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wub1234

House Prices Fall 0.9% In July

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Couldn't see this posted anywhere else, apologies if it is:

http://www.mortgageintroducer.com/rightmove-house-prices-fall-0-9-brexit/#.V4waHZMrLVo

House prices fell by 0.9% (£2,647) after the EU Referendum result, the Rightmove House Price Index for July has found.

However Rightmove’s director and housing market analyst Miles Shipside reckoned this is within the usual range seen at this time of year, meaning the housing market has remained steady after the Brexit vote.

Enquiries were 16% lower than last year, although the same period in 2015 benefitted from a post-election boost, while 6% more properties came to market in the fortnight after Brexit compared to a year ago.

Shipside said: “As far as the price of property coming to market is concerned, the fall of 0.9% is within the range that we have seen at this time of year since 2010.

“With the onset of the summer holiday season new sellers typically price more conservatively and the average drop in the month of July is 0.4% over the last six years.

“Perhaps unsurprisingly this July’s fall is marginally larger, as political turbulence has a track record of unsettling sentiment.

“Indeed last year saw a seasonally unusual 0.1% fall in the run up to the May election, and a June and July price surge as a result of the post-election boost. Average new seller asking prices were up by 3.1% over that two-month period.”

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All these pro EU muppets predicted a 20% fall in house prices on an exit, now every single one of them are going back on that now we have an exit, all lying tw*ts

It was their exaggerated tales of doom that convinced many who perceive themselves as not having much to lose to vote out. All surveys so far have been of Leavers. It would be interesting to see how many Remainers have switched from in to out now that the truth has emerged.

Let's hope that the real state of the market can emerge over the next month or so.

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House prices fell by 0.9% (£2,647) after the EU Referendum result, the Rightmove House Price Index for July has found.

No.

Rightmove don't do house prices they do asking house prices. The offer and selling prices could be much lower.

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IIRC, this dataset captures the last three weeks of one month and the first week of the next. Thus, this update is 50% pre-referendum (ie, uber bullish) and 50% post the Brexit vote.

Edit to add:

Rightmove’s latest figures covering the last four weeks (two weeks pre and two weeks post-referendum) give an early but reassuring view into the short-term effect of the political turmoil straddling the 23rd of June. Though many estate agents report that business is now returning to the previous norm following the surprise result, it is in our opinion too early to draw any medium or long-term conclusions. The immediate picture shows the price of property coming to market down by 0.9% (-£2,647) this month, although a holiday seasonal slowdown is not unusual at this time of year. Since 2010 the month of July has recorded average price falls of 0.4%.

Edited by rantnrave

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They (Rightmove) might have sold prices included somewhere amongst their general data, but for all their headline making articles and press releases it's almost always asking prices that they refer to.

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Democorruptcy, are you sure that Rightmove only do asking prices for their data analysis? They do have most LR data available too.

This is an index of initial asking prices, nothing more, nothing less. It includes NO sold price data and NO data pertaining to reductions in asking prices. It is useful as a barometer of sentiment, if little else.

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This is an index of initial asking prices, nothing more, nothing less. It includes NO sold price data and NO data pertaining to reductions in asking prices. It is useful as a barometer of sentiment, if little else.

And they include the opinions of Estate Agents who are renowned for their unbiassed honesty and accuracy. ;-)

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