Rightmove asking prices April 2024 +1.1% MoM +1.7% YoY

[fellow]

The seller delusion continues:

https://www.thisismoney.co.uk/money/mortgageshome/article-13328303/Large-family-homes-hot-property-asking-prices-jump-says-Rightmove.html

Edited April 22 by fellow

[Aidan Ap Word]

The delusion is a national religion.

And pointing out to anyone who might be new to these threads: these are asking prices AND are asking prices for new-to-market properties only.

But the key point holds: the delusion is almost palpable.

[Sackboii]

2 minutes ago, Aidan Ap Word said:

The delusion is a national religion.

And pointing out to anyone who might be new to these threads: these are asking prices AND are asking prices for new-to-market properties only.

But the key point holds: the delusion is almost palpable.

EA's are overpricing on purpose IMO. They know if talks up the market and the RM index and changes nothing as regards actual sales, which take several sizable reductions and many months anyway.

The whole market is bent.

[Timm]

17 minutes ago, Aidan Ap Word said:

The delusion is a national religion.

And pointing out to anyone who might be new to these threads: these are asking prices AND are asking prices for new-to-market properties only.

But the key point holds: the delusion is almost palpable.

And yet sales are up by a greater percentage than listings are up:

"The number of new sellers in this sector is up by 18 per cent compared to this time last year, and the number of sales agreed is up 20 per cent."

[Quid Game]

So I get the argument about it’s asking prices not sold prices and blah blah blah, however you can’t every month keep posting about seller delusion as a way to explain it all. If the market was subdued then there would be a race to the bottom with people saying to estate agents I don’t care about the price, just get this thing sold before I go bankrupt. If supply vastly outstripped demand then asking prices would trend down accordingly. However, we have a situation whereby demand massively outstrips supply and therefore asking prices are rising / remain buoyant.  
 

It would appear that at the very least people are in no rush to sell and can continue to sit on their hands for top dollar or as close to it as possible. 

[Huggy]

3 minutes ago, Quid Game said:

It would appear that at the very least people are in no rush to sell and can continue to sit on their hands for top dollar or as close to it as possible. 

And in no rush to buy either, not at these prices (and interest rates) anyway

Someone I knew put their house up at £500k back in 2022. Eventually accepted £390k (or close to) a year later. RM takes the half a million, never achievable, never to be considered by anyone with a brain, price. It is a delusion index, nothing more.

[Huggy]

What is not delusion: 460,000 people have come off their sucker rates this year already and are now experiencing what the word 'normal' means wrt interest rates.

Joining them are 4,000 people today. Same again tomorrow, and the next day, and the next....

[Nick Cash]

Not so great in Wales

 

https://www.bbc.co.uk/news/articles/c6pygjmr268o

[mynamehere]

Pure copium. Asking prices are correlated well enough to sale prices. 

If count was here posting falls with his stolen asking price index,  you would be lapping it up . 

 

 

[Aidan Ap Word]

1 hour ago, Quid Game said:

It would appear that at the very least people are in no rush to sell and can continue to sit on their hands for top dollar or as close to it as possible. 

That comment would only be reasonable if the "index" included the state of existing on-market offerings. Which it doesn't.

[Stewy]

It does seem as if The Plateau doesn't have long left. Off to the races again shortly 🐎 

[stuckinlimbo]

Im not surprised asking prices are going up, all the houses that have come on in my area of South London since Easter have all been the larger homes that people must be finding hard to pay mortgages for. FWIW, nothing seems to have shifted either. You can say that asking prices are correlated to sale prices, but I think they are waiting to find out what the market is willing to pay for them, which Im guessing is a lot lower since 10 Year Gilt rates went back up after Feb.

[Pablo]

It is a mixed picture in my neck of the woods (south east London)

Very very very quiet up until about mid Feb, then a few listings came on that were desirable 5 bedroom houses, sub £1.4m (which for the area is good), 2 of those went quickly.

Then a few listings came on at big money vs real value, those are sat languising on the market for 1.5 months +

Some of the listings that have been on the market for a year plus, those had big cuts of £150k + on £1.5m type value. Again those are still waiting about on the market without a sale.

However there was also a few old listings (6m+), again £1.3-1.5m type places that have always had some potential but were missing something key, like the frontage, suitable sized garden or weird lounge layout. Those in the last 2-3 weeks have been bought (much to my surprise) i.e about 1/3 of the "could be nice, but no" stock. So I am not sure if it was heavily reduced behind the scenes or the market just went crazy after the BOE signalling interest rates were more likely to drop.

Then there was a big place on a very desirable street, needed updating but not crazily so. That seemingly came on at a fair value vs past 2-3 years worth of sales records, but it's just not going.

I have seen sub £750k terraces and semi's on the outskirts of the area going quickly, that market feels like it's running at a faster pace than the larger detached homes certainly.

Then in a neigbouring area where there are 8 or so streets in a conservation area, anything under £1.2m for 170-200 sqm (in any condition) has been sold within a week, I think because people who can get the money aren't putting it into the very nicest/developed areas, but want to put it somewhere where it hasn't totally breached it's limited.

Now next to nothing has come onto the market for a week. 

All in all, a very mixed and frankly confusing picture. It seems to me, that either the development stock in prime locations that isn't too risky and people want to make it their own or stock that is 100% perfect and ready to go ...these are now moving at a less glacial pace, then you still have the odd "how the hell has that sold" moments.

I actually ended up making an offer on something and having it accepted, as it was £200k below "comparable" value (after dropping £100k)which makes a difference from being £100-200k overpriced,  on a lovely road and mostly already modernised. It needs about £10-15k put into it, to take it from a "lovely but it has that issue" to it's ready to go without quibble, and so far nothing has come on to touch it due to either size/location and frankly price. 

Edited April 22 by Pablo

[Fromage Frais]

Loads of previously desirable holiday homes being listed near me.

Worth maybe 500 ish but being listed for over 700/800k

The stock is piling up as the conditions that gave value to them for the owners are not there.  Those being low rates, tax relief and staycation mania.

It is just very silly as people cannot afford the prices maybe the odd one but thats it.

Market at sane prices is actually not bad so once the 5xx gets cut to nearer 400 people come and and buy which is still impressive however when you consider that a) there is loads of stock now and b) the actual amount of market priced stock is very low there is still a shortage.

 

[Pebbles]

2 hours ago, Timm said:

And yet sales are up by a greater percentage than listings are up:

"The number of new sellers in this sector is up by 18 per cent compared to this time last year, and the number of sales agreed is up 20 per cent."

Don't you go around spreading inconvenient truths on this forum! Nothing is selling that's what we are told on here.

[stuckinlimbo]

25 minutes ago, Pebbles said:

And yet sales are up by a greater percentage than listings are up:

This doesnt necessarily mean that the sale are going up from the stock of new listings, just that more sales are taking place from houses that are sticking around for a lot longer

[Timm]

28 minutes ago, Pebbles said:

Don't you go around spreading inconvenient truths on this forum! Nothing is selling that's what we are told on here.

I just call it as I see it.

And it looks to me as if the market is starting to recover, certainly in terms of sentiment..

Just now, stuckinlimbo said:

This doesnt necessarily mean that the sale are going up from the stock of new listings, just that more sales are taking place from houses that are sticking around for a lot longer

Very true, and the sales agreed may be at prices materially below the first listing price.

TBH, the Rightmove index tells us more about sentiment than it tells us about house values.

[Maghull Mike]

4 minutes ago, Timm said:

I just call it as I see it.

And it looks to me as if the market is starting to recover, certainly in terms of sentiment..

Very true, and the sales agreed may be at prices materially below the first listing price.

TBH, the Rightmove index tells us more about sentiment than it tells us about house values.

NEWS FLASH

Just heard on the radio that  major lenders are lifting rates!

Note the £ is slipping

[fellow]

2 hours ago, mynamehere said:

Pure copium. Asking prices are correlated well enough to sale prices. 

If count was here posting falls with his stolen asking price index,  you would be lapping it up . 

 

 

We we will find out If someone with an X account can go direct to the Count's Property Lion feed and download the latest post? This is a much better index because it is the same data but including price reductions.

https://twitter.com/UkPropertyLion?ref_src=twsrc^google|twcamp^serp|twgr^author

[Timm]

4 minutes ago, Maghull Mike said:

NEWS FLASH

Just heard on the radio that  major lenders are lifting rates!

Note the £ is slipping

https://inews.co.uk/inews-lifestyle/money/property-and-mortgages/hsbc-barclays-mortgage-rates-interest-rate-cut-fears-3017878

Quote

Major mortgage lenders including HSBC, Barclays and NatWest will up their rates from tomorrow, amid concern that the Bank of England will not lower interest rates until August.

HSBC is increasing several of its two and five-year fixes from tomorrow, although the exact rates are not yet confirmed. NatWest is also upping rates on selected two and five year switcher deals by 0.1 percentage points, while Barclays also said it would be changing rates, with some products going up by 0.2 percentage points.

 

Edited April 22 by Timm

[fellow]

2 minutes ago, Maghull Mike said:

NEWS FLASH

Just heard on the radio that  major lenders are lifting rates!

Note the £ is slipping

Exactly. The seller / EA optimism was based entirely on the false assumption that mortgage rates would be slashed in ythe Spring / Summer, making prices shoot up. The reality is now feeding through that the opposite is the case.

[Timm]

1 minute ago, fellow said:

Exactly. The seller / EA optimism was based entirely on the false assumption that mortgage rates would be slashed in ythe Spring / Summer, making prices shoot up. The reality is now feeding through that the opposite is the case.

Welcome to the Bull Trap?

[mynamehere]

4 minutes ago, fellow said:

We we will find out If someone with an X account can go direct to the Count's Property Lion feed and download the latest post? This is a much better index because it is the same data but including price reductions.

https://twitter.com/UkPropertyLion?ref_src=twsrc^google|twcamp^serp|twgr^author

Count himself said the reductions make no statisitically significant difference to the index. 

Pure copium, deserving of mockery

[fellow]

9 minutes ago, mynamehere said:

Count himself said the reductions make no statisitically significant difference to the index. 

Pure copium, deserving of mockery

 

Erm no the Count never said that. The whole point of his index was to cut through the Righmove guff, otherwise why would he bother? I thought you were better than trolling and insults TBH. Something has hit a nerve with you recently?

Edited April 22 by fellow

[fellow]

.

Edited April 22 by fellow