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Rightmove Index's Last Stand

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Up all of 0.1% this month - the lowest June figure since 2009 in this non-seasonally adjusted index.

More regions report a fall than a rise, including 0.5% off initial asking prices in London.

Supply up nearly 10% on this time last year, including a 20% MoM increase...

None of this has made the MSM I see...

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Not an index to be taken seriously as its a 'delusion index' which includes a lot of kiteflyers.

MSM only quote Rightmove in desperation to pull of a 'house price increase joy for homeowners' headline.

The increased supply is interesting though

Edited by aSecureTenant

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Not an index to be taken seriously as its a 'delusion index' which includes a lot of kiteflyers.

MSM only quote Rightmove in desperation to pull of a 'house price increase joy for homeowners' headline.

The increased supply is interesting though

Whilst it does only reflect the sentiment of the kite fliers, those same people are likely to be buying somewhere too... and will expect a corresponding reduction in those prices.

Any change in sentiment is good :)

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http://www.housepricecrash.co.uk/forum/index.php?showtopic=117772&p=1102533347

Foxtons: Down 2.6% this morning and below 290. A couple of closes below 280 opens door to 160p, down from 400p earlier this year... But not reflective of housing mkt or prices of course.

Edited by Killer Bunny

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Wonder if we could be seeing the top of the pound too, knocking on the door of $1.70 (still)........but seemingly inextricably linked to the fortunes of the UK housing market.

Edited by crashmonitor

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Hope this doesn't get any traction with the MSM. If we have several months of ignored market change of direction we could get some fear into it when the public see signs of HPC.

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To save others having to google it.

http://www.rightmove.co.uk/news/house-price-index/june-2014

Then the PDF from there, for the full report.

Ta. Average number of properties per agent and average time on the market rising. London shows month on month fall in asking price. They don't seasonally adjust but is inconsistent with other regions.. I haven't read the report just looked at the graphs.

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Listings have shot up in Wales and 'The North' - where the heck is the North?

Round here maybe?

There's 43 inc. sstc within 1/4 mile of me. Think previous max was 33 and it's been 20 for ages.

4 of those are a LL selling up though.

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Bizarrely I'm seeing nothing coming on to the market at the moment, but my search only goes up to £175k for 3 bed houses. I'm guessing sellers are still listing them at 2007+ prices, so they have not yet dropped into my price bracket yet. I don't intend to pay £175k of course, but at that point I'd start making some offers at 30% below asking.

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Listings have shot up in Wales and 'The North' - where the heck is the North?

I am not sure where T'North is but rising supply , increasing time on market and weak demand IMO points to quite a heavy correction looming. The gov' of the Bank of England has warned but are now talking about raising rates sooner. Some have speculated that the plan is now to crash the market against the pension lump sums.

It is a tad sad really if that is the plan to sucker in younger borrowers and then later hoover up at a discount later.

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my daily browse on rightmove for 2 bed houses in N17+ 3 miles in the last 24 hours went over 100 listings for the first time last week

houses still coming on at fantasy prices though

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Just posted a link to one house in the northampton thread...viewed something similar in 2007, was on for 325K and think it sold for £285K...the place linked to on for £382K.

That's 2007 peak bubble bank collapsing prices + 20%.

When you see this...you know the market is dead ( in it's death throws ).

Caveat Emptor.

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Hope this doesn't get any traction with the MSM. If we have several months of ignored market change of direction we could get some fear into it when the public see signs of HPC.

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/10902431/Housing-market-slowdown-hits-the-regions.html

'Housing market slowdown hits the regions

Surging property prices slowed across Britain in June, dropping in London and the North of the country, as sellers flooded the market with fresh supply eager to prosper from the recent boom.

The price of new houses put on the market in June was almost unchanged, rising just £272 or 0.1pc from May, according to Rightmove’s latest House Price Index. Last month the index rose 3.6pc.

In London, new seller prices recorded a surprise drop of 0.5pc in June. Rightmove said buyers were put off by high values but also had more choice: there was a 20pc surge in the number of houses coming to market as home owners sought to cash in on record values. Across the country, new seller numbers were up 9.6pc compared to last year.'

Edited by Sancho Panza

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According to the pdf, avge price of a home in Kingston is over £850k. That's hyperinflation if ever I heard it.

Tower Hamlets up 42% YOY to £620k! Yep, Tower Hamlets, the dump. I guess it is all that misselling of flats to distant buyers in the Far East.

:lol:

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According to the pdf, avge price of a home in Kingston is over £850k. That's hyperinflation if ever I heard it.

Tower Hamlets up 42% YOY to £620k! Yep, Tower Hamlets, the dump. I guess it is all that misselling of flats to distant buyers in the Far East.

According to the latest land registry survey from April the average property price in Kingston is 'only' £386,000 - just shows how asking prices and reality aren't actually the same thing! Tower Hamlets average price is only £430k with the LR - but over £630k with Rightmove.

Rightmove's average price in central London is also nearly double that for the LR.

Yet for Barking and Bexley the averages are almost identical?

So what exactly is the average London house price?!

http://www.landregistry.gov.uk/__data/assets/pdf_file/0004/88168/HPIReport20140523.pdf

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According to the latest land registry survey from April the average property price in Kingston is 'only' £386,000 - just shows how asking prices and reality aren't actually the same thing! Tower Hamlets average price is only £430k with the LR - but over £630k with Rightmove.

Rightmove's average price in central London is also nearly double that for the LR.

Yet for Barking and Bexley the averages are almost identical?

So what exactly is the average London house price?!

http://www.landregistry.gov.uk/__data/assets/pdf_file/0004/88168/HPIReport20140523.pdf

Trouble is, you're comparing apples to oranges. The Rightmove index (if I'm not mistaken) is a mean asking price, whereas the LR HPI is a repeat-sales index (where they say, "this house sold for x, and last time it was sold it was for y, and so if the average price then was z, then the average price now must be..." - roughly).

The trouble with the Rightmove index is, as you say, it's asking prices not sold prices, and the trouble with the LR index is that houses typically only sell once every 7 (or it might be 15) years, and may have had extensions and whatnot in the meantime.

I haven't got round to updating my Land Registry paid prices dataset with the April numbers, but I prefer to look at the mean sold price and can offer that for those areas as it stood in March instead:

County
Price Mean
Barking And Dagenham
£223,272.45
Bexley
£240,533.04
Kingston Upon Thames
£456,750.00
Tower Hamlets
£458,046.36

Yes it's true, the mean can be skewed by outliers, but any method of calculating the average price has it's disadvantages. At least the mean is simple to understand, and it's accuracy improves the wider the area or timeframe it's calculated over.

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According to RM, buyers are balking at the 'values' of properties on the market - no, we're balking at the asking prices which clearly don't represent good value!

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According to RM, buyers are balking at the 'values' of properties on the market - no, we're balking at the asking prices which clearly don't represent good value!

Imagine how different the market might be if RM defaulted to SOLD house prices by your location when you load the page!

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