forced into it via an external situation; that will be the only deciding mark on this whole house price subject. I wish you luck. Edited March 16, 2009 by kittingerjump Quote Link to comment Share on other sites More sharing options...
darwin Posted March 16, 2009 Share Posted March 16, 2009 This weekend, I spent some time with an important business person in Zurich. He made me smile when he told me a little story. He advertises in one of the big national newspapers and noticed they kept running doom and gloom economy stories. He rang the editor and said he would pull out unless they stopped writing rubbish about everything going bust and started printing the good things that are happening in the economy. Quite rightly he told him that there was no reason to pay good money to be in a paper telling people not to spend. He wants good news so people get their hand in their pocket. As I said last week, the company I work for is creating at least 30 new jobs in a depressed area. Why isn't that in the news? Ok...and? The moral of that story is... what, exactly? Why must newspapers print twaddle when it is completely obvious the opposite is true? Good news is great but unfortunately there's not much about right now. What was the editor's response to the important business person? As for the reason why your company creating 30 new jobs isn't in the news - um, who knows? Useless PR perhaps? Ring around a bit and I'm sure someone will run the story. Sounds like you need better people. Quote Link to comment Share on other sites More sharing options...
D.C. Posted March 16, 2009 Share Posted March 16, 2009 Asking prices... Sibbers puurlez... Try this place for size rightmove link First on March 2008 - £795,000 July 2008 - £695,000 Now they want £1,000,000 Guess what, it hasn't sold... Quote Link to comment Share on other sites More sharing options...
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