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hellsbells

Rightmove Now Advertising Reductions

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Apologies if this has been mentioned - please remove if another thread already exists.

Just checked Rightmove for my regular dose of the local market and there is now a link at the top of the screen to a new feature allowing you to select a county and see all the Rightmove listed reductions.

I assume this is new today because I've never spotted it before.

Rightmove defeated by propertybee maybe?

Edited by hellsbells

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Apologies if this has been mentioned - please remove if another thread already exists.

Just checked Rightmove for my regular dose of the local market and there is now a link at the top of the screen to a new feature allowing you to select a county and see all the Rightmove listed reductions.

I assume this is new today because I've never spotted it before.

Rightmove defeated by propertybee maybe?

I just noticed it today. Absolute toss. That horrible magazine format where you have to take the agents word for it how much they have been reduced. Pathetic.

Playing catch up to property bee must be humiliating for them but there no reason why their site couldnt be so much better for buyers. If they werent so busy licking the tiny shaven balls of estate agents.

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I just noticed it today. Absolute toss. That horrible magazine format where you have to take the agents word for it how much they have been reduced. Pathetic.

Yes, just looked at it. They have an online 'magazine' for each county - although they have lumped the whole of Wales together which is a bit useless. So you have to have the 'property deal weekly' open in one tab, and then go do a search for the actual property for the full details. Rubbish rubbish rubbish. Stick to Property Bee I say.

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I just noticed it today. Absolute toss. That horrible magazine format where you have to take the agents word for it how much they have been reduced. Pathetic.

Playing catch up to property bee must be humiliating for them but there no reason why their site couldnt be so much better for buyers. If they werent so busy licking the tiny shaven balls of estate agents.

I agree - the perfect example of being flashy at the expense of convinence, and the mark of poor web design. Why do we need to look through a magazine online when the whole site in one giant searchable database? Why counties when they have postcode searches?

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Yes, just looked at it. They have an online 'magazine' for each county - although they have lumped the whole of Wales together which is a bit useless. So you have to have the 'property deal weekly' open in one tab, and then go do a search for the actual property for the full details. Rubbish rubbish rubbish. Stick to Property Bee I say.

To be fair, you can just click on the property in the magazine bit and it opens in a new tab/window for you to look at the property bee history. I think it's pretty useful really except that you can't narrow down the area of interest.

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What Rightmove needs is a website with properties that people ACTUALLY want to sell and one which they can put on hold for 15 years + until property prices go back up to 2007 levels!

Of course the ludicrous thing about a REDUCED section is that RM keep saying ASKING prices are going up but apparently at a time when property is selling 30% off peak!

As you know RM said :

b]Rightmove Index: Raised Asking Price Doing More Harm than Good[/b]

The latest release of Rightmove's house price index shows asking prices on UK property rose 0.9% this month compared to last month.

The report admits that agent's are being forced to up initial advertising prices to win new instructions, amid the fierce competition for the few quality properties that are currently being put onto the market.

That makes the asking price rise, for me, more like bad news than good news. I understand that agent's are trying to survive in a difficult market, but we need to firm out the price drops that we have had, before we can ascertain if they are enough to bring the market to bottom, and accelerate any further drop that may be necessary

In short, by humouring unrealistic vendors over asking prices, agents may be doing nothing more than prolonging their own misery.

The report also said that lack of mortgage availability is hindering market recovery as sellers who have dealt with the market reality and drastically dropped their asking price are faced with buyers unable to obtain finance. Rightmove commercial director Miles Shipside said:

"Some sellers are still pricing wishfully high, though it is encouraging that elements of the market have adapted relatively quickly to find a new price floor at a discount of around 25% from peak. "

"Until banks get their own houses in order, the active minority of sellers and agents who have drastically adjusted pricing will remain frustrated by the limited functioning of the financial services sector."

So, after its initial optimism the Rightmove index enforces the realisation that the UK property market recovery hinges on two things: vendor realism and mortgage availability. The latter more than likely hinged on a recovery to the wider UK economy, which in my opinion is also necessary to increase buyer numbers sufficiently to bring vendor realism

Edited by Sybil13

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PB does it better.

I've told them as much in their feedback forum.

If everyone were to vote it to the top of the forum it might be fun.

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Clear sign the market is still awful, if they are having to highlight price reductions themselves.

I personally believe that these properties have probably all had realistic offers already made on them but sellers are not in the market for a realistic offer.

Its like RM's PREMIUM LISTING, putting your property in a premium listing or a REDUCED section is pointless unless you are prepared to accept 30% off from peak . If sellers took 30% from peak they would not need to advertise in Premium Listings or REDUCED , they would possibly get a buyer. I watch about 50 + properties £200000 to £250000 in Dorset, just out of interest, nothing sells. Some go STR or Under Offer but sit there for AGES and then come back on.

Even so as RM themselves have admitted that even if sellers DRASTICALLY drop their asking price they are still faced with buyers unable to obtain finance. :

by humouring unrealistic vendors over asking prices, agents may be doing nothing more than prolonging their own misery.

The report also said that lack of mortgage availability is hindering market recovery as sellers who have dealt with the market reality and drastically dropped their asking price are faced with buyers unable to obtain finance. Rightmove commercial director Miles Shipside said:

"Some sellers are still pricing wishfully high, though it is encouraging that elements of the market have adapted relatively quickly to find a new price floor at a discount of around 25% from peak. "

"Until banks get their own houses in order, the active minority of sellers and agents who have drastically adjusted pricing will remain frustrated by the limited functioning of the financial services sector."

Hometrack said last week that:

“Overall levels of market activity are well down on what would constitute normal market conditions. The willing purchasers that are returning are largely confined to the more wealthy areas of the country and limited to those buying with cash or who require low loan-to-value mortgages.â€

And in the same article it went on and said :

Hometrack sends out a questionnaire every month to over 6,000 agents, and covers every post code in the country. Because the questions are the same every month, the replies can be compared with previous responses and provide a good indication of whether prices are going up or down for various property types.

The survey from the Royal Institution of Chartered Surveyors is based on chartered surveyors’ estimates of what is happening in their specific area and has become progressively less negative in recent months, with enquiries by potential home buyers increasing for the sixth consecutive month.

But don’t let the ‘green shoots’ brigade confuse you. Agents are still selling less than one home per week and the vast majority - some 60% - say prices are falling. Forecasts from RICs agents are getting better but 43% still expect prices to fall.

The difficulty with the Halifax and Nationwide indices is that they are averages and cover the whole country,’ says Dominic Agace of estate agent, Winkworth. ‘But having said that if you talk to any of our offices they would tell you that prices are off anything up to 25% to 30% compared with the peak.’

But if you think agents are under pricing your home for a quick sale, trust your own judgment. And don’t take your property off the market until you have exchanged contracts. The buyer may not be able to raise a mortgage.

Edited by Sybil13

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It appears to also sort results by price low->high now too. I'm sure it used to default to high->low.

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reductions aside, what's wrong with RM overall? I go on there, put in my location, select some drop downs, get a list of houses. If the headline looks interesting I'll click through and get some more pics, a floor plan, some details.

How much simpler does it need to be?

But yeah, they might as well just log all the reductions and let us see them because heck there are other sites tracking it and we'll use them!!

I've been out in the field recently. And found that EAs were quite happy to give feedback on how long properties had been on and how much they had been reduced (as if I didn't already know ;)!!). Guys, you need to go do some thinking is you STILL believe EAs favour anything except high turnover over property. They make money from each transaction. Would you rather have 10 sales at 200k or 1 at 250k. Get your calculators out boys!

There really is little incentive for EAs to ramp up prices - why would they risk sales? You push the price up by 10k and get an extra £100. Great. Or they push the price up, it stays unsold. They get nothing. I know what I'd do :) (do what I can to seal a sale!)

Any readers of freakonmics will have heard that all before, and in the interest of fairness, they even question the value of EAs at all:

http://freakonomics.blogs.nytimes.com/2008...ents-revisited/

A link which will go down far better here :D!!

Edited by Orbital

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That is a truly pants production - I now have a headache from the blurring when the page turns, and I can't manage to click on a property because as soon as I put the cursor on the page, the corner/side of the page moves up to encourage me to turn the page over - am I doing it wrong? Or is it just that it's an incredibly pants set up?

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I've told them as much in their feedback forum.

If everyone were to vote it to the top of the forum it might be fun.

HOW DO WE DO THIS - I AM UP FOR IT

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