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crashmonitor

Rightmove Feb +2.9% Mom 299K

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Rightmove's index is close to worthless. They only use initial asking price and ignore all subsequent reductions in price, of which there are shtloads.

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Maybe there is something in the claim that mugs are willing to pay lots more to save on the 3% tax coming in next month.

Not as though this hasn't happened before with the termination of the double miras relief, one of the main drivers of the 1988 house price boom.

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Houses in are street are selling in excess of £20k (up 10%) more than we bought for 15 months ago. Shocking really as we now couldn't afford to buy the same house as we are living in after such a short time!

Nobody benefits (except banks) from this as new owners have higher mortgage repayments and the previous owners have to spend the money on another now more expensive house.

I guess cheap mortgages, good availability of mortgages, general lack of on the market supply and low down payments (high LTV) are driving this inflation.

Edited by Wurzel Of Highbridge

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Good news for the UK economy - estate agents earning more money, banks earning more money from bigger mortgages. It's heartening to read that despite the woes of the world economy, the UK economy continues to power ahead. Perhaps other countries should take a leaf out of our book?

Edited by canbuywontbuy

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Rightmove's index is close to worthless. They only use initial asking price and ignore all subsequent reductions in price, of which there are shtloads.

That's why I like idealista.com, it shows price reductions as a percentage with a red downwards arrow just as if it where a stock.

You see a sea of red arrows there.

I'm sure rightmove would aswel.

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Good news for the UK economy - estate agents earning more money, banks earning more money from bigger mortgages. It's heartening to read that despite the woes of the world economy, the UK economy continues to power ahead. Perhaps other countries should take a leaf out of our book?

Indeed why bother making anything when we can sell houses to each other.

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Good news for the UK economy - estate agents earning more money, banks earning more money from bigger mortgages. It's heartening to read that despite the woes of the world economy, the UK economy continues to power ahead. Perhaps other countries should take a leaf out of our book?

.... :lol::lol::lol:

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Not as though this hasn't happened before with the termination of the double miras relief, one of the main drivers of the 1988 house price boom.

Despite having a degree in History he doesn't seem to pay much attention to history.

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Rightmove's index is close to worthless. They only use initial asking price and ignore all subsequent reductions in price, of which there are shtloads.

But it shows that the price for estate agents to get the business is rising.

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Rightmove's index is close to worthless. They only use initial asking price and ignore all subsequent reductions in price, of which there are shtloads.

The actual value is not useful on it's own, but looking at their report and trend over a period of months is useful.

I guess it's a price index including an adjustment for consumer confidence. In theory it should swing up/down much more than the sold index.

Plus it's the only forward looking indicator we have at the moment.

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But it shows that the price for estate agents to get the business is rising.

EAs lie easier than they breathe. They will pull any figure out of the air to get an instruction then reduce once on the books.

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I don`t know if i`m right but have stated a couple of times on other threads ,that right move`s numbers were going to go through the roof ,my guess is only`y based on what i`m seeing local ,and that is the number of BTL on the market have increased dramatically in the last month or so ,but here's the rub they are all on at Kite flying prices and very very few are selling ,right move is a index based on Asking price you also need to add in the effect of HTB 40% London and it`s looking pretty clear this index is only going one way in the near future

If i`m right the land registry numbers will prove this in a month or so

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The actual value is not useful on it's own, but looking at their report and trend over a period of months is useful.

I guess it's a price index including an adjustment for consumer confidence. In theory it should swing up/down much more than the sold index.

Plus it's the only forward looking indicator we have at the moment.

An index compiled by an Estate Agent cannot be trusted. EAs lie easier than they breathe.

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EAs lie easier than they breathe. They will pull any figure out of the air to get an instruction then reduce once on the books.

Especially when the stock of property for sale is as so low as it currently is

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I'd certainly agree with them that more stock is coming on to the market - at least in my area. Have a search set up for Milton Keynes, Leyton Buzzard and surrounding villages. Last week more properties came on my search that were worth reading the blurbs to evaluate.

They were all overpriced though.

Edited by Flopsy

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The actual value is not useful on it's own, but looking at their report and trend over a period of months is useful.

I guess it's a price index including an adjustment for consumer confidence. In theory it should swing up/down much more than the sold index.

Plus it's the only forward looking indicator we have at the moment.

It`s all about sentiment and it`s easily and continually manipulated to give the impression of a booming market all the average punter see`s is +xxx % this month, and to a certain point it succeeds very well at doing so, the reactions on this thread is all the proof one needs of that

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EAs lie easier than they breathe. They will pull any figure out of the air to get an instruction then reduce once on the books.

I've viewed and offered on a house that I have since found out was listed at £30k higher than the EAs valuation price. Has since been reduced to £15k higher than the EAs valuation. Granted its a difficult one to value due to lack of similar properties and recent sales that are of similar properties but still... shows its not just the agents!

Of course my offer was £30k down from the EAs price, but was rejected.

Edited by My Name Is ??

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I'd certainly agree with them that more stock is coming on to the market - at least in my area. Have a search set up for Milton Keynes, Leyton Buzzard and surrounding villages. Last week more properties came on my search that were worth reading the blurbs. They were all overpriced though.

Seeing exactly the same it is ramping season after all, but volume is up and the kites are flying high

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I've viewed and offered on a house that I have since found out was listed at £30k higher than the EAs valuation price. Has since been reduced to £15k higher than the EAs valuation. Granted its a difficult one to value due to lack of similar properties and recent sales that are of similar properties but still... shows its not just the agents!

Of course my offer was £30k down from the EAs price, but was rejected.

Who told you that, the EA?? :P

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I agree but that applied last month.

Sales volumes are in the doldrums, EAs are going increasingly mental on their valuations to fight over the scraps... feedback loop with a lying EA in the centre. Horrible thought.

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