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teddyboy

Rightmove Botching Figures Again?

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Below is a post i have put on thisismoney.

This seems to be going on all the time - Rightmove base their asking price monthly report on the following statement.

The September edition of the Rightmove.co.uk House Price Index is now available, showing trends in asking prices up to 10th September 2005. Based on over half of the property market, the House Price Index is the leading indicator of residential property prices in England and Wales.

So it amazed me when I seen that the actual drop this month is only a paltry 0.4%. We all know the marketplace has nose dived and estate agencies are going bust or issuing profit warnings.

http://www.estateagencynews.co.uk/news/cur...news-0905b.html

You dont go bust with a 0.4% drop in prices. The drop in sales is another issue. So I checked out some of the houses and I got thinking - if there is an AVERAGE then the expensive properties are averaged out with less expensive properties.

Try looking for houses UNDER £100K - they are almost non-existant. So where does this average come from? It's down to so called seasonally adjusted figures (in other word - lets make it up so it looks good).

One minute they are telling you that May to September are poor months because of the holiday season - the next they are saying that August was a GOOD month with sales picking up and prices rising. All spin imho.

I have checked out the following house on Rightmove.

http://www.rightmove.co.uk/viewdetails-465...pa_n=1&tr_t=buy

I then went to the so called sellers website

http://www.hunterandbloomfield.com/

I thought the price £10,554,584 for a 2-bed studio Flat was both HIGH and a strange figure. I then found that the property DOES NOT EXIST on the so called sellers website - the highest property they have is just over £2,000,000!

Sounds like botched figures to me!!!!

This is immoral, and IMHO it's no different than FRAUD. Exorting money out of people with doctored information to make the HPI look high.

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Teddyboy, I'm not saying your wrong. But look at the 'Methodology' at the bottom of the reports:

To calculate average asking prices for a given week or month, Rightmove.co.uk takes theinitial asking price for all new instructions on the site during the period, but excluding any properties that are atypical*.

* in practice this means unusually expensive properties that are likely to distort the data

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I have checked out the following house on Rightmove.

http://www.rightmove.co.uk/viewdetails-465...pa_n=1&tr_t=buy

I then went to the so called sellers website

http://www.hunterandbloomfield.com/

I thought the price £10,554,584 for a 2-bed studio Flat was both HIGH and a strange figure. I then found that the property DOES NOT EXIST on the so called sellers website - the highest property they have is just over £2,000,000!

Sounds like botched figures to me!!!!

Proof that the crash has finally happened:

http://www.propertyfinder.com/2/pf/propert...804792&from=map

:blink::huh::lol::o:ph34r::rolleyes::unsure:;)B)

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Teddyboy, I'm not saying your wrong. But look at the 'Methodology' at the bottom of the reports:

To calculate average asking prices for a given week or month, Rightmove.co.uk takes theinitial asking price for all new instructions on the site during the period, but excluding any properties that are atypical*.

* in practice this means unusually expensive properties that are likely to distort the data

Jason I know what it says - its the figure - You dont sell a £10m house and be pedantic enough to get to the exact pound? It looks like a made-up figure to me. Whether its been used is one thing but the fact this it is NOT for sale with the EA that they imply is selling it sounds a bit fishy to me :blink:

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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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