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Dicky

Gmtv This Morning

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Nethouseprices - UK property data 

The UK's first free house price service is TOO famous!!

Nethouseprices free house price information service has featured on GMTV this morning as the way to check an estate agents valuation, and many people are trying to use the site at once which makes it very slow or means you see this message.

Please bookmark this page and come back a bit later.

The site was mentioned this morning on GMTV, the site has now crashed, lots of curious folks out there.

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The site was mentioned this morning on GMTV, the site has now crashed, lots of curious folks out there.

I wonder whether bears overestimate the effect of nethouseprice on lowering prices.

I think it is just as likely that people will see how much houses in a street have risen and think they ought to get on the bandwagon.

"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

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I think it is more stopping the falls at the moment. I have look at a few places to rnt they have been on the market to sell for a few months but haven't sold yet. They are on the market for what next door sold for in spring last year. In the words of on estate agent

"They are waiting to get the best price"

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I wonder whether bears overestimate the effect of nethouseprice on lowering prices.

I think it is just as likely that people will see how much houses in a street have risen and think they ought to get on the bandwagon.

"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

I can see what you're saying but it's got to be a better source of information (even for the stupid masses) than VI-spin data.

I also think that people are more likely to use it for "I wonder what so-and-so's house sold for) type queeries and that's bound to show people that houses are selling for way less than asking prices. It might encourage people to drive harder bargains thus helping to bring prices down.

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I wonder whether bears overestimate the effect of nethouseprice on lowering prices.

I think it is just as likely that people will see how much houses in a street have risen and think they ought to get on the bandwagon.

"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

I see what you're saying. But I think somebody going to the effort of looking at Nethouseprices is also likely to have had a look at the various YOY figures.

So a reaction might be.

"Hey look that house we're looking at for £220K was sold last year for £200K, the YOY figure is pretty close to 0% and thats a 10% increase, the vendor is obviously trying it on. Let's put in an offer of £180K"

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I think it is just as likely that people will see how much houses in a street have risen and think they ought to get on the bandwagon.

"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

Absolutely CO. Nonetheless, I'm all in favour of better price discovery. To this end it is a shame that the records go back such a short time frame. Inclusion of price reduction phases might remind people that property, like all assests, has cycles.

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I wonder whether bears overestimate the effect of nethouseprice on lowering prices.

I think it is just as likely that people will see how much houses in a street have risen and think they ought to get on the bandwagon.

"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

I don't. IMO your concern is based on the premise that FTBs are choosing not to buy and can be persuaded by what are now completely irrelevant considerations, such as a drop in interest rates or the promise/threat of future price rises. This is a fantasty that is still prevalent out there - and even, astoundingly, pops up here!!

The reality is that it doesn't matter how far the interest rate falls and it doesn't matter how much FTBs might be kidded into thinking they'll make on the market or how scared they are of getting 'left behind'. Most FTBs simply cannot afford to buy - couldn't afford it even if they could get 25 grand for their grandmothers and were willing to sell them. 'Priced out of the market' means just that.

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'Priced out of the market' means just that.

No, 'priced out of the market' means that some people are priced out of the market. If all potential FTBs were priced out of the market, no houses would be selling yet still 70,000 or more are still changing hands every month.

The ones that are still 'priced in to the market', i.e. the higher earning FTBs are, presumably, still buying in enough numbers to keep the market moving at two-thirds of the level of the speculative boom years of 1998 to 2003/4

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"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

Fraid not. When I see a house bought last year for sale this year - I wonder what's wrong with it. And ask for a copy of the survey they had done before I even think about an offer.

If I still like the place, then I'll make them an offer at or under the lowest selling price for an equivalent property in the same street this year.

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The main reason the housing market is so inefficient is the lack of perfect information.

For example, the market equilibrium price (where number of buyers = number of sellers) has probably dropped significantly since last year, but due to the lack of perfect information, we get the 'sticky downwards' effect, and unlike the stock market, any crash takes years to pan out.

So anything like nethouseprices that provides market participants with more information has to be a good thing for people here who'd prefer the crash to happen more quickly.

Edited by doogie

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Guest Riser
No, 'priced out of the market' means that some people are priced out of the market. If all potential FTBs were priced out of the market, no houses would be selling yet still 70,000 or more are still changing hands every month.

The ones that are still 'priced in to the market', i.e. the higher earning FTBs are, presumably, still buying in enough numbers to keep the market moving at two-thirds of the level of the speculative boom years of 1998 to 2003/4

FTB are no doubt the foundationof the market but not all chains need to include a FTB at the bottom.

There are many people approaching retirement who are looking to down size these properties will be exchanged with buyers looking to move up the ladder.There will also always be people looking to relocate to properties at a similar level but in a different location. Many people will exchange houses at the same level within the inflated market only those looking to move up or get on the ladder feel the effects of HPI as the rungs are wider apart and the bottom rung is too high.

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If all potential FTBs were priced out of the market, no houses would be selling

There's quite a lot on this site about BTL - that stands for 'buy to let' - have you heard of it? :)

Look, I'm not saying ALL FTBs - some FTBs can easily afford to buy. I'm saying that a very large proportion of FTBs are priced out of the market. You're going to argue with that? Really?

No, before you ask, I don't have a statistic for how many exactly are priced out, but it's enough to have a huge impact on the market once the BTL engine runs out of steam.

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The site was mentioned this morning on GMTV, the site has now crashed, lots of curious folks out there.

For a second there, I thought you meant they were talking about housepricecrash.co.uk on GMTV...!

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"Hey look, that house we're looking at for £220k was sold last year for £200k. It's obviously on the rise, we should buy it and get in on the action"

Do others share my concern?

Hmm. NHP data usually makes me think things like: "Only two houses sold in 2004, what's all that about?" or "20k more in six months? What on earth could justify that?" or even "I'd be offering far too much for this place here...".

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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