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@contradevian

Rightmove Delusion Index +0.3% July

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For a delusion index the expectations seem to be relatively modest.

http://www.rightmove...index/july-2013

Seven monthly rises on the trot and two consecutive record months as the price of newly marketed property increases by 0.3% (+£860) in July boosting year-on-year growth to 4.8% (+£11,561) • Rightmove's 2013 forecast up from 2% to 4% as 'aggregation of marginal gains' fuels recovery:
  1. - Signs of a broader-based recovery: all regions up year-on-year for the first time in nearly three years contributing to the positive national picture

  1. - Confidence on the up: the proportion of people expecting average prices to be higher a year from now doubles compared to this time last year, now at 62% from 31%

  1. - More movers and more to come: transactions already up 5%1 year to date and lead indicators suggest more in the pipeline – Rightmove email enquiries to agents and developers up 18% on 2012, new sellers up 5%2, mortgage approvals up 6%3 and surveyors 'struggling to cope'

  1. - Positive borrowing window: markets do not expect a base rate rise for three years, Funding for Lending competition easing rates and availability, plus 'brick-shortage success' of Help to Buy!
Edited by Secure Tenant

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As a (non-seasonally adjusted) survey of seller's sentiment, which is all this index is good for, this latest update tells us that sellers believe it's their market again and not the buyers.

Edited by rantnrave

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As a (non-seasonally adjusted) survey of seller's sentiment, which is all this index is good for, this latest update tells us that sellers believe it's their market again and not the buyers.

Agreed. I just put in an offer on a house, 15% under asking price, which was dismissed out of hand by the agent. This for a property that has been on the market for 2 months with no offers. They are going to put it forward to the vendor, who will no doubt reject it also. I wont be in a rush to increase it, although may go a bit higher.

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Agreed. I just put in an offer on a house, 15% under asking price, which was dismissed out of hand by the agent. This for a property that has been on the market for 2 months with no offers. They are going to put it forward to the vendor, who will no doubt reject it also. I wont be in a rush to increase it, although may go a bit higher.

That didn't take long to get rejected. They want to squeeze another £60k out of me, not going to happen.

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That didn't take long to get rejected. They want to squeeze another £60k out of me, not going to happen.

hahahahha I want a pint of what they're drinking!

... tell the EA that you won't be increasing the offer and in fact it will be going down by 2k per week, they can call you again in a few months if the vendor is interested

Comedy gold.

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60k is chicken feed. What are you some sort of pauper who just cant afford to buy that beautiful home, what an under-aspirer you are.

Obviously doesn't want to "get on with their life"...

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House in Swansea recently went for, IIRC, 170K at auction. Old shop. Someone bought it, modernised it a bit... and just stuck it on for 350K asking. 3 bed semi claiming to be 4 bed.

Delusion index? :rolleyes:

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Agreed. I just put in an offer on a house, 15% under asking price, which was dismissed out of hand by the agent. This for a property that has been on the market for 2 months with no offers. They are going to put it forward to the vendor, who will no doubt reject it also. I wont be in a rush to increase it, although may go a bit higher.

Is that all? Last offer was 30% under and stopped making a rod for my own back at 20% off. I have to admit i got carried away i shouldn't have gone so high. The flat is still available although a Sold sign has appeared outside.

We'll never start the crash by offering anywhere near the asking prices!

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Is that all? Last offer was 30% under and stopped making a rod for my own back at 20% off. I have to admit i got carried away i shouldn't have gone so high. The flat is still available although a Sold sign has appeared outside.

We'll never start the crash by offering anywhere near the asking prices!

Funnily enough, I was going to make the initial offer higher, but decided to pull it back a little. They didn't even want to counter offer, just said it had to be much closer to asking, asking was £100k+ more than my offer.

Anyway, will see what happens over the next week, gonna keep an eye out and see what else is about.

The reaction that different agents give you to significantly below asking price offers us interesting. Spoke to one yesterday who admitted he had stuff on his books that was overvalued, and the one in this situation, that felt that there asking price was reasonable.

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Funnily enough, I was going to make the initial offer higher, but decided to pull it back a little. They didn't even want to counter offer, just said it had to be much closer to asking, asking was £100k+ more than my offer.

Anyway, will see what happens over the next week, gonna keep an eye out and see what else is about.

The reaction that different agents give you to significantly below asking price offers us interesting. Spoke to one yesterday who admitted he had stuff on his books that was overvalued, and the one in this situation, that felt that there asking price was reasonable.

Any historical house price data for the property or street? Backing up your offer with some science might be an education for the seller.

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Any historical house price data for the property or street? Backing up your offer with some science might be an education for the seller.

I did that once. House was up for £425K. I initially offered £250K (and not the slightest bit embarrassed). Eventually went up to £300K with a letter direct to the vendor showing how much work was required to fix/modernise it and comparisons to other houses that had actually sold.

They accepted an offer from someone a few days later for £360K (after a year on the market) so I think my letter spurred them on. The £360K didn't make sense to me, the new buyers would then not be able to spend any money doing it up without going way above the price of other houses in the area.

Four years later and nothing has been done to the house. The new owners had overpaid and the crumbling garage and leaky windows are still there.

Was I right, yes.

Did I get the house, no.

The conclusion to the story is that I ended up buying from a distressed seller for £175K less than a similar property had sold for a few months before. The seller was down to heating one room with an electric fire after the oil ran out in October, indoor temperature had dropped to 7'C which seemed to put off other viewers.

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Any historical house price data for the property or street? Backing up your offer with some science might be an education for the seller.

I did give some, but the house is not typical for the road so there are not direct comparisons, I'm fairly confident the real value is closer to my figure than their asking. Time will tell if we find middle ground. I expect another offer to materialise from a third party, I will assume this is a fib when it happens.

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  • 246 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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