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House Price Still Dropping

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This is a link to the last post I did about a house I have been watching for about the last 6 months

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This house has just been reduced (AGAIN), to £205,000. That's a £63,000 reduction from the original £268,000 asking price !!!

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This is a link to the last post I did about a house I have been watching for about the last 6 months

Last post

This house has just been reduced (AGAIN), to £205,000. That's a £63,000 reduction from the original £268,000 asking price !!!

What about this one. Reduced from £775K to £625K in one go. £150K saving! :ph34r:

5 bedroom Victorian detached house

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I wonder if these show up in the "asking prices" index that appears every month in Rightmove - the latter property is listed there but I don't know if its agent is one which counts towards the index. In any event, I can't see an Agent allowing that to happen - he'd simply treat it a fresh instruction at the revised asking price!

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I wonder if these show up in the "asking prices" index that appears every month in Rightmove - the latter property is listed there but I don't know if its agent is one which counts towards the index. In any event, I can't see an Agent allowing that to happen - he'd simply treat it a fresh instruction at the revised asking price!

The simple answer is that reduced prices are ignored by RightMove:

Basis of calculation of rightmove’s reports :

1) They use a sample of properties (i.e. not all properties)

2) The figures they use are from properties added within the last month (i.e. may not include lots of properties sat on the books for ages that have dropped their prices)

3) A reduction in price is ignored (i.e. initial asking price is used) in the compilation of the stats, unless the agent takes the property off and puts it back on in the same month

No wonder they are able to report increasing prices in a falling market, they are only reporting on a selection of properties placed on the market in the past month. Vendors will often put their properties on the market a little higher than they are prepared to accept especially when they hear reports of agreed sale prices at 93% of asking prices. By ignoring price reductions on properties over a month old they are failing to represent the true state of the market.

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  • 343 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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