Jump to content
House Price Crash Forum

South West Rightmove +8.1% In 2 Months? Wtf!


Recommended Posts

I always try to remain cool and rational

but WTF is this all about

http://www.rightmove.co.uk/pdf/p/hpi/House...20March2006.pdf MARCH 3.2%MOM

http://www.rightmove.co.uk/pdf/p/hpi/House...ebruary2006.pdf FEB 4.9%MOM

comrades from the west discuss and dismiss (i hope)

No idea, but here in Somerset we have -10% a year, so the rest of the south-west must be motoring to make up for it!

Link to post
Share on other sites

Not sure but it's not round here!

Visited New Milton (big retirement town) on Sunday (right on Hants/Dorset border). In 5 EA windows there were only 2 EA's which had 'SOLD' signs up!! The remaining 3 had wall to wall 'For Sale' signs. None had reduced signs, however 2 EA's had re-stickered house prices :)

Therefore it looks very slow moving here. The small family homes up to retirement properties are not moving very fast.

Rightmove is showing loads of properties for sale here. Before Xmas there were very few. Not that I am looking in this area anyway because it is not well placed for access to jobs (this might be part of the reason why it is suffering!!)

Link to post
Share on other sites

"Lostwithiel house prices are set to boom after the town was identified as a property hot spot in a nationwide survey that predicted the cost of property is set to almost double. The former Cornish capital has been named the third most desirable place to live in the UK with house prices set to soar by 89 per cent within the next five years, according to website propertyforecasts.co.uk which has compiled a list of the top 20 cities and towns where house prices are expected to explode."

http://www.thisiscornwall.co.uk/displayNod...&folderPk=83292

But there are no jobs here... what are all these people going to do to be able to pay their mortgages or is the whole of Cornwall perhaps going to turn into one giant retirement park full of grey haired elderly tending their gardens, perhaps supported by young Polish workers/cleaners/bum wipers at £3.00 per hour living 10 to a caravan... :blink:

Link to post
Share on other sites

Rightmove class Poole & Bournemouth as Southwest.

Forget Rightmoves mickey mouse Asking prices (in one day they'd added 23 houses over a £Million in Poole alone, none of which are selling, spiking the average). All new builders/developers/speculators are having to offer discounts/price reductions to shift inventory. So if they are lowering prices I can't explain why Rightmove say the trend upwards is at a never seen before anualised 48%. It aint happening.

Pablo Silver or Lead?

Link to post
Share on other sites

Agreed, the Rightmove numbers are from another world, not the South West, I live close to Ashburton and I am still in the market for a house in the Mid devon area. I have seen nothing like their numbers.

Best tip I can give to any of you is go to your local "TEAM" EA and ask them for the local South West report for the last month. I have the March report in my hand and it does give the real picture, for a group of EA's it unreal, it tells the truth.

They say:-

Increaced activity and realistic prices.

Average sale price....has NOT change for at least 6 months.

Demand v Supply is DOWN, more property came on to the market, and that the demand has yet to show up in the figures.

Speed of sale, newly listed properties did NOT sell as fast as the last month.

Make up your own mind, but this TEAM report was much closer to the real world than Rightmove would even be.

Link to post
Share on other sites

I've not been closely monitoring prices in Torbay/South Hams for very long but since I started paying some attention about a year ago the story seems to be that things are sticking for a long time and those that sell seem to have been reduced from the original asking price, some by up to 25%.

Jock

Edited by jock1967
Link to post
Share on other sites

South West -

This was originally listed with Fulfurds for 320K, then they dropped it to 299K, see link - http://www.rightmove.co.uk/viewdetails-554...pa_n=1&tr_t=buy

However Whitton & Laing are now trying to sell it for 279K!!! and still no interest... :lol:

Occasionally you see something that is reasonably priced and it goes pretty quick, but I'd say thats quite rare. Not sure if its greedy vendors or estate agents overpricing everything.

We actually made an offer of 135K on a house last week, they were asking 139,995. The vendor turned it down, they also turned down our improved offer of 137K. Seeing as they paid 55K for the property 5 years ago I thought they would've bitten my hand off. The estate agents are now ringing us everyday not only to see if we will increase our price but also to try and get us to see their 'Independent mortgage advisor' to help us out. If it's still on the market in a few weeks, our improved offer will be 129,995 :D

Link to post
Share on other sites

3 bed town house in Shiphay, Torquay. On at Connells a month ago for £165k. Now reduced to £158950. A reduction of 4%.

Only one of the 30-odd houses I am monitoring has sold at the original asking price in the last few months. The rest have either been reduced, withdrawn or are still waiting for a mug ... sorry I should have typed 'buyer' there. :P

Jock

Link to post
Share on other sites

I always try to remain cool and rational

but WTF is this all about

http://www.rightmove.co.uk/pdf/p/hpi/House...20March2006.pdf MARCH 3.2%MOM

http://www.rightmove.co.uk/pdf/p/hpi/House...ebruary2006.pdf FEB 4.9%MOM

comrades from the west discuss and dismiss (i hope)

Ian Beale

You will be glad to hear I have definite evidence that Rightmove's statistics are so far from the truth they have now become a joke

It has take me quite some time to collate definite information to prove Rightmove (and the rest of the Bulls)wrong

I have been following the market in SW Cornwall and Helston area (TR13) in Particular - this is a very nice part of the Country

The property market here has suffered perhaps more than other areas from property developers, 2nd home owners, the wealthy 1% (who can afford to pay over the odds) and from the EA's who have, I am sure, a price cartel to keep prices high, the prices here are among the highest in the country and the wages are the lowest - local people have no chance of buying a property unless they are already on the ladder.

There is a large Navy base at Culdrose near Helston and probably nearly 50% of the town is connected with it in some way - this keeps demand higher than normal for the "ordinary" property, whilst the people mentioned in the paragraph above have kept demand high for character property - although you will see from the figures that there is not the demand that there was.

Sorry the chart won't insert I'll do some work and insert it later

For those who are not interested on speadsheets (that includes me except when I am going to lose money buying an overpriced house) the summary is:

Houses sold in TR13 between Jan 2004 and Dec 2005, the average high point being the end of March 05

% Drop since high - Q4 2005

ave -15.69%

det -15.51%

semi -24.80%

flat 1.22%

terr -9.75%

This is based on real figures from HMLR not "Pie in the Sky" VI figures

The summary without figures is as follows

There are many fewer sales than there was at the high Q2, Q3 2004 - about 40% less so property isn't really "flying off the shelves"

There is some property that is both value for Money and Priced reasonably that is selling, there are others that have been on the market for nearly 3 years and despite large reductions still aren't moving

Despite a drop in the price for terraced and semis the numbers of cheaper priced houses sold particlarlt in the last quarter Q4 05 has grown in proportion to the more expensive

There is a graveyard for properties priced between 250 and 300K (people obviously resent paying stamp duty)

The final thing that dismays me more than anything there are still people out there who are offering asking prices and actually believe the market down here is rising, therea loads of SSTC's or Sale Agreeds - sadly it will take another 3-6 months top find out what they actually paid

I would welcome comments from other fellow South West HPC hopefuls, I habve more stats that I will post soon

Edited by Cornwall Sceptic
Link to post
Share on other sites

Ian Beale

You will be glad to hear I have definite evidence that Rightmove's statistics are so far from the truth they have now become a joke

It has take me quite some time to collate definite information to prove Rightmove (and the rest of the Bulls)wrong

I have been following the market in SW Cornwall and Helston area (TR13) in Particular - this is a very nice part of the Country

The property market here has suffered perhaps more than other areas from property developers, 2nd home owners, the wealthy 1% (who can afford to pay over the odds) and from the EA's who have, I am sure, a price cartel to keep prices high, the prices here are among the highest in the country and the wages are the lowest - local people have no chance of buying a property unless they are already on the ladder.

There is a large Navy base at Culdrose near Helston and probably nearly 50% of the town is connected with it in some way - this keeps demand higher than normal for the "ordinary" property, whilst the people mentioned in the paragraph above have kept demand high for character property - although you will see from the figures that there is not the demand that there was.

Sorry the chart won't insert I'll do some work and insert it later

For those who are not interested on speadsheets (that includes me except when I am going to lose money buying an overpriced house) the summary is:

Houses sold in TR13 between Jan 2004 and Dec 2005, the average high point being the end of March 05

% Drop since high - Q4 2005

ave -15.69%

det -15.51%

semi -24.80%

flat 1.22%

terr -9.75%

This is based on real figures from HMLR not "Pie in the Sky" VI figures

The summary without figures is as follows

There are many fewer sales than there was at the high Q2, Q3 2004 - about 40% less so property isn't really "flying off the shelves"

There is some property that is both value for Money and Priced reasonably that is selling, there are others that have been on the market for nearly 3 years and despite large reductions still aren't moving

Despite a drop in the price for terraced and semis the numbers of cheaper priced houses sold particlarlt in the last quarter Q4 05 has grown in proportion to the more expensive

There is a graveyard for properties priced between 250 and 300K (people obviously resent paying stamp duty)

The final thing that dismays me more than anything there are still people out there who are offering asking prices and actually believe the market down here is rising, therea loads of SSTC's or Sale Agreeds - sadly it will take another 3-6 months top find out what they actually paid

I would welcome comments from other fellow South West HPC hopefuls, I habve more stats that I will post soon

Great work Cornwall Sceptic.

You should paste and post this on the pinned Rightmove thread. This is hardcore evidence undermining Rightmove.

This shows quartely falls for most areas in your neck of the woods

http://news.bbc.co.uk/1/shared/spl/hi/in_d...ces/html/hg.stm

http://news.bbc.co.uk/1/shared/spl/hi/in_d...tml/region8.stm

Edited by Baz63
Link to post
Share on other sites

Anecodote... friend at work trying to sell her house as they're struggling to pay the interest only mortgage (bought at the peak). They're looking to downsize somewhere cheaper... House has been on the market for about 2 months - received offer of £174K (advertised at £179K) they'd agreed to sell, but house fell through due chain further up breaking. They're gutted as £5K reduction would have been OK for them. I really hope they can sell soon.

Another friend selling house in Truro, been on the market for about 6 months, no serious offers. They've just reduced they price by £50K (can't remember how much they were asking, but thought it was very overpriced at the time).

Also keep seeing lots of adverts with 'reduction' or 'new price' and for sale signs mushrooming all over the place. But there are still many developments around the area, in particular around Newquay. Lots of new 'investment/retirement' flats being built.

Perhaps it's starting to happen in the South West... ??? Rightmove listed a 5% drop in my area last month :D

Link to post
Share on other sites

8.1% In two months is certainly not the case where I am in Somerset.

The only properties that are selling are the bargain basement places that look as though they are

targets for the BTL mugs.

Barely anything over 400K is shifting. The 400K+ plus market is stacked with properties that have

been on the market for 12-18 months+. Seeing a lot of places being reduced. I really staggered

as to where the 8.1% comes from because from where I am the market looks up shit creek without

the proverbial paddle.

Link to post
Share on other sites
  • 2 weeks later...

Ian Beale

You will be glad to hear I have definite evidence that Rightmove's statistics are so far from the truth they have now become a joke

It has take me quite some time to collate definite information to prove Rightmove (and the rest of the Bulls)wrong

I have been following the market in SW Cornwall and Helston area (TR13) in Particular - this is a very nice part of the Country

The property market here has suffered perhaps more than other areas from property developers, 2nd home owners, the wealthy 1% (who can afford to pay over the odds) and from the EA's who have, I am sure, a price cartel to keep prices high, the prices here are among the highest in the country and the wages are the lowest - local people have no chance of buying a property unless they are already on the ladder.

There is a large Navy base at Culdrose near Helston and probably nearly 50% of the town is connected with it in some way - this keeps demand higher than normal for the "ordinary" property, whilst the people mentioned in the paragraph above have kept demand high for character property - although you will see from the figures that there is not the demand that there was.

Sorry the chart won't insert I'll do some work and insert it later

For those who are not interested on speadsheets (that includes me except when I am going to lose money buying an overpriced house) the summary is:

Houses sold in TR13 between Jan 2004 and Dec 2005, the average high point being the end of March 05

% Drop since high - Q4 2005

ave -15.69%

det -15.51%

semi -24.80%

flat 1.22%

terr -9.75%

This is based on real figures from HMLR not "Pie in the Sky" VI figures

The summary without figures is as follows

There are many fewer sales than there was at the high Q2, Q3 2004 - about 40% less so property isn't really "flying off the shelves"

There is some property that is both value for Money and Priced reasonably that is selling, there are others that have been on the market for nearly 3 years and despite large reductions still aren't moving

Despite a drop in the price for terraced and semis the numbers of cheaper priced houses sold particlarlt in the last quarter Q4 05 has grown in proportion to the more expensive

There is a graveyard for properties priced between 250 and 300K (people obviously resent paying stamp duty)

The final thing that dismays me more than anything there are still people out there who are offering asking prices and actually believe the market down here is rising, therea loads of SSTC's or Sale Agreeds - sadly it will take another 3-6 months top find out what they actually paid

I would welcome comments from other fellow South West HPC hopefuls, I habve more stats that I will post soon

Any updates from Helston, looking at agents they suddenly seem to have lots of SSTC signs for the higher priced propoerties. Is money coming back in to the market?

Link to post
Share on other sites

Any updates from Helston, looking at agents they suddenly seem to have lots of SSTC signs for the higher priced propoerties. Is money coming back in to the market?

White rabbit

I though no one else was interested in Helston - glad to pass on what I have observed

I am continuing to watch as I have been doing for some considerable time - I have looked at the trends a on a monthly basis which, because there are only a small number of houses selling In TR13 (approx 20 per month) the graphs go up and down and make it difficult ot follow - so I work the figures on a quarterly basis which gives a better overall view for a couple of reasons, one it takes out the peaks and troughs (all you need is 2 large detached to sell for 495 to push the average up by 20%) secondly and more importantly HMLR figures can be as much as 2-3 months behind all the December sales didn't appear until nearly the end of March

Back to the present

It seems that there has been quite a number of sales that completed in Jan and Feb with a higher than normal number of expensive detatched properties (which has obviously given the EA's confidence as the asking price for new properties on the market seems to have gone silly) - these house sales would have been agreed at the end of last summer - quite a number of the properties did not seem to appear in any EA's windows

Nearly all of the properties will have sales agreed before inflation started to go up ie fuel prices gas & electric up 25% diesel which has crept up to nearly £1 a litre again and the stories of lay off's etc etc. Is this a sign of current confidence or confidence 6 months ago

I guess you know this area and there are many very, very nice properties which would be dream homes for many people - and people are prepared to pay over the odds for them (I will list some properties that have been on the market for a long time which people are not prepapred to pay for in a separate post ) - So this will mean there are times when money comes into the market - perhaps some of the London bonuses went on 2nd homes in SW Cornwall not on bigger places in the City?

Sadly it will be mid-late May before the stats are out for the next quarter - I refuse to get despondent although it is frustrating when obviosuly overpriced properties are bought by people who believe the spin of the Crash Gordon, the VI's and the EA's

Let me know if you want to know more

Regards

Cornwall Sceptic

Link to post
Share on other sites

Houses flying off the shelves in the South West

1 http://www.rightmove.co.uk/viewdetails-686...pa_n=1&tr_t=buy

Property came on the market August 2005 reduced to £600k Jan and £550k end March it is in the very best of locations see map currently a drop of 15.4%

2 http://www.rightmove.co.uk/viewdetails-112...pa_n=3&tr_t=buy

Was on market when we started looking on 2004 dropped from £425k to £399k in late 2005

3 http://www.rightmove.co.uk/viewdetails-108...pa_n=3&tr_t=buy

Was on market when we started looking on 2004 dropped from £425k to £399k in early 2006 major drawback , driveway is blind onto main Heslton Penzance road - pulling out of your drive would be like turning into the 1st corner of a grand prix - after they have started!

4 http://www.rightmove.co.uk/viewdetails-115...pa_n=6&tr_t=buy

On market in Jul 2004 Just house for £375k reducted to £357 in 2005 the Back to £375 to include barns and a bit of land been at £330 since Jan 06

5 http://www.rightmove.co.uk/viewdetails-110...pa_n=7&tr_t=buy

On market since 2005 started at £375k dropped quarterly to £300k has been under offer and sold SSTC several times - looks great has 8 acres but is DIY conversion expect its problem is survey as some of the work won't meet building regs

More later?

Cornwall Sceptic

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 439 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.