Rightmove House Price Index Tomorrow

[LittleSteroid]

Any predictions? Judging on the latest drops observed in my area I go for -4%

[Pent Up]

Any predictions? Judging on the latest drops observed in my area I go for -4%

4%?! Not a chance. Don't forget it's initial asking prices and does not include reductions.

There's no forecast from forex factory. I'm inclined to think it will be a greater fall than July. Going by the amount of RICS agents reporting falls and the general lack of confidence from them. Maybe -0.8%. But the Halifax increase for July was a bit if a shock so I wouldn't rule out another small rise before we continue the downward trend.

(I'm secretly hoping a 1%+ fall though)

[Pent Up]

If it's initial asking prices +1.5%

Could well be. I didn't expect this to turn negative as soon as it did, I would have thought haliwide would be showing several months of falls before EAs lose confidence, as this index is a confidence indicator. Although the latest RICS suggests little confidence it could go either way I suppose.

[LittleSteroid]

taking asking price is a bit silly, don't you think? And yes, if it is asking price index will be positive...damn :angry:

[tkane]

Hi, don't post much but thought this was worth posting on here.

The founding director of Rightmove has been answering questions this afternoon on LBC and he said that the number of new instructions had increased 41% Nationally and 57% in LONDON!! This is compared to this time last year.

[hpc-craig]

An index based on what deluded sellers think their 'pwoperdee' is worth? Can only be a 'positive' movement and I'm guessing +1%.

I think it It will be a few months before we start to see some negative falls in asking prices.

[Pent Up]

An index based on what deluded sellers think their 'pwoperdee' is worth? Can only be a 'positive' movement and I'm guessing +1%.

I think it It will be a few months before we start to see some negative falls in asking prices.

July was negative but was it premature?:

Quite a downward trend in the last month few months, but house price indicies rarely following neat trend lines and are normally quite erratic MoM, so could easily be a (fairly large) rise.

[thecrashingisles]

The founding director of Rightmove has been answering questions this afternoon on LBC and he said that the number of new instructions had increased 41% Nationally and 57% in LONDON!! This is compared to this time last year.

Something significant has definitely happened on the supply side. I think we're looking at the next leg down.

[LittleSteroid]

nationwide and LR are the only hope, we'll see on 27th

[Mal Volio]

An index based on what deluded sellers think their 'pwoperdee' is worth? Can only be a 'positive' movement and I'm guessing +1%.

I think it It will be a few months before we start to see some negative falls in asking prices.

Not sure

I'm seeing lots of c10% drops in asking price at the mo; it implies to me that EAs are being more successful, and bolder, in putting pressure on sellers. I agree that it may not quite have filtered into the latest RM index, but OTOH it just might...

[Pent Up]

Another thing to remember about the rightmove index is that its not seasonally adjusted, so should we always a expect a rise in august purely due to the time of year?

Heres the July and August figures for the last few years

03

July 0.4%

Aug 0.0%

04

Jul 1.2%

Aug -2.0%

05

Jul -1.0%

Aug -0.2%

06

Jul -1.0%

Aug -0.2%

07

Jul 0.3%

Aug 0.6%

08

Jul -1.8%

Aug -2.3%

09

Jul 0.6%

Aug -2.2%

So it's pretty erratic and even in booming months rises are modest in July/August, it's the summer lull.

Actually looking back at the figures from previous months I'm not quite so interested in this Index anymore, they are pretty much all over the place! Still it will be good to see a negative.

Edited August 15, 2010 by Pent Up

[endofcrash2]

Well last years was a drop of 2.2% so anything less than this will see an increase in the YOY.

My prediction will be if it is negative the bears will jump on this and say it is the best messure. If it is postive they will say it is only asking prices and not worth anything. Can not have it both ways though.

[Pent Up]

Well last years was a drop of 2.2% so anything less than this will see an increase in the YOY.

My prediction will be if it is negative the bears will jump on this and say it is the best messure. If it is postive they will say it is only asking prices and not worth anything. Can not have it both ways though.

I've always said any asking price index is, at best a measure of estate agents confidence in valuations.

Of course I will be much happier if it's negative but TBH either way it doesn't mean much as the above figures show.

[The Knimbies who say No]

I've always said any asking price index is, at best a measure of estate agents confidence in valuations.

Of course I will be much happier if it's negative but TBH either way it doesn't mean much as the above figures show.

yeah, of all the HP indices, the Rightmove one seems the least useful.

Actual sold prices in your area of interest is the only way to go, ultimately.

[OnlyMe]

On the basis of the tone of reporting in the press my guess would be something has already seriously fallen out of bed and they;ve eben given the nod. Maybe it is this index with a big fall.

[the flying pig]

Another thing to remember about the rightmove index is that its not seasonally adjusted, so should we always a expect a rise in august purely due to the time of year?

Heres the July and August figures for the last few years

03

July 0.4%

Aug 0.0%

04

Jul 1.2%

Aug -2.0%

05

Jul -1.0%

Aug -0.2%

06

Jul -1.0%

Aug -0.2%

07

Jul 0.3%

Aug 0.6%

08

Jul -1.8%

Aug -2.3%

09

Jul 0.6%

Aug -2.2%

So it's pretty erratic and even in booming months rises are modest in July/August, it's the summer lull.

Actually looking back at the figures from previous months I'm not quite so interested in this Index anymore, they are pretty much all over the place! Still it will be good to see a negative.

agreed, it's almost random.

Edited August 15, 2010 by the flying pig

[dances with sheeple]

Well last years was a drop of 2.2% so anything less than this will see an increase in the YOY.

My prediction will be if it is negative the bears will jump on this and say it is the best messure. If it is postive they will say it is only asking prices and not worth anything. Can not have it both ways though.

It`s not worth anything either way IMO, except if it`s negative sheeple will be pushed more quickly to the panic stage? HPC will happen anyway, these indexes of Peter Pan wish list prices and the ten houses that sold last quarter are little more than a talking point for people on here now? The great sheeple herd know that the wind has changed and the wolf is definately circling the pasture?

[Oliver Sutton]

- 1.7%

[wave]

- 1.7%

London -4.1%!!!

[thecrashingisles]

- 1.7%

Fresh blow to house prices

Published Date: 16 August 2010

By Unknown

UK PROPERTY asking prices fell for the second month in a row as the market was hit by over- supply and subdued summer activity, according to research out today.

Property website Rightmove found that sellers slashed prices by 1.7 per cent during the month to 7 August, sending the average asking value down by £4,091 to £232,241.

Soaring numbers of sellers outnumbered buyers, with the imbalance compounded as many househunters took summer holidays. Rightmove found available stock per agent rose to its highest August level for three years, up 41.3 per cent on a year earlier to 29,220 a week.

http://news.scotsman.com/news/Fresh-blow-to-house-prices.6476132.jp

[OnlyMe]

London 4.1%. The centre of stupidty.

http://www.telegraph.co.uk/finance/economics/houseprices/7946482/Property-asking-prices-fall-again.html

A regional breakdown of the latest Rightmove data showed the West Midlands saw the biggest fall in asking prices, down 4.4 per cent, followed by London with a 4.1 per cent drop.

[thecrashingisles]

Wandsworth, Brent, Richmond and Kingston all down over 6%

[Kazuya]

Prices rose in the North and East Midlands, by 2.6 per cent and 1.5 per cent respectively.

The delusion continues where I am :angry:

[Oliver Sutton]

Daily Express headline.

"House Price Inflation accelerates"

Annual change is actually up from +3.7% to+ 4.3%

[thecrashingisles]

I love the spin in the report:

Newly marketed property down by over £4,091 (1.7%) as over-supply coincides with holidaying buyers — but search activity on Rightmove sets a new daily record

Obviously only (non-) buyers can afford to go on holiday.

Anticipated interest rate rises... would improve buyer affordability by exerting further downward price pressure

It makes a change to see affordability linked to prices for once.