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neon tetra

Bang! RM -1.2% MoM, and London down the most in a decade

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Asking prices are not selling prices. Really the Rightmove index is little better than asking my 2 year nephew. It's encouraging but not going to get excited about this after all we knock this index on here when it shows a rise.

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30 minutes ago, neon tetra said:

Brown stuff hitting the fan...

https://www.theguardian.com/money/2017/sep/18/asking-price-house-london-fall-kensington-chelsea

 

(I haven't got the RM report link yet.)

 

Or to put it another way, save £18,000 on average by *not* buying a house in London for just 30 days... that is real food for thought for any buyers in the capital! :-o

London is absolute toast!

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Unless RM have changed their methodology, their stats only look at new listings. Thus any properties reduced once on the market are excluded. Which means the situation is even worse than they're saying.

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12 minutes ago, kibuc said:

Couldn't care less about RM index. I considered it worthless when it was going up and it's still worthless when it's heading back down.

+1 spent years calling it b*ll*cks not going to change my view now. If you can deduce anything then the delusion spread is narrowing 

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1 hour ago, Grab_Some_Popcorn said:

London performance:

EBeCbBt.png

Hackney continues to defy gravity after two decades of insane rises. As the hipsters approach middle age they'll start to realise the freelance job is basically worthless and their asbestos council flat ain't worth 700,000 squid. 

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25 minutes ago, Grab_Some_Popcorn said:

RM measures sentiment ... and bubbles rely on sentiment :)

This suggest to me that the sentiment change is with the Kite flyers, not flying their kites quite so high. It is laughable, every house near me that comes on the market adds like 20k to the previous sold price. There is one where a developer has doubled the size of the house, though only added one extra bedroom, and has put it back on at twice what they bought it for. When a similar project nearby went a couple of years ago for pretty much what the developer paid to buy this one, that is like strapping a kite to a deep space probe.

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1 minute ago, Richmond said:

This suggest to me that the sentiment change is with the Kite flyers, not flying their kites quite so high. It is laughable, every house near me that comes on the market adds like 20k to the previous sold price. There is one where a developer has doubled the size of the house, though only added one extra bedroom, and has put it back on at twice what they bought it for. When a similar project nearby went a couple of years ago for pretty much what the developer paid to buy this one, that is like strapping a kite to a deep space probe.

Doesn't matter. All that matters is that people will now start to think that they can save large amounts of cash by holding on "for another month or two". By then, the rot will have set in; it becomes a vicious circle.

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13 minutes ago, oatbake said:

Doesn't matter. All that matters is that people will now start to think that they can save large amounts of cash by holding on "for another month or two". By then, the rot will have set in; it becomes a vicious circle.

Maybe. The anecdotal evidence I have suggests this isn't phasing anyone yet. When I suggest that the market is on the turn I get told no, it isn't, it is a temporary blip. Maybe more of these reports will start to filter through and change that sentiment. 

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For those who have been watching the housing market for long enough you ought to know, pay attention to Halifax, Nationwide and Land Registry, ignore, Rightmove and RICS surveys (and the posters who come on here daily to say "HPC is here").

 

 

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1 hour ago, Barnsey said:

And this story is friggin everywhere this morning...

That's more important than the reliability of the index. Even if it's completely wrong a negative can still help to shift sentiment in the right direction.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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