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Rightmove kite flying index

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2 minutes ago, Grab_Some_Popcorn said:

London down 2% MOM. 1.6% YOY. 

It's happening.

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

From the link, 

"New price record and best sales since 2007 should mitigate pre-election jitters

  • Price of property coming to market hits record high, up 1.1% (+£3,547) to £313,655 this month, though lower than the average increase of 1.6% at this time of year over the past seven years
  • Overall annual pace of increase continues to slow, now at 2.2%, the lowest for four years:
    • First-time buyer sector is driving growth, up 6.5% annually to new record of £194,881
  • Strong buyer activity with the number of sales agreed the highest at this time of year since 2007, before the credit crunch". 

I'm I'm not sure where you're gettting those promising figures from.

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2 minutes ago, Blod said:

From the link, 

"New price record and best sales since 2007 should mitigate pre-election jitters

  • Price of property coming to market hits record high, up 1.1% (+£3,547) to £313,655 this month, though lower than the average increase of 1.6% at this time of year over the past seven years
  • Overall annual pace of increase continues to slow, now at 2.2%, the lowest for four years:
    • First-time buyer sector is driving growth, up 6.5% annually to new record of £194,881
  • Strong buyer activity with the number of sales agreed the highest at this time of year since 2007, before the credit crunch". 

I'm I'm not sure where you're gettting those promising figures from.

"London Trends"

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When the benefits of living in a certain place are no longer a benefit why put in an offer.....for certain sections of the buying community they only buy if their money and or borrowed money has a high probability of making money preferably quickly......not everyone wants to buy there, not everyone wants to live there or spend their time being  there ....not everyone wants to spend their money investing there.....when fewer people want that or can do that, or would be willing to do that, the tables will turn.;)

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Average asking price for homes in UK hits record high of £317,000. "Rightmove said the run-up to the general election and broader Brexit uncertainty was failing to knock broader market momentum, with year-to-date sales agreed 2% higher than the previous election year of 2015." https://www.theguardian.com/money/2017/may/22/average-asking-price-for-homes-in-uk-hits-record-high-of-317000

As much as we'd like it to be different, things are mostly still carrying on regardless. The top end of London may be hit, but there's also cheaper boroughs that are still rising.

I fear a large Tory majority is only going to boost confidence even more. We'll have to wait till people can see a Brexit 'no deal' train wreck is coming to install panic. 

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Don't they say sell high buy low.......the question is the difference between what you get from selling high over valued and buying elsewhere at value price.......downsize can mean upsize both value and quality......

......bit like looking into the window of two restaurants and seeing lots of customers, looking into another restaurant next door with fewer, without looking at the menu or the price walk into the busy restaurant, must be good others are eating there....or must be good because the last time it was good, but since then the management has changed, cut costs, cut quality, pushed tables closer together and increased the prices....but it must still be good.;)

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Little anecdotal:

I'm in the process of selling my gaff up in Cambs. Estate agent said I should put it on for 185. I told him that was too much and told him to price it at 170.

He stuck it on for 'offers over 175'. I went potty and true enough no interest.

I've now told them I want it on at 165. "Offers over?" they asked.

"No! 165 and I'll listen to any offers."

"Oh... you really want to sell it then." 

I shit you not, that's what they said.

 

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1 hour ago, LondonBound said:

"Camden -31.2% M/M" If only it were true! Does highlight was a flaky index it is though....

Just goes to show what a pointless, sh1tty little index Rightmove is. They clearly don't employ anyone with any experience or knowledge of statistics.

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45 minutes ago, Maynardgravy said:

"Oh... you really want to sell it then." 

I shit you not, that's what they said.

I know some people who needed justification for becoming 'accidental' landlords.

"We tried selling but there was no interest so we're just renting it out innit."

Accidentally on purpose landlords?

Edited by Diver Dan
Spelling

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This report is really smelly. I feel it is massively tailored.

For instance, 'average time to sell means' nothing when only good properties are being sold, because recently I saw massive amount of properties have been re-listed by new or even the same EA after being not sold for many months. Of course the 'date listed' are all reset. Evil. 'Average stock per agent' is really not useful when it includes 'sold STC' without any indicator. How many of that are sold STC and how many are not. I didn't want to believe Rightmove is biasing the market report but now I am more than certain they are.

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57 minutes ago, ASBEAR said:

This report is really smelly. I feel it is massively tailored.

For instance, 'average time to sell means' nothing when only good properties are being sold, because recently I saw massive amount of properties have been re-listed by new or even the same EA after being not sold for many months. Of course the 'date listed' are all reset. Evil. 'Average stock per agent' is really not useful when it includes 'sold STC' without any indicator. How many of that are sold STC and how many are not. I didn't want to believe Rightmove is biasing the market report but now I am more than certain they are.

Rightmove is commission based. So they generate revenues through advertising. They are using listed house advertising prices as their guide, nothing more.

Halifax and Nationwide both have registered falls in lending, and land registry services have stated that prices are in a stagnation cycle.

With regard to the country's future, eithet assets are cheaper to attract local population or adopt a weak currency to attract foreigners to buy.

 

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Against their wishes, many BTLers are having to exit the market earlier than they expected. They'll be looking for mad capital gainz as some sort of compensation for the 'injustice' that's being forced on them. Expect more RM initial asking price index soaring to come...

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