Jump to content
House Price Crash Forum
Sign in to follow this  
Buffer Bear

Rightmove Data

Recommended Posts

Economics

The Times April 18, 2006

Mini house price boom 'is slowing'

By Gabriel Rozenberg, Economics Reporter

THE “mini boom” in the property market appears to be easing as new sellers enter the market, two reports suggest today.

House prices rose last month for the fifth month in a row, but the pace of increase slowed, the Royal Institution of Chartered Surveyors (RICS) said.

The RICS said that 13 per cent more sellers had reported a rise in prices than experienced a fall in prices in their area last month. This was weaker than the 16 per cent in February, indicating that price rises had slowed for the first time since early last year. The report said that new sellers had entered the property market last month at their fastest pace since last June, driving up activity and causing a slight rise in the proportion of stocks of homes on surveyors’ books.

Figures from Rightmove, the property website, for the four weeks to early April told a similar story. Although it said that house prices had risen 1.1 per cent, up from 0.9 per cent from the previous month, the year-on-year figures showed a slowing in the rate of property inflation, to 4.1 per cent in April from 4.3 per cent in March. Rightmove said that prices were being driven by heightened demand from buyers at the upper end of the market, but that there were indications that the “spring surge” was losing some momentum.

Its figures showed that average property stocks per estate agent had risen from 63 to 65, while time on the market had remained the same over the month, at 75 days, despite the seasonal interest in house purchases from the warmer weather.

Miles Shipside, Rightmove’s commercial director, said: “Easter is the traditional time to sell, and buyers appear to be snapping up property coming to the market, if it is sensibly priced. But in areas or price brackets where more property is sticking on the market, pricing below other competing properties will be critical if you want to sell before summer.”

Edited by Buffer Bear

Share this post


Link to post
Share on other sites
Guest Winners and Losers

Well, whaddya know. WAL was thinking of going global actually, due to my vested interest in the Australian property market.

Share this post


Link to post
Share on other sites

I really believe that this is the start of the decline. I think the sellers and EA's are still in denial but I can only see this going DOWNHILL from now on. I think it will be a poor summer and the average sellingtime will go above 5 months by December.

TB

Share this post


Link to post
Share on other sites

I really believe that this is the start of the decline. I think the sellers and EA's are still in denial but I can only see this going DOWNHILL from now on. I think it will be a poor summer and the average sellingtime will go above 5 months by December.

TB

For the general good of the nation, I'm as interested in house prices returning to normal as much as the next person (with the possible exception of Realist Bear), but I would be interested to see how often since the inception of this forum that an event or piece of news that has been hailed as being "... the start of the decline".

Top of my head, I can think of:

- Oil reaching USD 50 per barrell

- SIPS not accepting property anymore

- Iraq (many times)

- Iran (ditto)

- Nigeria (ditto)

- Oil reaching USD 60 per barrell

- Japan possibly thinking about the possibility of increasing interest rates

- Each of the last 8 US interest rate hikes

- Adecdotes: selectively remembered from pissy dinner parties

- The number of guests of HPC (really stretching there)

- The number of bullish posts on HPC in March / April

- HIPS

- Better yields in gold, palladium, etc

- Dr Bubb's chartism

- Sydney Morning Herald articles

- Australian Financial Review articles

- UK CPI data basket of goods changing

Etc.

And how often have these "leading indicators" been correct... the only one that seems to make sense is the mortgage approvals data which King of Nowhere et al. put together a month or so ago. That was pretty good.

ab

Share this post


Link to post
Share on other sites

I like this quote from the Times article posted above:

"Rightmove said that prices were being driven by heightened demand from buyers at the upper end of the market, but that there were indications that the “spring surge” was losing some momentum."

The dead cat bounce! :lol::lol::lol:

Share this post


Link to post
Share on other sites
He sounds to me like he's trying to say that a relatively small proportion of the market is distorting the overall picture, producing a misleading headline figure.

For example, Rightmove claim a 13.5% rise in asking prices in Cambridge, yet only a 5.2% rise in East Anglia.

I think this happens even more locally than that. Take for instance property in Brighouse, West Yorkshire. Two houses near where I rent, probably the most affluent in Brighouse, sold within days for their asking price. Most other areas of Brighouse are seeing quite big reductions and selling times are rather high. Because the affluent areas are more expensive it is distorting the picture and giving the local papers better housing headlines.

Share this post


Link to post
Share on other sites

For the general good of the nation, I'm as interested in house prices returning to normal as much as the next person (with the possible exception of Realist Bear), but I would be interested to see how often since the inception of this forum that an event or piece of news that has been hailed as being "... the start of the decline".

Top of my head, I can think of:

- Oil reaching USD 50 per barrell

- SIPS not accepting property anymore

- Iraq (many times)

- Iran (ditto)

- Nigeria (ditto)

- Oil reaching USD 60 per barrell

- Japan possibly thinking about the possibility of increasing interest rates

- Each of the last 8 US interest rate hikes

- Adecdotes: selectively remembered from pissy dinner parties

- The number of guests of HPC (really stretching there)

- The number of bullish posts on HPC in March / April

- HIPS

- Better yields in gold, palladium, etc

- Dr Bubb's chartism

- Sydney Morning Herald articles

- Australian Financial Review articles

- UK CPI data basket of goods changing

Etc.

And how often have these "leading indicators" been correct... the only one that seems to make sense is the mortgage approvals data which King of Nowhere et al. put together a month or so ago. That was pretty good.

ab

You've forgotten my personal favourite...bird flu.

The cheering on from the sidelines by the HPC hardline fundamentalists of a pandemic that could wipe out millions of lives just so they could afford a house was pure comedy.

:D

Edited by devslim

Share this post


Link to post
Share on other sites

You've forgotten my personal favourite...bird flu.

The cheering on from the sidelines by the HPC hardline fundamentalists of a pandemic that could wipe out millions of lives just so they could afford a house was pure comedy.

:D

Whats comedy? Thats life mate. People look after number 1. Its in our nature. Survival of the fitest. You die of bird flu..... tough luck.

Share this post


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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • 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.