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Rightmove Asking Prices 64K More Than Selling Price Average

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The BBC News Channel has been covering the story about having one house price index.

They interviewed a chap today who said that the Rightmove asking price index for the average house was 64K more than the average house selling price.

Doubt that anyone would get 64K knocked off the RM asking price though... but then they must if what the chap said is true?

Or have I got that mixed up?

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The BBC News Channel has been covering the story about having one house price index.

They interviewed a chap today who said that the Rightmove asking price index for the average house was 64K more than the average house selling price.

Doubt that anyone would get 64K knocked off the RM asking price though... but then they must if what the chap said is true?

Or have I got that mixed up?

Sounds about right - I thought there was around a 50K difference. But bear in mind that the RM index only records initial asking prices, so many of these would be reduced before it is sold. Also, there's plenty of dreamers who will put their house up for silly money and will never sell but they'll be recorded on RM too and bump the average up.

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The BBC News Channel has been covering the story about having one house price index.

They interviewed a chap today who said that the Rightmove asking price index for the average house was 64K more than the average house selling price.

Doubt that anyone would get 64K knocked off the RM asking price though... but then they must if what the chap said is true?

Or have I got that mixed up?

He's probably referring to the fact that rightmove average house price is something like £220k (can't be arsed to look it up) and Halifax is about 167k so giving a figure around about what he said.

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The BBC News Channel has been covering the story about having one house price index.

They interviewed a chap today who said that the Rightmove asking price index for the average house was 64K more than the average house selling price.

Doubt that anyone would get 64K knocked off the RM asking price though... but then they must if what the chap said is true?

Or have I got that mixed up?

no mix up, same village, same cul-de-sac, same semi, 45K difference :huh:

http://www.rightmove.co.uk/property-for-sale/property-29617718.html 224K

http://www.rightmove.co.uk/property-for-sale/property-27342409.html 169K

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Rightmove's asking price stats have been outrageously higher than selling prices for a long long time. Something is clearly amiss and it's not just down to the average person knocking 60k off their prices. About time somebody started looking into why - after all with this kind of difference, it places a big question mark over Rightmove's whole reporting.

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Rightmove's asking price stats have been outrageously higher than selling prices for a long long time. Something is clearly amiss and it's not just down to the average person knocking 60k off their prices. About time somebody started looking into why - after all with this kind of difference, it places a big question mark over Rightmove's whole reporting.

This is interesting... this is the first bubble come bust which has occured online...

If you are looking at houses for sale on RM then you are going to want your own house for sale to have its valuation reflected in what you are seeing.

In the boom times this is only good for sellers and EAs but now that we are moving into bust it only results in houses sitting on the market for months with prices reluctantly and slowly coming down.

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My point though is that I have hardly ever seen a house drop in price by 60k. I know it does happen but it's absurd to suggest that it happens often enough to make it an average. Therefore I conclude that something is seriously wrong with the statistics. By wrong, I mean not reflecting the whole market properly. Probably it's weighted too much to London or something similar.

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I offered 60000 less on a property 3 days ago reason being was that it was over priced to start plus been on the market for over a year and needed lots of work also one sold in the same street for 40k less than they were asking. there reply though was no LOL. So will give it a month or so and try again!

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Rightmove's asking price stats have been outrageously higher than selling prices for a long long time. Something is clearly amiss and it's not just down to the average person knocking 60k off their prices. About time somebody started looking into why - after all with this kind of difference, it places a big question mark over Rightmove's whole reporting.

It's probably down to the figures being skewed by a larger percentage of the low priced houses selling than the high priced ones.

tim

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I offered 60000 less on a property 3 days ago reason being was that it was over priced to start plus been on the market for over a year and needed lots of work also one sold in the same street for 40k less than they were asking. there reply though was no LOL. So will give it a month or so and try again!

Every now and again when they are out front drive slowly past waving a wad of real twenties.

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House on market for 2 yrs - up for 400K, I offered 300K. Vendor accepted , then declined a day later. Shame, was a nice house.

Also, house on market for 340K. Ceiling price for road 272K. I offered 250K - declined.

I don't give a hoot about underoffering the asking prices. I offer what its worth to me & no more. I'll get an acceptance one day

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House on market for 2 yrs - up for 400K, I offered 300K. Vendor accepted , then declined a day later. Shame, was a nice house.

Also, house on market for 340K. Ceiling price for road 272K. I offered 250K - declined.

I don't give a hoot about underoffering the asking prices. I offer what its worth to me & no more. I'll get an acceptance one day

good for you, the thing is who do you blame the vendor or the agent or should i say the fool or the fool who followed <_<

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House on market for 2 yrs - up for 400K, I offered 300K. Vendor accepted , then declined a day later. Shame, was a nice house.

Also, house on market for 340K. Ceiling price for road 272K. I offered 250K - declined.

I don't give a hoot about underoffering the asking prices. I offer what its worth to me & no more. I'll get an acceptance one day

Ive never bought a house. Do people come back to you and say, things like xxx is our minimum price. Or is it just a simple no.

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Ive never bought a house. Do people come back to you and say, things like xxx is our minimum price. Or is it just a simple no.

I've had a range from a real life "f*ck off" from an EA :) through "they're looking for something more like £x" to "bump it up by 2.5k to allow them to save face and I think we'll be there".

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It's probably down to the figures being skewed by a larger percentage of the low priced houses selling than the high priced ones.

tim

The figures are based on the initial asking price so houses selling/not selling is not a factor.

Anyone else want to suggest a reason?

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The figures are based on the initial asking price so houses selling/not selling is not a factor.

Anyone else want to suggest a reason?

Exactly. INITIAL ASKING PRICES ONLY.

Anybody with Property Bee will see what effect this has on the Rightmove index.

Edited by fellow

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Not sure what the purpose of the huge lettering is. We already know that information. Any useful suggestions? I've already suggested it seems too much to hope that the average house in the UK is dropping 60,000 between initial asking and sale price. I can tell you categorically that that is not the case in my area.

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good for you, the thing is who do you blame the vendor or the agent or should i say the fool or the fool who followed <_<

On the first house up for 400K. The vendor would accept - shes Desperate, desperate!, but she has to give ex-hubby 30% of asking price, hence the problem. Shes well screwed up & I'm not going to waste my time pushing her any harder. She knows where I am if she decides to go for it.

On second house, I viewed then phoned estate agent and nicely asked him if I was missing something pointing out the ceiling price for the road was 70K under the asking price of the house i viewed. Estate Agent did advise it was vendors price and NOT their valuation. Hence, this belongs to a little old lady who wants to move nearer relatives. Maybe she'll pop her clogs and the place will end up going through probate.

To the OP - When you put your offer forward, estate agents comments vary - some are rude, some say any offer is better than no offer, some say what vendor will accept, etc, etc. Look after your own interests cos the estate agent isn't going to, no matter how friendly he appears to be.

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Ive never bought a house. Do people come back to you and say, things like xxx is our minimum price. Or is it just a simple no.

We were told, at least once, "They can't afford to accept that offer." It was an offer 5% below the asking price, but they must have gauged the market right, because I saw on Zoopla that they'd sold for the asking price.

Once we were told that the agent would "support" a bid for £20 more than we offered, but I told them that the money on offer was all that we could afford - eventually they said they would take that, but in the meantime we'd had a family crisis (cancer) and weren't in the business of moving at all.

db

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Rightmove's asking price stats have been outrageously higher than selling prices for a long long time. Something is clearly amiss and it's not just down to the average person knocking 60k off their prices. About time somebody started looking into why - after all with this kind of difference, it places a big question mark over Rightmove's whole reporting.

Rightmove are similar to some of the others, DCLG? Cany remember the exact numbers but I think there are several that are outrageously high.

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  • 144 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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