Rightmove February 2019

[Bruce Banner]

Asking prices up 0.2%, the slowest growth since 2009.

Shipside on BBC News looking uneasy.

[Simhadri]

https://www.homesandproperty.co.uk/property-news/london-house-prices-weak-pound-tempts-international-buyers-back-to-the-capital-despite-continuing-a128031.html

[Aidan Ap Word]

Loving the graphs on the national trends on the RM site ... including:

[happyguy]

0.2 is nothing it does not make buying affordable for millions of people - if RM had said prices had gone up 0.2% people would have said that was totally insignificant or said that RM was lying

[warrior88]

1 hour ago, Aidan Ap Word said:

Loving the graphs on the national trends on the RM site ... including:

Average time to sell - would be beneficial if its more than 100 days

Edited February 18, 2019 by warrior88

[Trump Invective]

From here:

https://www.financialreporter.co.uk/finance-news/subdued-prices-return-housing-affordability-to-2011-levels-rightmove.html

"Northern regions are seeing annual asking price growth of over 2%, while sellers in southern regions are seeing hesitancy to come to market tumbleweed."

[Freki]

It is an interesting indicator nonetheless.

If you look at RICS, you see that the "professionals" are bearish. The general population's sentiment has not moved much yet on the seller side. Let's hope the bear sentiment wins.

[btd1981]

42 minutes ago, warrior88 said:

Average time to sell - would be beneficial if its more than 100 days

Also nice choice of axis range.

[Doner Kebab]

1 hour ago, happyguy said:

0.2 is nothing it does not make buying affordable for millions of people - if RM had said prices had gone up 0.2% people would have said that was totally insignificant or said that RM was lying

But they did say asking prices rose by 0.2%........

[Aidan Ap Word]

1 hour ago, warrior88 said:

Average time to sell - would be beneficial if its more than 100 days

 

1 hour ago, btd1981 said:

Also nice choice of axis range.

I don't know what the highest and lowest numbers for this statistic have been over the years ... maybe 80 days on the market is about the highest ever (remembering that the methodology/classification is probably a joke anyway).

I am more concerned with the duality of the increased time on market and falling asking price (in real terms). I guess it is dumb to assume there is a relationship between the tow ... but at a superficial level I can see time on market dropping back before returns to any increases would make sense.

[btd1981]

I would imagine that time on market is a leading indicator...a rising time on market means prices are too high and need to fall before the time on market can reduce again while a low time on market implies that prices are seen as low/more affordable and therefore prices can increase. I'd be very interested to see a plot of asking price, selling price, time on market and sales volumes vs time (with no fudging).

[29929BlackTuesday]

Here in Malvern nice houses are selling within a week. We're trying to sell (got 4 offers in 2 days) but everything we like the look of has gone up 70,000 in a few years. Apart from ours of course. Wife is on the phone to the estate agent now saying put it up by 70,000 as we can't afford to move.

We tried offering on a tiny place which was wildly overpriced and they wouldn't take even 1pc off the full asking.

Not looking good yet - we won't ever be able to move 'up' - only far into Herefordshire - and as everyone knows, it's dark there. Like Mordor.

Estate houses are not selling though. We saw a semi (death) in Pershore and it was virtually derelict. Smelled of wee. £200,000. Now I know why people buy new builds. Funnily, the estate agent (the owner actually) pointed out a couple of the 1970's houses which were EMPTY. It was like the Truman show /  They Live / Day of the Triffids.

Character houses of any type are snapped up and there is no price differentiation between nice areas and locally-docally hell-holes. No Location Location Location anymore: it's Bedrooms, Bedrooms, Bedrooms. Doesn't matter if it's lovely North Malvern or Pound Bank Road (like Oldham next to the hill) the prices are the same.

[spyguy]

These are much better, even though the web interface is terrible

https://www.home.co.uk/asking_price_index/

The northern point code I track have been flat for years - 12.

But waaay above the getting prices.

 

 

[Freki]

17 hours ago, 29929BlackTuesday said:

Here in Malvern nice houses are selling within a week. We're trying to sell (got 4 offers in 2 days) but everything we like the look of has gone up 70,000 in a few years. Apart from ours of course. Wife is on the phone to the estate agent now saying put it up by 70,000 as we can't afford to move.

Quick one, you did not check the price of what you were aiming for before putting yours for sale?

[29929BlackTuesday]

Freki - weird one but yes we did. Anything we had been eyeing up sold immediately and we missed out on them and all we are left with now are the estate houses in v poor condition. We expected everyone else to smell the coffee and take reductions in their asking price but no-one is budging by even 5 thousand.

Yes we did spend ages on Rightmove and drive-bys too but it's only when you actually get into a house do you see the true horror. There is no point viewing houses if you haven't got an offer on your own house as any offer you may make is laughed at by the EAs and in one case the other week not passed on to the vendor. We missed out on it as a result.

It's a Catch 22. Can't view meaningfully if you haven't got an offer. Have to accept an offer to see how much other people will be prepared to drop (nothing at all it seems). Once you are actually, in reality, in the real world actually trying to buy somewhere you see true state of what's going on out there: Sh)t-holes in a derelict state, stinking of wee (one with a toilet with diarrhoea still in it I kid you not) on for over £200,000 when 2 years ago they were 150 or less. 

As I say, don't completely write me off as an idiot for not checking the market first - our online checking didn't match the hard reality of viewing a deceased estate on a raining Saturday morning with an EA who forgot there was a viewing and didn't turn up for 30mins. Then looking round something that looked like a decent 'doer-upper' online which in true life is a health hazard. Bare wires / floods etc.

The property market is totally utterly ludicrous and wife and I wonder if EAs are even real - it feels like being in the Truman Show when you do a viewing.

[longgone]

1 hour ago, 29929BlackTuesday said:

Sh)t-holes in a derelict state, stinking of wee (one with a toilet with diarrhoea still in it I kid you not) on for over £200,000 when 2 years ago they were 150 or less. 

 

? vintage is always extra

[29929BlackTuesday]

That made wife laugh.

Good work.

[bear.getting.old]

They aren't shifting in London and South East

[thewig]

My work colleague is getting into BTL. I’m still reeling from this news yesterday. Dumbfounded even.

zero insight, zero research, just “it’ll go up over time” and “it’s my pension”

the only decision she was weighing up was whether to get one nearby “cos we know the area” or one up north somewhere “cheaper but further away”

 

check out section 24 I said

[29929BlackTuesday]

I reckon lots of Gen X and possibly boomers are getting into BTL around here. Any little FTB house is being snapped up, done up and 100K added to the price. That is buy to sell I know but it shows what's going on.

A bungalow down the road which we looked at 2yrs ago was 195 - they did it up a tiny bit and now it's 280. That is not unusual for around here. At least 75 thousand in 2 years for any house. It is nice round here and I think there is a bit of city flight to areas like this. 

Even with endless new builds around Pershore, Ledbury, you name it - massive estates which only appear to increase the value of normal houses - older ones I mean. It is ludicrous and no-one can move up a house. Literally, buy the biggest house you can and live in it forever.

South / South East I don't know - I imagine it's on the verge of a collapse as nice people run for the countryside.

I am naturally a bear and despise HPI (as my previous 2thousand posts will attest) and I'm only reporting what I see. It's horrible and desperately needs to be stopped. but...

Brexit might have controlled it / stopped it but the globalists will not allow it to happen. You watch the new group of ex 'Labour' MPs go. Property ownership and the value of this property  is of prime concern. Remainers tend to only mention money and wealth (have you noticed?) and therefore they want everything to continue.

Got a yellow vest on display on the back shelf of my car.

Sorry for the long posts.

Edited February 19, 2019 by 29929BlackTuesday
to make it better

[29929BlackTuesday]

Can I reply to my own post? Doing it now.

I do suspect however that this hyper-inflation of house prices is the portent of something huge. I think the globalists have had a go at keeping it going and in doing so have created a monster.

I am going to call crash - not immediately but soon.

[btd1981]

2 hours ago, thewig said:

My work colleague is getting into BTL. I’m still reeling from this news yesterday. Dumbfounded even.

zero insight, zero research, just “it’ll go up over time” and “it’s my pension”

the only decision she was weighing up was whether to get one nearby “cos we know the area” or one up north somewhere “cheaper but further away”

 

check out section 24 I said

"Where in the country is Section 24" they said

[dugsbody]

2 hours ago, 29929BlackTuesday said:

Brexit might have controlled it / stopped it but the globalists will not allow it to happen. You watch the new group of ex 'Labour' MPs go. Property ownership and the value of this property  is of prime concern. Remainers tend to only mention money and wealth (have you noticed?) and therefore they want everything to continue.

Why are you so interested in cheaper houses if money/wealth doesn't matter? Sounds to me like you also care about how much money you have. 

[GreenDevil]

7 hours ago, 29929BlackTuesday said:

Freki - weird one but yes we did. Anything we had been eyeing up sold immediately and we missed out on them and all we are left with now are the estate houses in v poor condition. We expected everyone else to smell the coffee and take reductions in their asking price but no-one is budging by even 5 thousand.

Yes we did spend ages on Rightmove and drive-bys too but it's only when you actually get into a house do you see the true horror. There is no point viewing houses if you haven't got an offer on your own house as any offer you may make is laughed at by the EAs and in one case the other week not passed on to the vendor. We missed out on it as a result.

It's a Catch 22. Can't view meaningfully if you haven't got an offer. Have to accept an offer to see how much other people will be prepared to drop (nothing at all it seems). Once you are actually, in reality, in the real world actually trying to buy somewhere you see true state of what's going on out there: Sh)t-holes in a derelict state, stinking of wee (one with a toilet with diarrhoea still in it I kid you not) on for over £200,000 when 2 years ago they were 150 or less. 

As I say, don't completely write me off as an idiot for not checking the market first - our online checking didn't match the hard reality of viewing a deceased estate on a raining Saturday morning with an EA who forgot there was a viewing and didn't turn up for 30mins. Then looking round something that looked like a decent 'doer-upper' online which in true life is a health hazard. Bare wires / floods etc.

The property market is totally utterly ludicrous and wife and I wonder if EAs are even real - it feels like being in the Truman Show when you do a viewing.

IT MUST BE REAL.

All the EAs near me are now driving in big new Mercedes, bmws or audis. 

[mrtickle]

8 hours ago, 29929BlackTuesday said:

There is no point viewing houses if you haven't got an offer on your own house as any offer you may make is laughed at by the EAs and in one case the other week not passed on to the vendor. We missed out on it as a result.

That's a slam-dunk offence. Report them. They are legally required to pass on all offers. You could also claim damages if you wanted to try it on.