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Rightmove - House Prices Down By 0.4% In August

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Guest wrongmove

From the article:

"..."We could be at the bottom of the cycle of the property market, though continued realistic pricing is critical to keep the momentum going," Rightmove's Shipside said"

Er.... prices have never been higher, and this is the bottom of the cycle. :blink:

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Nice to see that we are at ‘the bottom of the cycle of the property market’

I think I will just go and by one now – if we are at the bottom I should get a discount of a least 50- 70 %

Another –0.4%: on my £300000 purchase I have just saved £1200 – but on a year on year it would have gone up by £4800 (1.6%) which I am presuming would be offset by the 93% of asking price which I could offer

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0.4%? Its not much though, is it?  :(

Also sales are rises too.

0.4 no it’s not much on the price of a house - £1400 is not a bad free gift

I am hoping that a trend will start (or continue depending on which way you look at it) -0.4 every month 4.8 % down a year = £15000 drop a year on the house I’m after.

Sales up on the last months not last year (I guess)

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I don’t understand the supply and demand graph

From March to august there has been more demand

Yet the average amount of properties graph shows that the amount of properties on the books has increased from 67 to 72

Surly one of these charts must be wrong?

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I don’t understand the supply and demand graph

From March to august there has been more demand

Yet the average amount of properties graph shows that the amount of properties on the books has increased from 67 to 72

Surly one of these charts must be wrong?

I think the supply & demand chart is misleading. The bars should be called 'For Sale' and 'Taken Off Market'. They define demand as 'The number of properties coming off the market', but given that sales tend to take a couple of months to go through there will be a time lag. Also, what if someone takes their property off the market through lack of interest, presumably that will also be added to the 'demand' figure, or if a sale falls through.

Hometrack's demand chart uses a better system of the ratio between houses for sale and number of registered buyers, and that clearly shows demand slipping every month (HomeTrack Report Page 5).

Edited by HPCheese

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I think the supply & demand chart is misleading. The bars should be called 'For Sale' and 'Taken Off Market'. They define demand as 'The number of properties coming off the market', but given that sales tend to take a couple of months to go through there will be a time lag. Also, what if someone takes their property off the market through lack of interest, presumably that will also be added to the 'demand' figure, or if a sale falls through.

I wonder also if they make allowance for the number of properties that are listed with multiple EA's now. I've seen several that are listed with 3 EA's.....do rightmove then count this as 3 sales when the property is sold??? :blink:

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Looking back it’s interesting that Yorkshire and Humberside has risen this month as the last two months it dropped by the same each month (if not longer I didn’t look)

To me this looks like they don’t have enough data, which makes each month look volatile

Or is it experiencing an upturn for some reason?

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0.4%? Its not much though, is it?  :(

Also sales are rises too.

High sales should accelerate whatever the trend is, it seems to me. If the trend is down,

high sales should mean fast falling prices.

Pretty pleased with this month's rightmove numbers! Looks like the northeast has bounced

energetically off the ceiling at last (see also KoN's regional numbers on TMF). Very encouraging for sensible STR types in the area, maybe some nice numbers coming

to warm up those cold northern winter nights.

Pent

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The East of London has seen a rise in asking prices this month, fuelled by the successful bid

of the Olympics. Tower Hamlets led the way with an increase of 2.2% on the month,

followed by Newham at 1.4% and Waltham Forest at 1%. However regions which are at the

more expensive end of the market have seen a downturn with areas such as Kensington &

Chelsea seeing a fall of 4.8%.

That's interesting. If it weren't for the Olympics pushing up prices in the east of London then the Greater London fall of 0.2% would be much larger.

EDIT: Also why is the demand graph significantly outstripping the supply graph for this year? Surely that's the other way around?

Edited by Portent

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Guest Time 2 raise Interest Rates

Sky News Rightmove.

House prices dropped by 0.4% during the five weeks to September 10,

contributing to A £3.200 DROP IN THE AVE COST OF A HOME in England and Wales

during the PAST THREE MONTHS to £195,407.

Yes £3,200 in three months ;)

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Sky News Rightmove.

House prices dropped by 0.4% during the five weeks to September 10,

contributing to A £3.200 DROP IN THE AVE COST OF A HOME in England and Wales

during the PAST THREE MONTHS to £195,407.

Yes £3,200 in three months  ;)

£3200? That's what I pay in rent in a year.

Rightmove always see green shoots of recovery blah blah. :rolleyes:

The facts are:

3 consecutive falls, totalling 1.6%,

supply of properties with EA still at near record levels,

time on market still at near record levels,

big monthly fall in annual inflation

Some people are disappointed with the rate of fall, but if the trend continues at 1.6% every 3 months, the costs of renting are much less than buying even a £100K house, which means we can all afford to be patient. B)

Well, unless GB succeeds in destroying our savings.... :angry:

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Guest Time 2 raise Interest Rates

Also annual house price growth slipped further during the five weeks to just

1.6%, DOWN FROM 2.1% THE PREVIOUS MONTH. ;)

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Higher volume on top of falling prices implies the end of denial, people looking to get out having recognise prices will continue to fall.

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Well, unless GB succeeds in destroying our savings.... :angry:

Going by last year we have got to wait till February before we can expect people to feel better about selling there houses – so I would have at least waited until then before calling the bottom- I would say 5 more months of –0.4 %(or more) before the next little boom.

I do think that we are going to see another IR drop which will further erode my STR savings – not sure what I would do if they lowered them to 2% ish to encourage growth.

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East Anglia's the first to go Negative Year on Year

this is a major turning point

and by the looks of it the southeast at 0.3% and southwest at 0.2% yoy

they will go negative next month

casting a big shadow over the south of england

Edited by crash 2005

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East Anglia's the first to go Negative Year on Year

this is a major turning point

I would agree - this area saw a lot of London-types buying in this area as they 'discovered' it. Now London is slipping, so is this. Wonder if it will hit the local rag's headlines - probably not.

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  • 301 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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