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Rightmove mom down 2.1%

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Many folk ignore these so called 'minor falls' as inconsequential  - Always surprises me that so many think "my house has gone up by 50% innit - it will take a massive 50% fall to take me back to break even" .  No mate - a c.33% fall will take you back to breakeven  

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Nice down 2.1%. certainly mirrors the falls I have seen in Devon+Cornwall. 

Spring 2017 should see the usual rush of kite flyers and a few of the early BTL selling before forced. 

This time next year should see some aggressive discounting. 

Finally the scum estate agents will have their interests aligned with ours. all about realistic proceedable sellers. 

 

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40 minutes ago, Nickos said:

It's only 1 month, I'd like to see 3 months of falls before getting excited.

Last month was down 1.1% too... 

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24 minutes ago, Nickos said:

Awesome, let's hope it continues its tradjectory!

And don't forget the RM figure is based only on average price of new listings... Doesnt include reductions in asking price of existing listings.

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This isn't seasonally adjusted and IIRC it falls by this amount every December.

If they are having to sell up earlier than they wanted, I imagine BTLers will aim for maximum capital appreciation and thus initial asking prices (which this index records) would tick up.

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The portal’s latest House Price Index showed values at £299,159, down 2.1% on November and with annual growth slowing from 4.5% to 3.4%.

Rightmove says this is in line with the average over the past six years.

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1 hour ago, the_duke_of_hazzard said:

So we believe this index now? Righty-ho!

I don't. Mainly a transaction are so low. Its been a false amrket for ~10 years wehre I am.

Some houses sell; most dont.

In reality the price falls have not been transacted , if you follow.

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23 minutes ago, 200p said:

Has anyone created a bid (Rightmove) and ask (Land Registry) spread?

Do you mean Bid LR what someone is prepared to pay ie bid, and Ask, what the seller is offering at ?) Ie offer\ask.

Neat idea though.

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11 minutes ago, Digsby said:

Not surprised. Had occasion to visit Camden just two weeks ago for the first time in more than a decade. It's still a scruffy-looking hole.

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9 minutes ago, 200p said:

Yes, you're right. Maybe I'll created something later.

I've written something that trawls LR sold prices and extracts the asking price from Zoopla (Zoopla publishes the asking price of removed listings, Rightmove doesn't). It's usually in the 5-10% range depending on area and month. Obviously doing that nationally over any time period would take a lot of scraping so I've never done it.

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1 hour ago, Digsby said:

" Top of the ladder"

 

Top of Ponzi Pyramid more like

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How come avg asking price is ~300K but avg sale price quoted for the last month or two is ~218K ? Is this for houses and excluding cheap flats? I suppose it's just England and Wales which may push the figures upwards.

Edited by ThePiltdownMan

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5 minutes ago, ThePiltdownMan said:

How come avg asking price is ~300K but avg sale price quoted for the last month or two is ~218K ? Is this for houses and excluding cheap flats?

Because 1) The index doesn't include reductions and 2) A large number of people ask for too much and fail to sell

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3 hours ago, Kiwi_Muncher said:

And don't forget the RM figure is based only on average price of new listings... Doesnt include reductions in asking price of existing listings.

So in other words things could be worse than it appears?

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