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Rightmove November -3.2--press reports --merged

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UK property prices record sharpest fall since late 2007

Rightmove says new sellers cut asking prices by 3.2% in November as Christmas slowdown comes early

http://www.guardian.co.uk/business/2010/nov/15/property-prices-steepest-drop-since-2007

UK property asking prices have recorded their biggest monthly drop in nearly three years as desperate sellers try to get the market moving ahead of the Christmas slowdown.

According to the Rightmove House Price Index, new sellers cut their asking prices by 3.2% in November – the largest decline seen since December 2007. The index said there was now an "unseasonably high number" of unsold properties on the market amid a dearth of first-time buyers and buy-to-let investors.

Rightmove director Miles Shipside said estate agents were saying the Christmas slowdown had "come early". "Both would-be buyers and sellers are adopting a 'wait and see' policy until the direction of next year's housing market becomes apparent," he said.

In spite of the downward trend, this month's new sellers are still asking 1.3% more than in November 2009. But prices have fallen in four of the last five months and Rightmove thinks the market will see "zero" growth this year. Rightmove said 24,028 sellers per week were entering the market, but that was 9.1% fewer than in October, and sellers still outnumbered mortgage approvals by two to one.

Full article at above link.

Edited by The Masked Tulip

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UK property prices record sharpest fall since late 2007

Rightmove says new sellers cut asking prices by 3.2% in November as Christmas slowdown comes early

http://www.guardian.co.uk/business/2010/nov/15/property-prices-steepest-drop-since-2007

Full article at above link.

If asking prices have finally dropped by over 3% then selling prices must be f*cking collapsing.

:lol::lol::lol:

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I still think the best plan is to bookmark houses in the area you want to live and follow them. These indices are very volatile on the small number of sales.

In my home town I can confirm that asking prices havce taken a sharp downturn in recent months (North East)

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I still think the best plan is to bookmark houses in the area you want to live and follow them. These indices are very volatile on the small number of sales.

These are asking prices - not sold prices - so there's plenty of them.

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I am seeing very little in the middle sector - the top sector is beginning to drop and so is the bottom but the bit in the middle is mostly stagnant.

I suppose some will see this report and think "Oh, we had better drop our ludicrous asking price by 3%!"

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It's like an elastic band with the sellars' asking prices pulling it up at one end and the buyers' offers pulling pulling down on the other end like a weight. Eventually, the tension becomes so great that something has to give. In this case, the sellars have can no longer hold against the strain and have had to capitulate to it by suddenly and significantly lowering their end of that equation.

However, the broader economic news out there at the moment is so unutterably dire that all that this move by the sellars will have done is to encourage the buyers to pull even harder in the downwards direction.

Here's hoping, at least...

Edited by tallguy

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Maybe the increase in asking prices reported in Oct was down to sellers putting their houses on the market to take advantage of the upcoming September bounce in activity that was widely reported in the media but never happened.

If you discount that month thats a consistent 4 month negative trend in asking prices that's getting greater. Momentum is building :) The more sellers that reduce their asking prices influences other sellers in the nearby areas to reduce theirs to compete for buyer interest :)

Am reading far far too much into this trend with my own vested biased interest :) - but the data will give sellers food for thought on Monday.

Edited by Unsafe As Houses

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Maybe sellers are reducing prices to induce a bidding-frenzy among FTBers.

There has never been a better time to buy - or sell.

Welcome to the GAZUMPING phase of the Recovereh!

:lol:

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What the hell are you lot talking about? I only get my news from the BBC and their “Your Home” page is still leading with “repositions continuing to fall” and all is well story.

If what you are saying is true it would be reported here, yes? I can only assume that you are all mistaken.

;)

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I still think the best plan is to bookmark houses in the area you want to live and follow them. These indices are very volatile on the small number of sales.

That is what I am doing. One target property just dropped 20K from 285k down to 265K. Began the year just north of £300k.

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http://www.telegraph.co.uk/property/8132167/Houses-now-taking-longer-than-ever-to-sell.html

Houses now taking longer than ever to sell

Photo: PA

By Martin Evans

Last Updated: 9:07PM GMT 14/11/2010

A fresh slump in the housing market means the average property is now taking more than three months to sell – the longest period on record.

Falling prices, combined with continued uncertainty around the economy and the usual seasonal slowdown, means buyers are increasingly adopting a ‘wait and see’ approach, which is stifling sales.

The average property in England and Wales is now taking 102 days to sell, according to the property website Rightmove.

This is the longest period recorded since the group began its index in 2001 and suggests that the stagnation in the housing market is unlikely to end anytime soon.

New sellers were also forced to reduce asking prices by almost £7,500 during October, the biggest monthly drop since December 2007.

Prices are falling yet the Market is stagnating? Sort it out Martin!

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In my home town I can confirm that asking prices havce taken a sharp downturn in recent months (North East)

I agree. Things are starting to shift up here.

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Today's Times carries an article headed, ''Desperate' sellers cut house prices at fastest rate for three years.'

Albeit tucked away in the Business section.

Quotes the RM figures, but goes on to waffle reassuringly about London, the 'flight to quality' and the likes of Hammersmith and Fulham.

Also talks of a lot of cash buyers: '...some London EAs have reported that close to three quarters of those seeking to buy do not need to borrow.'

Should imagine this is the likes of Savills.

No surprise, given all the 'don't worry, it's OK in London' stuff, that the article is by Head of Times Property Coven, Anne Ashworth.

WTF is all this 'flight to quality' guff anyway? Implies that people who would previously have bought middling houses in middling roads are all now rushing to buy the £1.7M Georgian rectories they so love writing about. Or at least £1.5M Edwardian semis in Putney.

Which is obviously bolax.

Sorry, no linky - won't shell out a sub when I already pay for the paper version.

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That is what I am doing. One target property just dropped 20K from 285k down to 265K. Began the year just north of £300k.

A house two doors down from me has recently dropped to £335K, having started the year at £400K, about 16% over the course of the year. Another 20% and I might buy it.

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Maybe the increase in asking prices reported in Oct was down to sellers putting their houses on the market to take advantage of the upcoming September bounce in activity that was widely reported in the media but never happened.

If you discount that month thats a consistent 4 month negative trend in asking prices that's getting greater. Momentum is building :) The more sellers that reduce their asking prices influences other sellers in the nearby areas to reduce theirs to compete for buyer interest :)

Am reading far far too much into this trend with my own vested biased interest :) - but the data will give sellers food for thought on Monday.

Eas are generally responsible for asking prices.

not sellers....they go to EAs for the valuation, then they go to mortgage co for the money.

One begets the other.

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Eas are generally responsible for asking prices.

not sellers....they go to EAs for the valuation, then they go to mortgage co for the money.

One begets the other.

Spot on. EA's have forgotten what their true calling is (apart from spawn of satan), they are BROKERS to represent BOTH buyers and sellers.

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Whilst this is obvious to some its still worth stating.......... there are 2 types of vendor on RM's books

a/ a sizeable percentage of vendors out there in denial and refusing to drop prices.

b/ the realistic vendor who wants a sale.

Therefore given 3.2% is the average reduction, then the average vendor who is a type b ( the only significant group in terms of future achieved sales prices ) has in November dropped their price by substantially MORE THAN 3.2% in November. I think to reduce the index like this you could probably double that 3.2% as the move downward in group B's pricing.

We can assume potential purchasers will be being told by EA's it is a buyers market.

We can assume potential purchasers in most cases know that anyway. They WILL play hardball

This is more significant than the Halifax big drop of 2 months ago. ( i kind of hope that was a pre- siesmic rumble )

I have been concerned that if we dont see drops of around near 1 % per month from autumn then we are just treading water till spring.

Now I believe we must be getting into that sort of territory. Today I am a happy bear.

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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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