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Boom Rightmove -2.3%

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One thing we can be certain of today, it's a big fall, so if it finds it's way onto the BBC news website the comments will be closed.

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Connells and Sequence axe prices on 5,000 properties – a quarter of their stock

http://www.propertyindustryeye.com/connells-and-sequence-axe-prices-on-5000-properties-a-quarter-of-their-stock/

Connells and Sequence, both part of Connells Group, have revealed price cuts on thousands of properties since the start of the summer.

Some  5,000 properties – about 25% of their total stock – have had “meaningful price reductions” over the summer months, which has resulted in agreed sales on 30% of the relaunched listings.

David Plumtree, chief executive of Connells Group, said: “Since the start of the summer, we have run sales campaigns across our branch network and have re-launched almost 5,000 properties to the market, all with meaningful price reductions.

“So far, we have agreed sales on 30% of those properties which goes to show that, despite subdued market conditions and the gloom in the wider economy, there remains decent levels of demand for well-priced stock.

“The truth is there are still good levels of buyers looking to move home and the UK’s love of home ownership is as strong as ever.

“Our figures show that properties will continue to sell well as long as they are correctly priced and proactively marketed by an estate agent who is prepared to work hard to get results.”

His comments come as data from Rightmove shows that new asking prices are down 2.3% on a monthly basis at £301,973, larger than the 2.1% drop at the same time last year, while annual growth has slowed from 1.4% in July 2018 to 1.1% this month.

The portal’s figures also reveal that sales agreed are down 0.8% annually in July and have dropped 3.5% so far this year.

Today’s report shows that average stock per agent was at the highest level for 12 months in July at 53, while it is taking 57 days on average to sell, up from 55 days a year ago.

Although Rightmove refers to August activity, its actual data is based on the period July 8 to August 11, so its September report will also contain much of the current summer month.

Miles Shipside, Rightmove director and housing market commentator, tried to maintain a positive tone, suggesting activity would pick up into the autumn.

He said: “The ‘beast from the east’ weather was a factor in sales agreed numbers being down by 5.4% year-to-date when we reported back in May, but they are on an upward trajectory and are now 3.5% down year-to-date.

“Overall in spite of political uncertainty, sales agreed are holding pretty steady and it is usual for there to be an upturn in prices and buyer activity as we head into the autumn season, especially if sellers maintain their cheaper pricing to attract buyers.”

However, despite Shipside’s optimism, accountancy firm KPMG has warned that traditional estate agencies are in for a rough autumn.

Blair Nimmo, KPMG’s head of restructuring, said at the weekend: “High street estate agents are presently facing an unprecedented set of challenges.

“The rise of online-only agencies have combined with falling house prices, a slowdown in sale activity and a raft of legislative changes, all of which have generated headwinds for your average high street agent.

“I would therefore not be surprised to see operators across this sector struggle over the second half of the year and beyond.”

KPMG said Foxtons was battling a poor London market with Countrywide in full-blown crisis.

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"It was the weather". To hot, too cold, Beast from the East, retail sales, BREXIT!. 

Nothing to do with the fact houses are priced at tulip mania levels 

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12 minutes ago, spyguy said:

As i always say to sellers - Have you seen the number of transactions?

Selling a house is becoming a lottery these days.

who the f*** can afford one.

When I am doing voluntary work for Crisis and they have someone come in to give inspirational talks to the homeless  on how they can turn their lives around by getting clean, get a job etc it niggles me, along with a few of the homeless I might add who were working and not surviving like "normal working clean people".

Some people are just born to do the un skilled work of this world, and we badly need them as they keep the cogs turning, they are vital, not everyone can be a highly paid executive. But I feel like telling them the truth, there are highly skilled educated working people out there who have zero chance of buying, and they have never screwed up in life.

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28 minutes ago, stuckmojo said:

"It was the weather". To hot, too cold, Beast from the East, retail sales, BREXIT!. 

Nothing to do with the fact houses are priced at tulip mania levels 

Spot on!

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This is nothing to rave about... unless the UK has put controls on the housing market; who can/can't buy.

Drops will increase cash rich foreign investment here.

It will also make it harder, perhaps much harder, for UK residents who aren't cash rich to buy houses.

The pre-Brexit blip.

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25% of stock "meaningfully reduced", and 30% of the reduced stock having sales agreed.

Doesn't tell how much of the original price stock sold (my guess - not a lot, otherwise why would you reduce price on a bunch of houses).

30% of 25% is 7.5% of the listings sold (sale agreed). Add whatever percentage of stock that sells at the original price.

Market is dead.

Edited by Henrik

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43 minutes ago, stuckmojo said:

"It was the weather". To hot, too cold, Beast from the East, retail sales, BREXIT!. 

Nothing to do with the fact houses are priced at tulip mania levels 

I was watching some top investor/economist online a while  back who was on about some investors bible apparently which I cannt remember now the name, driving me nuts because I would love to get hold of the book. His main point, and the books, was the worse thing for investor types is TOO MUCH  around the clock news, endless 24 hour dross. 

Everyday markets move and everyday because news 24 hour needs to be seen to be reporting gives for example why the FTSE went up or down or sideways, when in reality if say  the FTSE was to say fall 100 pts you might never know the real reason for years, rather than the FTSE was waiting on this or that report blah blah. He suggested that well over 80% of daily news coverage of why markets either rise or fall was wrong.

When the property market does start to crash on a monthly basis I will be listening to none of the media crap, well not to educate myself that is.

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6 minutes ago, inbruges said:

I was watching some top investor/economist online a while  back who was on about some investors bible apparently which I cannt remember now the name, driving me nuts because I would love to get hold of the book. His main point, and the books, was the worse thing for investor types is TOO MUCH  around the clock news, endless 24 hour dross. 

Everyday markets move and everyday because news 24 hour needs to be seen to be reporting gives for example why the FTSE went up or down or sideways, when in reality if say  the FTSE was to say fall 100 pts you might never know the real reason for years, rather than the FTSE was waiting on this or that report blah blah. He suggested that well over 80% of daily news coverage of why markets either rise or fall was wrong.

When the property market does start to crash on a monthly basis I will be listening to none of the media crap, well not to educate myself that is.

I sometimes have Bloomberg on when I have lunch, just for entertainment, and I came to the same conclusion. Surely the overall value of a company can't really fluctuate much on a daily basis unless the bulk of the market participants are speculators. Oh, wait.

And the 24/7 news reel means that everything becomes tactical at best and reactive at worst. Strategy is out of the window. 

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A little caution perhaps...

https://www.independent.co.uk/news/business/news/house-prices-average-falls-august-sellers-to-market-rightmove-data-a8496636.html

However the fall this year was slightly higher than the 2.1 per cent drop recorded in August 2017.

It would appear that a July/August asking price drop is a normal annual phenomenon.

Slow news season?

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2 minutes ago, Freezer? Best place for it said:

Because nothing is as attractive as a falling asset -  hoseshyte.

 

Precisely. Rich didn't get rich by catching falling knives.

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17 minutes ago, Tes Tickle said:

A little caution perhaps...

https://www.independent.co.uk/news/business/news/house-prices-average-falls-august-sellers-to-market-rightmove-data-a8496636.html

However the fall this year was slightly higher than the 2.1 per cent drop recorded in August 2017.

It would appear that a July/August asking price drop is a normal annual phenomenon.

Slow news season?

Fück knows where they got that -2.1%. It was -0.9 %. Aug 2011 was -2.1%.

https://www.iamtheagent.com/blog/post/2017/08/21/rightmove-house-price-index-august-2017-update

August does tend to produce a fall eg Aug 2014 was -2.9% but that was after a very strong spring, not an insipid one like this year.

 

Edited by Oliver Sutton

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1 hour ago, inbruges said:

who the f*** can afford one.

When I am doing voluntary work for Crisis and they have someone come in to give inspirational talks to the homeless  on how they can turn their lives around by getting clean, get a job etc it niggles me, along with a few of the homeless I might add who were working and not surviving like "normal working clean people".

Some people are just born to do the un skilled work of this world, and we badly need them as they keep the cogs turning, they are vital, not everyone can be a highly paid executive. But I feel like telling them the truth, there are highly skilled educated working people out there who have zero chance of buying, and they have never screwed up in life.

What a great post 

 

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32 minutes ago, kibuc said:

Precisely. Rich didn't get rich by catching falling knives.

Perhaps not but also not disposing of assets under duress and playing the long game - if you don’t crystallise the loss then it isn’t a loss 

Problem is mere mortals don’t always have that option - job move, debt, divorce etc means normal people take the hit and the rich hoover up

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41 minutes ago, cashinmattress said:

Uh huh... I'm sure you know better... for reasons.

If the rich are going to pop in and hoover up it won’t be at -10%. They have made their fortune on the way up and the smart money has already left or leaving where possible. Just look at all the CEO’s of the housing companies cashing out. The big players will be looking for the bottom. However it won’t be so easy to ride the wave again next time with higher interest rates, HTB ending and possibility of less demand for rentals from eu workers post Brexit. There may be far more attractive investments than the U.K. property market for some time after the crash.

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  • 261 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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