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Latest Rightmove Asking Prices @ Midnight

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The latest Rightmove House Price Index (which measures asking rather than sold prices) is released at midnight. This has shown meaty rises since the start of the year and last month was just 1.5% below its May 2008 peak.

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The latest Rightmove House Price Index (which measures asking rather than sold prices) is released at midnight. This has shown meaty rises since the start of the year and last month was just 1.5% below its May 2008 peak.

Ah,right.

Asking prices are going nuts around here. Two houses in one small road on market for 245 and 259 so what does the latest house, between both of them, come on for? 300K give or take a few quid.

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Currently initial asking prices reflect nothing more than EA desire to get the 'vendors' on their books. A price to be slowly negotiated down.

The link between asking and completed prices in the boom has become disconnected. Look at the ratios.

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As an asking price index its a lot less meaningful than sold prices. Question though - do the recent increases signify the desperate state of people's personal finances rather than their greed?

Rightmove will have a lot of extra data to analyse judging by the extra supply in my area. Up 5% in the last week to levels I've not seen before. There were even new properties added today ohmy.gif

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Currently initial asking prices reflect nothing more than EA desire to get the 'vendors' on their books. A price to be slowly negotiated down.

The link between asking and completed prices in the boom has become disconnected. Look at the ratios.

People were saying this a year ago when there was a dearth of property. Agents were competing like mad to get anything, so it's not unreasonable asking prices went up.

However, at least in my area, the volume for sale has gone up considerably, while the volume sold has gone done dramatically. I would have thought agents would be far more interested in selling volumes rather than new instructions now. I would have thought they would be trying to lower vendor expectations in the hope of maintaining volume, so the constant increase in selling price kind of amazes me. Unless of course its just the London market powering the entire figure.

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People were saying this a year ago when there was a dearth of property. Agents were competing like mad to get anything, so it's not unreasonable asking prices went up.

However, at least in my area, the volume for sale has gone up considerably, while the volume sold has gone done dramatically. I would have thought agents would be far more interested in selling volumes rather than new instructions now. I would have thought they would be trying to lower vendor expectations in the hope of maintaining volume, so the constant increase in selling price kind of amazes me. Unless of course its just the London market powering the entire figure.

Too many of today's EAs have little experience of operating in a falling market and are behaving as they did in the boom. In the deepest economic contraction for 80 years, they've also shown little spine in talking down vendors' illusions. With transactions plummeting, they'll have to start singing for their supper soon which might make them a bit more confrontational with asking prices.

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Too many of today's EAs have little experience of operating in a falling market and are behaving as they did in the boom. In the deepest economic contraction for 80 years, they've also shown little spine in talking down vendors' illusions. With transactions plummeting, they'll have to start singing for their supper soon which might make them a bit more confrontational with asking prices.

Well, if I look at volumes pre and post 2007 in my area they have roughly halved. If you assume prices have remained constant in my area since 2007 (SE, not London, and thatt's a big if) then stands to reason that the average ea turnover is down 50%.

In other words, for at least 2.5 years eas have been running at 50% of their previous turnover, which leads me to the conclusion that either Eas were making a shitload of money or eas have gotten rid of a lot of people already. Itr I think they should be "singing for their supper" already, which makes the consitently high asking prices even more difficult to understand.

So far it's hard to estimate the decrease in 2011 over 2007-2010 but I would estimate that they've dropped another 10% in to.

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Well, if I look at volumes pre and post 2007 in my area they have roughly halved. If you assume prices have remained constant in my area since 2007 (SE, not London, and thatt's a big if) then stands to reason that the average ea turnover is down 50%.

In other words, for at least 2.5 years eas have been running at 50% of their previous turnover, which leads me to the conclusion that either Eas were making a shitload of money or eas have gotten rid of a lot of people already. Itr I think they should be "singing for their supper" already, which makes the consitently high asking prices even more difficult to understand.

So far it's hard to estimate the decrease in 2011 over 2007-2010 but I would estimate that they've dropped another 10% in to.

Or they've hiked their fees?

This index also measures initial asking prices and not any subsequent falls.

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Buyers are making increasingly lower offers. Hence vendors/agents start at higher asking prices to compensate.

Saying that. It's not SA so it will begin to fall either this month or the next. It's very likely that this will show some big drops in the summer lull and I reckon it will wipe out the first few months gains pretty rapidly.

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Buyers are making increasingly lower offers. Hence vendors/agents start at higher asking prices to compensate.

Saying that. It's not SA so it will begin to fall either this month or the next. It's very likely that this will show some big drops in the summer lull and I reckon it will wipe out the first few months gains pretty rapidly.

What was the recent index that showed a third of properties currently on the market have been reduced in price. Shame there is no index which measures the % of reductions in price. Can't imagine a VI investing resources in producing that though!

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What was the recent index that showed a third of properties currently on the market have been reduced in price. Shame there is no index which measures the % of reductions in price. Can't imagine a VI investing resources in producing that though!

It was Zoopla. Rightmove should use all current prices for it's index it would be much more useful and accurate.

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Buyers are making increasingly lower offers. Hence vendors/agents start at higher asking prices to compensate.

Saying that. It's not SA so it will begin to fall either this month or the next. It's very likely that this will show some big drops in the summer lull and I reckon it will wipe out the first few months gains pretty rapidly.

If it's not SA and the new release shows a fall, would that signal an early end to the Spring Bounce?

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If it's not SA and the new release shows a fall, would that signal an early end to the Spring Bounce?

Maybe, I'm not sure at what point this starts to drop off?

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Maybe, I'm not sure at what point this starts to drop off?

I'm not either. July's data from the different indices would reflect a slowdown I guess, but June's is less clear cut. Bizarrely, the RM release measures the last three weeks of May and the first of June, although they'll still call this the June release.

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20 posts in and no-one's given a prediction. Is that a record?

Anyone who thinks they can predict rightmove is more deluded than the vendors!

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Anyone who thinks they can predict rightmove is more deluded than the vendors!

True.

Still, just for fun...

Asking prices are sellers expectations, right? and I think (hope?) that this weak spring is starting to worry some/many of them, no? It must!

I'll guess... ??? ... 1.3% below last month. :)

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20 posts in and no-one's given a prediction. Is that a record?

i predict Rightmove should/will not top out and start falling until it reaches its 2007 high, the sooner it gets there the better

Edited by georgia o'keeffe

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My guess +0.2%

BBC will report it immediately.. along the lines of "Houses continue to surge ahead despite shaky market"

Wonder which of our MSM friends will win the 'present a rise in asking prices as a rise in sold prices' award.

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  • 284 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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