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How Did Sellers Respond To News Of 3.6% Falls In Sept?

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"...105,769 new October sellers asked £7,082 more for their homes than last month’s sellers."

"Why would new sellers test the market at asking prices 3.1% higher than a month ago?"

- Rightmove House Price Index October 2010

Now, rightmove, tell us, why exactly would new sellers ask for 3.1% more for their homes

right after hearing Halifax's reports of 3.6% falls?

Answer that & stay fashionable.

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so they can offer a reduction without taking a reduction? Because they don't know anyone has propertybee? Because they are on Prozac? Because they are idiots? Because they need that much to fund their dreams?

It's because they're idiots isn't it

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it doesn't matter to them apart from some short term psychological benefit. No one is buying at any price in the ball park of even their worst nightmare so they might as well think they are sitting on an asset worth 206,000 http://www.elc.co.uk/Play-Money/110558,default,pd.html rather than a more realistic asking but still unsellable 180,000 http://www.elc.co.uk/Play-Money/110558,default,pd.html

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RM asking price data is utter tripe.

All the houses in my property bee searches have been going down and any new listings the prices are not going up from the asking price median for each property.

I am only seeing prices being reduced and stagnating, not rising which is what this figure suggests.

all hail the bee.

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The asking prices are higher because estate agents are trying to shift old stock that isn't selling. If they persuade new sellers to ask for ludicrously high prices, the new seller has no chance of selling but it makes the agent's old stock look cheaper. Then in 6 to 12 months the agents can overvalue the next wave of new sellers to try shift the stock of the then ex-new sellers, most of whom may have to reduce their price to sell. As long as some mugs fall for the bait by buying a reduced house that is still priced too high, some houses keep selling some equity is released so the racket can continue. The new sellers may not realise that they are being used by agents to sell their old stock or may feel it is worth chancing their arm for the higher price initially.

There are a couple of houses in my area that have come on at £290k and £310k that look ridiculously overpriced with no prospect of selling. However recently a £225k and £215k have sold. The ones that sold didn't look cheap to me when looking at peak prices but they looked cheap compared to the £289k and £310k.

The answer is that nobody should even think about buying a house without a major reduction - even if it has been reduced.

(edit for annoying typo.... I seem to be getter more of those lately.... how long was the dormancy period for mad cow disease?)

Edited by Redhat Sly

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- Rightmove House Price Index October 2010

Now, rightmove, tell us, why exactly would new sellers ask for 3.1% more for their homes

right after hearing Halifax's reports of 3.6% falls?

Answer that & stay fashionable.

The October rightmove report comprised data collected from the last 3 weeks of September and first week of October, the Halifax data was released on the 7th October so these vendors would not seen Halifax fall.

The Rightmove index has never shown a fall for October in it's history, also the index is highly erratic month to month.

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  • 259 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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