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Rm -1.1%

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Rightmove link:

http://www.rightmove.co.uk/news/house-price-index/september-2010

* New sellers drop average asking prices by 1.1% (£2,474), the third consecutive monthly fall

* Prices have now fallen by 3.4% in the last three months, half way towards wiping out the gains made in the first six months of the year

* Is the propensity to sell deteriorating? September sees 26,000 new properties come to market per week, the lowest since April

* Average unsold stock per agent stabilizes at 79 after six consecutive monthly rises

The pdf doesn't give everything you want but the monthly London borough stuff is cheering:

Hammersmith & Fulham -8.3%

Westminster -6.2%

Richmond - 5.7%

And this is for one month! Cr.........rash!

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Pure spin.

What's more important is the TIME that it is taking to sell property:

xx

This means that DEMAND has fallen faster than supply has stagnated.

They have to provide a crumb of comfort, it is their trade, and I do find them mor ebalanced than most VIs.

This is all great news for a leading indicator in the summer, this looks like the big one. Welcome to the fear phase.

Time for a graph that can never be reproduced enough:

asset-bubble-chart.PNG

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This was reported on bbc breakfast along with am article about mortgage interest benefits. It would seem that the government have just cut back how much interest they are willing to pay. Was 6% but is now 3.6%. Was pointed out that a large chunk of people are on rates over 4%, meaning large numbers of unemployed can no longer afford their mortgage. Banks response was that for people in 1 month difficulty they don't mind, but for people with no forsefable means to pay, ie unemployed, they will have no choice but to pesosses.

We may finally start seeing those pesossesed properties coming onto the market in big numbers! By early next year, fear may have turned into capitulation!

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the lowest new properties coming to market numbers for months...26,000 per week.

with 40,000 approvals per month? thats good news for bulls?

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This was reported on bbc breakfast along with am article about mortgage interest benefits. It would seem that the government have just cut back how much interest they are willing to pay. Was 6% but is now 3.6%. Was pointed out that a large chunk of people are on rates over 4%, meaning large numbers of unemployed can no longer afford their mortgage. Banks response was that for people in 1 month difficulty they don't mind, but for people with no forsefable means to pay, ie unemployed, they will have no choice but to pesosses.

We may finally start seeing those pesossesed properties coming onto the market in big numbers! By early next year, fear may have turned into capitulation!

the last time i saw major pesosessions it was in Mexico, i just cant see it happening in the uk

Edited by Tamara De Lempicka

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This was reported on bbc breakfast along with am article about mortgage interest benefits. It would seem that the government have just cut back how much interest they are willing to pay. Was 6% but is now 3.6%. Was pointed out that a large chunk of people are on rates over 4%, meaning large numbers of unemployed can no longer afford their mortgage. Banks response was that for people in 1 month difficulty they don't mind, but for people with no forsefable means to pay, ie unemployed, they will have no choice but to pesosses.

We may finally start seeing those pesossesed properties coming onto the market in big numbers! By early next year, fear may have turned into capitulation!

excellent news, start those repossessions now please :D

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It's a beautiful thing! I love RM because it's a leading indicator, and the reality is always going to be lower after various discounts and negotiations.

As Bloo Loo says, constantly rising supply.... Plus more time for properties to sell.... Plus impending spending review....

Bear fest indeed!

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the lowest new properties coming to market numbers for months...26,000 per week.

with 40,000 approvals per month? thats good news for bulls?

And this is the summer lull! It's seems people were holding off to September to Market their property as I've seen quite a surge in the last couple of weeks after a flat august. This report would have only picked up on the first few days of this as it goes up to the 11 of September.

I can't believe how fast London is dropping! So much for the rich Chinese investors!

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It says there's been a big slowdown in the number of properties coming onto the market

Not good news :(

Well, Autumn is almost here - never understood the nuttiness of EAs who try to make out that Easter/Spring is a huge selling time and then from May to end of August no one wants to buy a house but we all rush to their offices in September!

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This was reported on bbc breakfast along with am article about mortgage interest benefits. It would seem that the government have just cut back how much interest they are willing to pay. Was 6% but is now 3.6%. Was pointed out that a large chunk of people are on rates over 4%, meaning large numbers of unemployed can no longer afford their mortgage. Banks response was that for people in 1 month difficulty they don't mind, but for people with no forsefable means to pay, ie unemployed, they will have no choice but to pesosses.

We may finally start seeing those pesossesed properties coming onto the market in big numbers! By early next year, fear may have turned into capitulation!

Interesting and important stuff - well spotted.

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the last time i saw major pesosessions it was in Mexico, i just cant see it happening in the uk

I am sore from a long bike ride yesterday - thanks for reminding me of my sore chest when I laughed at your comment :lol:

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the lowest new properties coming to market numbers for months...26,000 per week.

with 40,000 approvals per month? thats good news for bulls?

Hang on, I needed a few minutes for that to sink in - 26,000 houses coming on the market per week?

Is that true?

Feck! Double feck!!

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Rightmove link:

http://www.rightmove.co.uk/news/house-price-index/september-2010

* New sellers drop average asking prices by 1.1% (£2,474), the third consecutive monthly fall

* Prices have now fallen by 3.4% in the last three months, half way towards wiping out the gains made in the first six months of the year

* Is the propensity to sell deteriorating? September sees 26,000 new properties come to market per week, the lowest since April

* Average unsold stock per agent stabilizes at 79 after six consecutive monthly rises

The pdf doesn't give everything you want but the monthly London borough stuff is cheering:

Hammersmith & Fulham -8.3%

Westminster -6.2%

Richmond - 5.7%

And this is for one month! Cr.........rash!

Those are the drops in asking prices for one month in London? Pretty much sought-after areas also.

Wow!

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Sorry to crow about this yet again but I predicted here that Hammersmith & Fulham (Aug -4.7%; Sept -8.3%), Wandsworth (-6.2%; -2.0%), Richmond (-6.1%; -5.7%), Kingston (-6.0%; -2.6%), Camden (-5.3%; -4.2%) and Islington (-4.1%; -1.6%) would lead the way.

I was sure that there would be a bounce in the Rightmove stats after such chunky falls last month. How wrong I was! :D

So the average asking price for a place in Hammersmith & Fulham has fallen from £801,261 in June to £685,263 in September. -£115,998 (-14.48%). Ouch! I know the falls only wipe out the "gains" from the previous 6 months, but I can imagine a few middle class property obsessives choking on their Special K in London this morning. :D

Edited by Constable

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Hang on, I needed a few minutes for that to sink in - 26,000 houses coming on the market per week?

Is that true?

Feck! Double feck!!

What I would like to know is where all these people who if they do manage to sell are planning to move to?.....

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the lowest new properties coming to market numbers for months...26,000 per week.

with 40,000 approvals per month? thats good news for bulls?

Don't forget public job losses and the slashing of mortgage assistance is going to cause a wave of repossessions (I think the BBC implied this morning it could be as many as 250,000 who currently receive this benefit).

No-wonder Right Move are advertising on TV. It's a preemptive move to attract sellers now before a mass of homes are repo'd and sold through auction.

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  • 238 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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