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Rightmove Index: +3.1% - MERGED

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These are just asking prices.

Kind of confirms what I am seeing is that some asking prices are going up presumably to counter low offers.

Nuts. Just nuts.

err, my mum and brother believe in exactly this - bro NEEDS 200k sale to be able to move, putting it on at 215, beats the sh*t out of me...

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Well worth reading the text... we could have written it.

Shipside adds: “Buyers and sellers are staring each other out, and it’s a question of who will blink

first. Even if they wanted to, buyers cannot blink unless lenders release more funds for mortgages.

As that’s not going to happen, there are likely to be some blinking sellers this winter!”

If property choice is limited and buyers are plentiful, then time is often the only penalty for initially

pricing too high. However, average unsold stock per agent remains at near-record levels, having

dropped back only slightly to 78 this month. With many agents reporting buyer activity failing to

pick up significantly after the summer break, the danger is that the impact of the initial launch onto

the market is lost for good.

it is unsupported by market and economic fundamentals except in a few areas of major housing shortages

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No, because prices jumped about 3% between Sept and Oct 09. Asking prices always jump in October, no matter what is happening.

odd place for an embargoed report, right on their website an all that...

http://www.rightmove.co.uk/news/files/2010/10/october-2010.pdf

It's late, but shouldn't +3.1% MoM with +2.9% YoY that mean that last months report should have been close to or into negative YoY ?

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Well worth reading the text... we could have written it.

Indeedie. We're winning.

Shipside's narrative is singing our tune. The general press is increasingly singing our tune. The government is coming round to us, and isn't going to pursue HPI as a policy. Only property-biz remains firmly against us.

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Canny sellers know they won't get the asking price so they just add a few percent. It was probably in the Kirstie Allsopp battle plan or something.

She had a great piece in the Telegraph this weekend.. I only skimmed it quickly before throwing it in the bin, but her advice was something along the lines of.. if you are house hunting don't wait around.. snap up the first house you find, don't wait for the market to drop, you need to be quick or you'll miss out.. THUNK! (paper hits bin).

I expect there was something in there about twigs and vases but frankly she bores the **** off me. So last decade :rolleyes:

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Can't say I'm surprised, or bothered by this as miles says this will just mean they won't sell and end up accepting an even lower price after chasing th Market down.

Fools :D

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Take THAT, Halifax -3.6% actual selling prices !!!

batman_pow.jpg

These are just asking prices.

So they are. The "wishful thinking" index.

Either sentiment and consumer confidence in the UK is growing or there are a lot of very heavily indebted people in the UK (mortgage plus credit cards plus loans) looking to offload their burden on to somebody else.

I'll go with the latter and buy it at auction instead.

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Mail: House prices face a 'double dip with no recovery for five years'

The housing market is heading for a double dip and will take five years to recover, a leading economist has claimed.

Peter Spencer, chief economic adviser with leading financial forecasters Ernst & Young Item Club, said property values would fall by 5 per cent over the next 12 months.

...

A separate report by property website Rightmove found property sellers in October were asking 3.1 per cent more for their homes than in the previous month, taking the average price to £236,949. But it said this was ‘illogical’ and that vendors were heading for disappointment.

Average price: £236,949

Fkn insane.

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Very depressing.

Initial asking price or not, that's a pretty meaty rise it has to be said.

WTF is happening in our housing Market?

( From http://uk.reuters.com/article/idUKTRE69G1T920101017 )

"Buyers and sellers are staring each other out, and it's a question of who will blink first," Shipside said. "Even if they wanted to, buyers cannot blink unless lenders release more funds for mortgages.

"As that's not going to happen, there are likely to be some blinking sellers this winter."

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From the article:

"the housing market will remain depressed for years to come because banks are refusing to offer affordable loans to first-time buyers."

"My generation has been planning to sell our houses at over-inflated prices to our children – but many of them are not interested. The game has changed.’"

" will avoid lurching back into a fresh slump."

"predicted the economy would grow 1.4 per cent this year"

Total rubbish.

Affordable? 6 times income and some. The prices are not affordable. What has that got to do with the banks?

Lucky children to avoid debt slavery. At least they realise they are over inflated.

The last two quotes contradict each other. The economy has already grown by 1.6% this year.

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I have to say even though Miles Shipside used to be an estate agent and effectively still is one. His analysis of the Market in his reports has been very realistic and accurate over the last year or so. He doesn't sugar coat things he tells it as it is rather than what people want to here as all the others do. (Home.co.uk excepted.)

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Yep. Still, it doesn't help bring the sentiment down.

Yep - this is what I think whenever I see positive stats like this. Regardless of their validity given the market conditions, they do have a bearing on sentiment.

I'll be listening to Five Live for their take on it...

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Yep - this is what I think whenever I see positive stats like this. Regardless of their validity given the market conditions, they do have a bearing on sentiment.

I'll be listening to Five Live for their take on it...

The media normally react to the analysis rather than just te figure so there should be quote a few quotes from miles. Which will work in our favour.

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Yep - this is what I think whenever I see positive stats like this. Regardless of their validity given the market conditions, they do have a bearing on sentiment.

I'll be listening to Five Live for their take on it...

On 5Live breakfast just now, that knob Andy Verity for once was asking the right questions to the guest, who also echoed our opinions.

Summed up by two great lines:

'There's a reality gap going on for sellers as shown by comparing the halifax and rightmove figures'

and

'Sellers will have to blink first'.

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At about 8.45 Fivelive's Andy Verity had a good question session, IMPO to the Rightmove guy - said that sellers and EAs were "just trying it on", that if anything EAs should be talking down "greedy sellers" - well worth a listen on the iplayer when it turns up on there.

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  • 150 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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