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Mr Banks

Rightmove index up in October (biggest rise since 2014)

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Just as i see the chancellor ganging up on me by removing my income pension tax relief i see this grrr bad day.

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

Apparently it is the biggest rise for 3 years in the quiet month of october. Now I know we all got very excited when it fell last month so fairs fair we treat this result in the same where as we are all balanced ;)

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1 hour ago, Mr Banks said:

Just as i see the chancellor ganging up on me by removing my income pension tax relief i see this grrr bad day.

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

Apparently it is the biggest rise for 3 years in the quiet month of october. Now I know we all got very excited when it fell last month so fairs fair we treat this result in the same where as we are all balanced ;)

As this is tracking Asking Prices, surely it's just an index of the publics current state of delusion/denial.

Is there an index which tracks initial asking prices against sold prices? Don't think I've ever seen that.

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1 hour ago, Mr Banks said:

Just as i see the chancellor ganging up on me by removing my income pension tax relief i see this grrr bad day.

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

Apparently it is the biggest rise for 3 years in the quiet month of october. Now I know we all got very excited when it fell last month so fairs fair we treat this result in the same where as we are all balanced ;)

Ha - good luck with those asking prices. Last months revised down too I believe

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Definitely seeing this in my locale, (Durham - DH1) Absolutely barmy asking prices almost immediately reduced within a day or two, which most agents seem to do, so presumably there's some kind of market rigging & collusion on the go.

 

Completely pointless as the local wage wouldn't get near the multiples required to buy these houses... never mind... keep asking 'what it's worth'.

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13 minutes ago, Smiley George said:

As this is tracking Asking Prices, surely it's just an index of the publics current state of delusion/denial.

Is there an index which tracks initial asking prices against sold prices? Don't think I've ever seen that.

Oh yes absolutely it is a silly index i don't doubt that. Just last months negative figure was jumped on by so many here which was surprising given the justifiable criticism this index gets.

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Biggest October rise since October 14... Talk about cherry picking the stats they use! And of course doesn't consider the aforementioned drops once listed.

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Loads of cash in while you can asking prices near me.

Many of these are nice houses probably would sell at 400/450 and asking 600k

Ie no chance will sell

No some hearing the market is falling is a sign the boat has been missed......to others you try and sell for the stupid price they never even got to

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Supply up quite a lot in my search area.

Averaged 30 houses on the market last year.

Currently 49, highest I've seen for a long time, some for 5 months +, the longest I've seen in recent years.

Prices sticky though, no significant reductions and sale prices seem high. But I think we are at tipping point without another government intervention.

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3 minutes ago, Timak said:

Supply up quite a lot in my search area.

Averaged 30 houses on the market last year.

Currently 49, highest I've seen for a long time, some for 5 months +, the longest I've seen in recent years.

Prices sticky though, no significant reductions and sale prices seem high. But I think we are at tipping point without another government intervention.

I think we have a similar search area. South east Cambridgeshire? And I concur reasonably priced stuff sells the rest just sits for months. Some stupid prices and whenever I think it is starting to cool some mentally high transaction goes through the land registry. I have heard central Cambridge itself is very much subdued year on year. Bit those asking prices are still bonkers.

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2 hours ago, Smiley George said:

As this is tracking Asking Prices, surely it's just an index of the publics current state of delusion/denial.

Is there an index which tracks initial asking prices against sold prices? Don't think I've ever seen that.

here is a tweet that puts asking prices in perspective

 

 

 

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1 hour ago, Mr Banks said:

here is a tweet that puts asking prices in perspective

 

 

 

Thanks Mr Banks, very interesting.

Seems that up until the GFC Asking Prices were much more tightly coupled to Sales Prices, then they went their separate ways. Another indicator (for those that can bothered to look) that house prices are artificially high, requiring continuous ramping of asking prices to drag the market skywards and try and sustain upward trajectory - HPI forever.

Whilst there are many factors why HP's are where they are to day, this graph shows EA's have a lot to answer for, and when it all comes crashing down around them, there will be zero sympathy from me.

 

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1 hour ago, Mr Banks said:

here is a tweet that puts asking prices in perspective

I like his later tweet:

"There are half a million homes for sale across the UK & last month 100k sold. You’ve got a 15% chance of your home selling in the next month"

An 85% likelihood your house isn't going to sell this month coupled with more than 1 in 4 houses going SSTC falling through prior to completion! ;)

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The fact is HALF the houses brought to market subsequently get withdrawn having failed to achieve a sale... so straight away that's 50% of the market made up of deluded time wasting vendors with unachievable kite flying asking prices.

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8 minutes ago, JustAnotherProle said:

Yes it did, a while ago. It probably needs resurrecting now:

http://www.housepricecrash.co.uk/forum/index.php?/topic/120428-the-delusion-index/&

Thanks! From a quick calculation , there's actually been a slight dip. Delusion Index of 1.52 in May this year versus 1.48 in September. (£310k / £210k using Nationwide for actual sold) Would be great to see it properly updated.

Either way, it's an outrageous gulf. Surely a mix of kite flying / general delusion, and Rightmove inherently having more of higher end listings than average? (Or just very poor weighting)

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  • 294 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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