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jplevene

Are Rightmove Houses 44% Overpriced?

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In my boredom, I was surfing around and saw the average Rightmove asking price in June 2010 was £237,767 (http://www.rightmove.co.uk/news/newsletter/sellers-drop-asking-prices-for-the-first-time-this-year), yet the average selling price was about £167,354 (HousePriceCrash.co.uk). This shows that asking prices on Rightmove are 44% overpriced.

Can anybody find more current figures? We all know vendors are in cloud cuckoo at the moment, but 44% over-value is just a joke!

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Couple of reasons:

Initial asking price only (so doesn't account for reductions).

Not mix-adjusted - so skewed by outliers.

Includes ALL houses for sale - overpriced ones don't sell and so aren't included in sales indices eg haliwide.

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In my boredom, I was surfing around and saw the average Rightmove asking price in June 2010 was £237,767 (http://www.rightmove.co.uk/news/newsletter/sellers-drop-asking-prices-for-the-first-time-this-year), yet the average selling price was about £167,354 (HousePriceCrash.co.uk). This shows that asking prices on Rightmove are 44% overpriced.

Can anybody find more current figures? We all know vendors are in cloud cuckoo at the moment, but 44% over-value is just a joke!

Before I get corrected by the maths wizards here (some really pedantic people on this forum), the numbers above show that:

  • Actual average sale prices are 29% lower than Rightmove asking price;

  • thus asking prices on Rightmove are 42% more expensive than sale prices.

(If you are confused by the maths, 75 is 25% less of 100, yet 33% more of 75 is 100.)

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Before I get corrected by the maths wizards here (some really pedantic people on this forum), the numbers above show that:

  • Actual average sale prices are 29% lower than Rightmove asking price;

  • thus asking prices on Rightmove are 42% more expensive than sale prices.

(If you are confused by the maths, 75 is 25% less of 100, yet 33% more of 75 is 100.)

Isn't it 29.6% not 29% so should really 30%?

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Isn't it 29.6% not 29% so should really 30%?

And I thought I was a pedant...my hat goes off to you Sir!

The real answer is that there is a lot of overprice rubbish on the market that will never sell.

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And I thought I was a pedant...my hat goes off to you Sir!

The real answer is that there is a lot of overprice rubbish on the market that will never sell.

The big problem at the moment for potential buyers is overpriced properties. Sale prices in my area on average are far lower than asking prices, and far lower than vendors are willing to accept.

On 3 properties we made offers, every vendor turned down our offer and ended up accepting less about a year down the line.

Another 2 we agreed prices on, however the surveyor gave a lower valuation and the vendors refused to accept the valuation. One is now asking the valuation but we can now afford bigger and don't want it any more.

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  • 285 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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