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neon tetra

Rightmove +0.7% Mom +1.5% Yoy

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prices up by 2.5% in three years, compared with 16.4% in the previous three year period

Asking prices (which is all these are) up by only 2.5% over 3 years.

Real inflation running at double that annually.

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Actual selling prices down 2.5% ( or thereabouts ), housing not selling, agents selling 1 house a week ( not enough to survive ).

That tells you all you need to know about the any asking price index...delusional index more like.

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Not being seasonally adjusted makes the month on month figures pretty much a waste of time.

Take note, those who see the Nationwide & Halifax seasonal adjustments as VI spin.

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http://www.rightmove.co.uk/news/files/2011/09/september-2011.pdf

This index is sharting up and down horribly...

Miles Shipside, director of Rightmove comments...

"This month is the third anniversary of the collapse of Lehman Brothers, and many of Rightmove’s key metrics are little changed, so a housing market recovery seems as far away as ever. The number of properties coming to market this month compared to September 2008 is equally subdued, with a weekly run-rate of 23,412 this

month, just 1.2% higher than the 23,131 in the same month three years ago. Forced sales remain low, so the market has not yet been forced to address the affordability issues that are preventing many would-be buyers from taking a more active role.

Shipside observes: “The deposit-rich are able to trade up, but many mass-market rung-climbers are stuck in their current homes due to having insufficient equity to fund a large enough deposit for their next purchase. The good news is that low interest rates and static prices are keeping most of them out of the clutches of negative equity and forced sales, but those factors are also delaying a return to affordability and liquidity that would help to get the first-time buyer and volume markets moving again”.

Seems to me that Shipside knows what the housing market needs in order to recover.

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Bloomberg TV are running a "London Home Prices Surge" piece quoting Rightmove asking price figures :rolleyes:.

It feels like 2007 all over again. :lol:

Edited by TheCountOfNowhere

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I'm surprised the yoy has gone positive again though.

The big London rise (7.2%) has skewed the overall figure again. Two thirds of the regions are negative.

I would bet this is just a result of a relatively small number of high-end properties (the sort where the seller randomly picks a number of millions to price it at) at kite-flying prices since there are still foreign buyers out there.

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Oh ... they are only "asking prices" ... they are more of a delusion index :)

Which makes a mockery of Bloomberg's latest piece of ramping, based on the Rightmove Index, that investors are piling into London property as a safe haven for their cash,

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The big London rise (7.2%) has skewed the overall figure again. Two thirds of the regions are negative.

Indeed

North | -2.6% MoM | -4.2% YoY

North West | 1.0% MoM | -2.0% YoY

Yorkshire & Humberside | -1.3% MoM | -2.4% YoY

West Midlands | -0.9% MoM | 0.3% YoY

East Midlands | 2.7% MoM | 1.8% YoY

East Anglia | -0.5% MoM | -0.6% YoY

South West | -1.5% MoM | -0.7% YoY

South East | 2.1% MoM | 1.5% YoY

Wales | -2.8% MoM | -0.7% YoY

Greater London | 2.4% MoM | 7.2% YoY

And, of course, they're asking prices, not sales prices.

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The big London rise (7.2%) has skewed the overall figure again. Two thirds of the regions are negative.

I would bet this is just a result of a relatively small number of high-end properties (the sort where the seller randomly picks a number of millions to price it at) at kite-flying prices since there are still foreign buyers out there.

3 homes in Belgravia or similarly highly priced places are sold to overseas oil rich investors, then divided by 3 to give an average price, then the increase is applied to some older figure. HMMMM.

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3 homes in Belgravia or similarly highly priced places are sold to overseas oil rich investors, then divided by 3 to give an average price, then the increase is applied to some older figure. HMMMM.

asking, not sold prices in this index of course.

Out of interest I just searched home.co.uk for properties costing £3million or more within a 10 mile radius of the centre of London, and there are 1681 apparently, including more than 300 that are over £10 million.

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  • 335 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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