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Huge Numbers Of New Properties On Rightmove

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I've commented before about the numbers of properties coming onto the market in the patch 10miles around me. Last year in Jan, Feb it was 30 per day. Peak time in April, May it was 100.

Well yesterday it was 303 and today it was 180.

Nearly 500 properties added onto local agents books in two days.

What's that going to do to supply and demand?

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I have seen the same thing and posted about the sudden and large supply of properties appearing in my area a few days ago. The off loading hasn't stopped with a load more being added in the last few days. Walking around the few streets in my area now it is beginning to look ominous. For Sale signs appearing on each street - first one then two then three or four.

I was in an EA before Christmas who told me things had slowed down and sales had dropped from about 12 per week to 3/4 per week.

In a different EA last week who was desperately trying to get my details to put on his data base. I didn;t want to because I couldn;t stand the thought of being hounded everytime a new property came on their books so just fobbed him off.

His reply - we are getting 15 properties a week on our books so if you go on our mailing list you will be first to know.

There are about eight EA's in my area. If they are all getting that number of properties it won't be long before the streets are full of For Sale signs again just like last time.

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I go to rightmove

Type in my postcode and 1/2 mile

Click 'in the last 24 hours'

Count how many show up (it should tell you at the top of the page)

keep a record

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Good shout 2005, I think I'll be with you on this - maybe weekly for me though.

There is a thread on HPC compulsive obsessives, maybe rightmove can do an hourly stat for you. he he

:lol::lol::lol:

Edited by music man

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Number are DROPPING around my area, Bath, but they did this last year and then picked up sharply in the spring.

On the plus side I have note a huge increase in the number of properties up for Rent a 100% increase since December! I am expecting to see many on the For Sale list later in the year.

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Anecdotally, properties are starting to stick on the market. Where I live (Bolton) lots of sale boards and lots of 'new instruction', 'new price' etc. appearing in local rag.

My dumbkoff neighbour has just dropped his by £5K thinking this will stimulate interest in his grossly over priced property. 12 months on market, no offers. It is the start of a market realisation that buyers are becoming more savvy on what represents value, plus they are scared of what the future holds.

It's happening.

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It does make you wonder how much of this is related to their impending floatation...

Rightmove are 30% owned by Countrywide. It would be very interesting to have a breakdown of which agents all these new properties are with. If the majority were nationwide you could argue that they are being encoraged to get properties up online to boost statistics for the floatation.

BBC report on righmove floatation.

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How can you see these stats. I want to start monitoring them for my area.

I've written some software (as have others on this 'ere forum) that downloads prices for 1 or more post code areas from RightMove and stores them in an Access DB, it also builds a graph of average price change. PM me if you'd like a copy.

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I've written some software (as have others on this 'ere forum) that downloads prices for 1 or more post code areas from RightMove and stores them in an Access DB, it also builds a graph of average price change. PM me if you'd like a copy.

ICTOA, Would it be easy enough to modify your software to collect the data on who is marketing the properties?

I had a quick look at my area woking +10 miles and didn't see any obvious bias towards countrywide. In fact there were less countrywide marketed properties than I would have expected considering it is probably free for them to market their properties on rightmove.

Perhaps CountryWide arean't particularly active agent in Woking/Guildford area....

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Don't forget that if there are lots of people selling their houses that means there are also lots of people looking to buy houses (unless they plan to live on the street).

Yes, there will be some BTL investments gone wrong, downsizers and even bankrupts amongst the numbers, but by and large people who are selling also tend to be buying at the same time IHMO.

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Don't forget that if there are lots of people selling their houses that means there are also lots of people looking to buy houses (unless they plan to live on the street).

Yes, there will be some BTL investments gone wrong, downsizers and even bankrupts amongst the numbers, but by and large people who are selling also tend to be buying at the same time IHMO.

Not in my experience. When we bought our first house in 95' we had tons to choose from and could offer silly low money. Buyers were scarce and sellers plentiful.

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I have noticed sizeable increases in the number of BTLs and For Sales in the London/Home Counties region. There were approximately 177,000 listed two weeks ago, now there are 183,000. The kinds of figures we are looking at on this thread might suggest that some panic selling may be going on as owners rush to get their properties on the market before further, possible disastrous, drops occur. When EAs report increased activity it may reflect more sellers hoping to divest their "investment" ahead of the Spring rush to sell. We have to remember that many buyers used interest only loans to get in and a slight drop in value creates instant negative equity.

http://www.findaproperty.com/

Find a Property has 183,383 properties for sale and to rent throughout the UK and overseas.

(Most of the non-UK listings contain zero properties--this is primarily a London & Home Counties site)

Edited by Realistbear

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Guest Winners and Losers

Don't forget that if there are lots of people selling their houses that means there are also lots of people looking to buy houses (unless they plan to live on the street).

Yes, there will be some BTL investments gone wrong, downsizers and even bankrupts amongst the numbers, but by and large people who are selling also tend to be buying at the same time IHMO.

Since when does lots of sellers = lots of buyers?????

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I have monitored properties in my areas for some time

Quantities of properties are down from there highs last year

IP1 – 215 properties for sale 15/01/05

IP1 – 321 properties for sale 16/09/05

IP1 – 242 properties for sale 29/12/05

Becontree – 197 properties for sale 15/01/05

Becontree – 190 properties for sale 06/09/05

Becontree – 131 properties for sale 29/12/05

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Don't forget that if there are lots of people selling their houses that means there are also lots of people looking to buy houses (unless they plan to live on the street).

Yes, there will be some BTL investments gone wrong, downsizers and even bankrupts amongst the numbers, but by and large people who are selling also tend to be buying at the same time IHMO.

Err, not really. Sellers don't become real buyers until they can sell. That is the nature of chains.

What is important is the number of potential buyers who do not need to sell in order to buy (ignoring bridging finance which I doubt is a major factor). At the moment that means FTBs, STRs, BTLs etc.

If lots of property comes on the market now at high prices you have a problem. FTBs cannot by and large afford the high price. STRs are waiting for significant price falls so won't be tempted for the most part. BTLs will mainly find that the figures don't add up at these prices (apart from a few nutters).

when this happens you get a huge circle forming. You may well gets lots of viewers when you are selling, but most of them need to sell themselves. Without a bottom end to the chain they are all mightily buggered.

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ICTOA, Would it be easy enough to modify your software to collect the data on who is marketing the properties?

I had a quick look at my area woking +10 miles and didn't see any obvious bias towards countrywide. In fact there were less countrywide marketed properties than I would have expected considering it is probably free for them to market their properties on rightmove.

Perhaps CountryWide arean't particularly active agent in Woking/Guildford area....

I'll have to check when I get home - I don't think it captures that at the moment, but should be fairly easy to add...

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Err, not really. Sellers don't become real buyers until they can sell. That is the nature of chains.

Yes of course. And they don't become sellers until they actually sell either.

My point is that people are focussing on properties for sale a sign that people are 'abandoning' property en masse. All I'm saying is that most people who are selling their houses do not intend to live on the streets - they intend to buy another house.

So whilst they may be intending to add to the supply by selling a house, they will also be intending to reduce supply buy buying another one (in most cases). 1 -1 +1 = 1 again.

I do realise that there are still significnat numbers of people who are selling and do NOT intend to buy e.g. investments gone wrong/bankrupts etc. but I think this is only a fraction of sellers.

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Yes of course. And they don't become sellers until they actually sell either.

My point is that people are focussing on properties for sale a sign that people are 'abandoning' property en masse. All I'm saying is that most people who are selling their houses do not intend to live on the streets - they intend to buy another house.

So whilst they may be intending to add to the supply by selling a house, they will also be intending to reduce supply buy buying another one (in most cases). 1 -1 +1 = 1 again.

I do realise that there are still significnat numbers of people who are selling and do NOT intend to buy e.g. investments gone wrong/bankrupts etc. but I think this is only a fraction of sellers.

Thats why the number of 'chain free' properties being advertised is interesting.

I've viewed 3 houses so far this year and 2 of them were vacant/investment properties.

Add to that the new homes being built by housebuilders who add to supply but do not buy and you have a surplus of sellers relative to buyers, unless prices correct to sensible levels where FTBs can afford to buy, BTL adds up or STRs are tempted back into the market.

FTB / BTL probably make up the biggest potential buyers.

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  • 301 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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