Rightmove - August - 2.2%

[cupidstunt]

A seasonal lull in the recent homebuying frenzy has prompted sellers to reduce their asking prices by 2.2 per cent in August to achieve a sale, according to figures out on Monday.

The typical asking price in the UK is now £222,762, down from £227,864 in July. In London, asking prices have fallen by 3.8 per cent, from £402,761 to £387,265.

Rightmove, the property website, said that the main reason for the fall was that owners selling in the summer months tended to be more “aggressive†with the price because they need to sell but know that there is a smaller pool of buyers.

http://www.timesonline.co.uk/tol/money/pro...icle6798312.ece

[MRMX9]

A seasonal lull.

They are all going to be mega house hunting in October when its getting dark by 6pm and starts getting cold.

[Executive Sadman]

Rightmove, the property website, said that the main reason for the fall was that owners selling in the summer months tended to be more “aggressive†with the price because they need to sell but know that there is a smaller pool of buyers.

First time i heard that. Doesnt everyone get property fever during the summer months?

[EmpiricalBear]

A seasonal effect is exactly what it is, the term 'lull' is the problem, unless by 'lull' they mean the way houseprices go up in the spring every year, and drop in the autumn. Every year.

Tssers.

[Guest KingCharles1st]

2.2%!!!!!!!!!!!!!!!!!

[grumpy-old-man-returns]

rightmove are full of sh1t, regardless of whether they say up or down.

[the flying pig]

utterly meaningless.

yet pleasing nonetheless. somewhere in the recesses of my consciousness i have my own property index which is obtained by taking the lowest of LR, haliwide, & RM for each month and ignoring all of them if none are negative. it's kind of a mirror image of the one that stuey law on assetz uses. i think this latest RM number will take me to 30% off peak.

Edited August 16, 2009 by the flying pig

[LumpHammer]

Nice figure but rightmove is a load of tosh that i don't trust at all

[thecrashingisles]

Slip slidin' away...

[Guest KingCharles1st]

There is a lot of extremely interesting "code" written into this article. Go and have another read...

[Fairies Wear Boots]

rightmove are full of sh1t, regardless of whether they say up or down.

Asking prices. ******.

I'm surprised its not 18 percent actually. I thought people would be back to asking 2007 and a bit prices.

[TW11]

Rightmove is just asking prices. Asking prices are all over the place. You can see rightmove listings with two bed flats next to three bed houses for the same money. I don't think asking prices reflect reality.

[Guest KingCharles1st]

Estate agents have reported that chains are breaking down as “approvals in principle†from mortgage lenders fail to result in formal offers. Agents are consequently advising sellers to accept offers from cash-rich buyers rather than bids from those who need mortgages, even if the latter has offered a higher amount.

[Toilet-Currency]

Rightmove have just spotted a spreadsheet error which has caused them to overstate their index by 40% for the last umpteen years... Anyway, rather than publish the correct figure immediately, they have decided to "bleed" the adjustment into the index over the next 18 months

[Bruce Banner]

As many have said, Rightmove's asking price figures are pretty meaningless.

But, when they are negative, we don't get a load of crowing windup posts from the small army of resident bulltrolls and their many alter egos. So, for that reason alone, it's good news.

[the end is a bit nigher]

As many have said, Rightmove's asking price figures are pretty meaningless.

But, when they are negative, we don't get a load of crowing windup posts from the small army of resident bulltrolls and their many alter egos. So, for that reason alone, it's good news.

My sentiments exactly BB. If it had been up we would have had the bloody Express printing headlines in size 72 font about prices SOARING. Thankfully I can go to the petrol station tomorrow without having to put a bag on my head.

[moshmonsta]

I think this is what happens when the volumes start coming back.

[shedfish]

rightmove are full of sh1t, regardless of whether they say up or down.

i can't argue with that

[Fairies Wear Boots]

I decided to go have a look at findaproperty inspired by this thread. (I prefer it to rightmove). I went on there, looked at a three bedroom terraced house that looked pretty much the same as the one to the left and the one to the right. Flicked over to sold prices, ceiling for the road 430K achieved in 2006. Nothing else sold in road since 2006. Asking, 499K.

http://www.findaproperty.com/displayprop.a...mp;pid=4531340#

I might bike around and find out exactly which number it is tommorrow.

[XswampyX]

Righmove Monthly Change (%)

Aug 08 £229,816 -2.30

Aug 07 £241,474 +0.60

Aug 06 £214,040 -1.60

Aug 05 £196,282 -0.20

Aug 04 £192,335 -2.00

Aug 03 £166,244 0.00

Aug 02 £147,957 0.80

Average = -0.67

So it does normally drop this time of year, well I never. Still -2.2 is better than -0.67

[mightytharg]

You tease! Minus 2.2% and Minus August in the title.

Edited August 16, 2009 by mightytharg

[spline]

As XswampyX says, Rightmove figures are NSA, i.e. not seasonally adjusted, and in August are typically lower by about 0.5% MoM. Still, a -2.2% is quite large, and corrects for the excess ‘froth’ we’ve seen in Rightmove so far this year.

Here’s the Rightmove SA version using standard methodology

Edited August 16, 2009 by spline

[Timm]

Hi spline, what "standard methodology" are you using?

[spline]

Hi spline, what "standard methodology" are you using?

Hi Timm, That's broadly the X12 ARIMA stuff, single pass with a 4-year averaging window.

Edit to add: there's an old post on the SA methodology, Nov 2005, here including Excel spreadsheet example, #12 & #13

http://www.housepricecrash.co.uk/forum/ind...st&p=225761

Edited August 17, 2009 by spline

[RDW]

Asking prices,

these are the f wits desperately trying to sell before the end of summer.

They know what's coming.

And what they can do with their 2%.