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ThePiltdownMan

Rightmove UK all time high

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Seeing peak prices around my neck of the woods, +20% on 2007 insanity. Few places selling, but lots staying on with miniscule reductions after a month or so.

Stagnation.

Property bee is very instructive to keep an eye on kite flying prices in surrounding streets.

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This information only illustrates two trends IMO:

- Asking prices still retain momentum despite selling prices and sales volumeshaving lost theirs some months ago,
- Rightmove are clutching at straws to support any positive spin they can regarding house prices.

Not read the comments but I'm enthused to hear that people are calling this rubbish for what it is. One only need look at price data from Halifax, Nationwide and to a lesser extent the land registry to see that there's a growing disparity between the growing asking prices and falling selling prices.

Hopefully a few more months of stagnation and reductions will finally convince the deluded, profiteering idiots that the party's over :)

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I am looking in North Somerset and note around 120 new properties listed on RM in the last 10 days.  Around 25% of which are price reduced.  Either the prices were silly or there is a correction/crash on the way.  25% is high for just a case of overpricing.  

Edited by Realistbear
grammar

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11 minutes ago, Realistbear said:

I am looking in North Somerset and note around 120 new properties listed on RM in the last 10 days.  Around 25% of which are price reduced.  Either the prices were silly or there is a correction/crash on the way.  25% is high for just a case of overpricing.  

2 years ago I was see 30/40% reductions across the board around the SE counties ( there's a thread on it ) but somehow they still managed to push prices up against that.

 

 

Edited by TheCountOfNowhere

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13 minutes ago, Realistbear said:

I am looking in North Somerset and note around 120 new properties listed on RM in the last 10 days.  Around 25% of which are price reduced.  Either the prices were silly or there is a correction/crash on the way.  25% is high for just a case of overpricing.  

Are they still higher than last years sold prices.

I dont think the crash is here yet, just needs something to come along and give it a gentle push to get it going down the hill.

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11 minutes ago, TulipsFromThreadneedle said:

Are they still higher than last years sold prices.

I dont think the crash is here yet, just needs something to come along and give it a gentle push to get it going down the hill.

Agree but what is the trigger?  Inventories at an all time low, credit is cheap, unemployment is low what could possibly go wrong?  Black swans galore so perhaps one of those will emerge--but who wants WW3?  Not me.  

IMO, we are in a crisis of confidence position in the market.  Values stretched too far and wages are stagnant or in decline in real terms.  No one wants to buy "at the top" so are beginning to wait it out and the longer the wait the more sellers join the "price reduced" trend.  My gut today is a 10% drop before Crimbo.  At least for the SW where I am now.  

 

Edited by Realistbear
error

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1 minute ago, Realistbear said:

Agree but what is the trigger?  Inventories at an all time low, credit is cheap, unemployment is high what could possibly go wrong?  Black swans galore so perhaps one of those will emerge--but who wants WW3?  Not me.  

IMO, we are in a crisis of confidence position in the market.  Values stretched too far and wages are stagnant or in decline in real terms.  No one wants to buy "at the top" so are beginning to wait it out and the longer the wait the more sellers join the "price reduced" trend.  My gut today is a 10% drop before Crimbo.  At least for the SW where I am now.  

 

Trigger could be in the coming budget .. who knows.

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1 hour ago, TulipsFromThreadneedle said:

Trigger could be in the coming budget .. who knows.

if you were in gov you would want to capture as much tax as possible before prices plummet. you will want to capture the most greedy speculators (politically easy targets). you need this eggs to hatch.

Increase Capital gains tax?

quick revaluation of council tax at April 2017 levels? 

either way housing is the only place you can get money from the populace. everyone else is bled dry with cost of living.

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Just commenting to my wife that houses we'd normally see North of £500k around here are all down 10%.

Still see kite flying though, one that touched me was a wreck that needs completely redoing 'as a barn conversion' which they want £300k for.  2 beds, probably needs £200k spent on it.  Did make me chuckle...

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Hey guys, I've been following house prices in Canterbury in Kent for a while now and I'm seeing some big drops in prices, namely 350k to 300k, 260k to 220k, 950k to 895k and a host of 15 to 20k drops all over the shop. Although rather than be reduced, the properties are normally removed and reposted as new. I've also seen a house for 180k that they cant shift and its gone to an open house and sealed bids. When you look at it, you just go, "that's worth 100k, max". And the more I look the more I see houses, are as we all know, are way overpriced. My vision has cleared hallelujah I'm cured! Now the buy to let bun fight is ending, the weakest investors will sell up first, and then the ball will get rolling as the next in line, the slightly more secure BTLers will get cold feet and then pop goes the weasel. I dont think we need WW3 to spark it though, maybe a war in N Korea will do it, but so could brexit, or a BOE rate rise. It's also clear the banks are trying to squeeze buyers for every last penny and get as many people into debt as possible before everything goes to s**t. By the way I'm sure this has been brought up before, but I recently found out what Mortgage means in French: Death grip, sounds about right. I'd like a 100% death grip please Mr Bank manager and be quick about it, I want to be a debt slave for my whole life and can't wait to enjoy all the stress and depression that entails. Supposedly the housing bubble is in Canada, China, Sweden and a host of other countries too, and supposedly we're on the edge of a great depression, or great reset where savers get a haircut, house prices and shares halve in value and unemployment skyrockets the world over. Happy days. 

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5 hours ago, Realistbear said:

I am looking in North Somerset and note around 120 new properties listed on RM in the last 10 days.  Around 25% of which are price reduced.  Either the prices were silly or there is a correction/crash on the way.  25% is high for just a case of overpricing.  

Welcome back.Been a while

Edited by Sancho Panza

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