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Asking Price Reductions Accelerating

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As some of you may know I've been monitoring asking prices and market stats in Worcestershire for quite a while thanks to a fab piece of software a colleague wrote that tracks price and status changes of properties listed on Rightmove.

Each week I get a report of all changes to asking prices and it has been interesting to watch what has happened to asking prices during this Spring. As the main selling season got underway the number and severity of reductions decreased... but as Spring draws to a close something seems to be happening... Here's a random selection of weekly price movements for an area within 10 miles of central Worcester:

1st week of March: 71 price reductions, average reduction: £11.5k per property. 0 increases.

1st week of April: 61 price reductions, average reduction: £10.5k per property. 2 increases.

1st week May: 52 price reductions, average reduction: £8k per property 4 increases.

4th week May: 63 price reductions, average reduction £12k per property 4 increases.

1st week June: 74 price reductions, average reduction: £13.k per property 2 increases.

4th week June (this week): 90 reductions :D , average reduction: £15.8k per property 3 increases (£2k,£5k,£2k).

Throughout the period the average (mean) asking price has remained around £300k. Importantly, the figures above do NOT include properties that are removed from Rightmove and then relisted at a lower price.

Here's a selection (out of 90) of this week's reductions in asking price:...

£750k -> £650k http://www.rightmove.co.uk/viewdetails-9095372.rsp

£695k -> £625k http://www.rightmove.co.uk/viewdetails-7139107.rsp

£675k -> £595k http://www.rightmove.co.uk/viewdetails-7104847.rsp

£580k -> £499k http://www.rightmove.co.uk/viewdetails-6225469.rsp

£535k -> £468k http://www.rightmove.co.uk/viewdetails-7093111.rsp

£369k -> £335k http://www.rightmove.co.uk/viewdetails-6393514.rsp

£280k -> £250k http://www.rightmove.co.uk/viewdetails-6282124.rsp

£230k -> £195k http://www.rightmove.co.uk/viewdetails-4048870.rsp

£197k -> £179k http://www.rightmove.co.uk/viewdetails-11945861.rsp

And for balance, here are all the properties that have increased their asking prices this week:

£2k increase: http://www.rightmove.co.uk/viewdetails-11452751.rsp

£5k increase: http://www.rightmove.co.uk/viewdetails-12344951.rsp

£2k increase: http://www.rightmove.co.uk/viewdetails-6203554.rsp

I think I've also spotted approx 20 relisted properties this week - the details were deleted from Rightmove only to be replaced the next day but at a lower price. Reductions seem to be anything from £10k to £80k... Obviously these movements are not reflected in my average figures shown above.

I suspect that those folks that were hoping for a sale in Spring are starting to realise that time is running out...

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In the words of the comic genious Eric Morecome 'This guy's a genius'.

Thanks for that and I'd love to peek at that software. Give the guy a big pat on the back for an awesome non main media statistical view.

p.s. anyone have even the slightest clue how to write something like that or is it me being 35 and not up with the latest.........

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p.s. anyone have even the slightest clue how to write something like that or is it me being 35 and not up with the latest.........

Unless Rightmove have any feed or programmatic API to their data (which I doubt), I imagine the above is achieved via remote http and 'Screen Scraping'. It's quite a bit of work to get working properly, and any update to the layout or structure of the site's pages will result in the system breaking and having to be tweaked to get it working again.

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Less scientific, but I am finding the same result. I am just over the border in Warwickshire and monitor local prices by examining prices in the local property pages. The trend is toward more "new prices" with far more of these ads appearing as the weeks pass. "No upward chain" is the most common and these usually apply to what appear to be cheaper BTL type properties. The "new prices" reflect drops of only about 5k comparing week-to-week ads on particular properties. When the weekly drops start reflecting 10K drops it will get interesting.

The West Midlands is reeling from job losses and the ability of people to pay silly prices for houses or rentals has gone. The market is adjusting to the new reality.

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As some of you may know I've been monitoring asking prices and market stats in Worcestershire for quite a while thanks to a fab piece of software a colleague wrote that tracks price and status changes of properties listed on Rightmove.

Each week I get a report of all changes to asking prices and it has been interesting to watch what has happened to asking prices during this Spring. As the main selling season got underway the number and severity of reductions decreased... but as Spring draws to a close something seems to be happening... Here's a random selection of weekly price movements for an area within 10 miles of central Worcester:

1st week of March: 71 price reductions, average reduction: £11.5k per property. 0 increases.

1st week of April: 61 price reductions, average reduction: £10.5k per property. 2 increases.

1st week May: 52 price reductions, average reduction: £8k per property 4 increases.

4th week May: 63 price reductions, average reduction £12k per property 4 increases.

1st week June: 74 price reductions, average reduction: £13.k per property 2 increases.

4th week June (this week): 90 reductions :D , average reduction: £15.8k per property 3 increases (£2k,£5k,£2k).

Throughout the period the average (mean) asking price has remained around £300k. Importantly, the figures above do NOT include properties that are removed from Rightmove and then relisted at a lower price.

Here's a selection (out of 90) of this week's reductions in asking price:...

£750k -> £650k http://www.rightmove.co.uk/viewdetails-9095372.rsp

£695k -> £625k http://www.rightmove.co.uk/viewdetails-7139107.rsp

£675k -> £595k http://www.rightmove.co.uk/viewdetails-7104847.rsp

£580k -> £499k http://www.rightmove.co.uk/viewdetails-6225469.rsp

£535k -> £468k http://www.rightmove.co.uk/viewdetails-7093111.rsp

£369k -> £335k http://www.rightmove.co.uk/viewdetails-6393514.rsp

£280k -> £250k http://www.rightmove.co.uk/viewdetails-6282124.rsp

£230k -> £195k http://www.rightmove.co.uk/viewdetails-4048870.rsp

£197k -> £179k http://www.rightmove.co.uk/viewdetails-11945861.rsp

And for balance, here are all the properties that have increased their asking prices this week:

£2k increase: http://www.rightmove.co.uk/viewdetails-11452751.rsp

£5k increase: http://www.rightmove.co.uk/viewdetails-12344951.rsp

£2k increase: http://www.rightmove.co.uk/viewdetails-6203554.rsp

I think I've also spotted approx 20 relisted properties this week - the details were deleted from Rightmove only to be replaced the next day but at a lower price. Reductions seem to be anything from £10k to £80k... Obviously these movements are not reflected in my average figures shown above.

I suspect that those folks that were hoping for a sale in Spring are starting to realise that time is running out...

Splendid device, must be giving hope to those desparate to buy, a light at the end of the tunnel. Thanks.

Even taking the extreme cases shown here out of the equation, it still gives an average reduction of £11k approx for the remaining properties.

Enough for concern I guess to those desparate to sell, always winners & losers aren't there.

Does anyone know offhand if there is there a body to complain to for the purpose of forcing Rightmove to refrain from distorting figures in their favour.

On the sun online Rightmove state that property south has risen by 9.4% while north has gained 2.7%, it appears they are not aware that some of their properties have asking prices lowered, they ought to provide data to reflect this if they are allowed to project rises.

I suspect that they can distort asking price figures by cancelling out all prices lowered by 'asking' ridiculously high prices for a minority of properties.

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As some of you may know I've been monitoring asking prices and market stats in Worcestershire for quite a while thanks to a fab piece of software a colleague wrote that tracks price and status changes of properties listed on Rightmove.

Each week I get a report of all changes to asking prices and it has been interesting to watch what has happened to asking prices during this Spring. As the main selling season got underway the number and severity of reductions decreased... but as Spring draws to a close something seems to be happening... Here's a random selection of weekly price movements for an area within 10 miles of central Worcester:

1st week of March: 71 price reductions, average reduction: £11.5k per property. 0 increases.

1st week of April: 61 price reductions, average reduction: £10.5k per property. 2 increases.

1st week May: 52 price reductions, average reduction: £8k per property 4 increases.

4th week May: 63 price reductions, average reduction £12k per property 4 increases.

1st week June: 74 price reductions, average reduction: £13.k per property 2 increases.

4th week June (this week): 90 reductions :D , average reduction: £15.8k per property 3 increases (£2k,£5k,£2k).

Throughout the period the average (mean) asking price has remained around £300k. Importantly, the figures above do NOT include properties that are removed from Rightmove and then relisted at a lower price.

Here's a selection (out of 90) of this week's reductions in asking price:...

£750k -> £650k http://www.rightmove.co.uk/viewdetails-9095372.rsp

£695k -> £625k http://www.rightmove.co.uk/viewdetails-7139107.rsp

£675k -> £595k http://www.rightmove.co.uk/viewdetails-7104847.rsp

£580k -> £499k http://www.rightmove.co.uk/viewdetails-6225469.rsp

£535k -> £468k http://www.rightmove.co.uk/viewdetails-7093111.rsp

£369k -> £335k http://www.rightmove.co.uk/viewdetails-6393514.rsp

£280k -> £250k http://www.rightmove.co.uk/viewdetails-6282124.rsp

£230k -> £195k http://www.rightmove.co.uk/viewdetails-4048870.rsp

£197k -> £179k http://www.rightmove.co.uk/viewdetails-11945861.rsp

And for balance, here are all the properties that have increased their asking prices this week:

£2k increase: http://www.rightmove.co.uk/viewdetails-11452751.rsp

£5k increase: http://www.rightmove.co.uk/viewdetails-12344951.rsp

£2k increase: http://www.rightmove.co.uk/viewdetails-6203554.rsp

I think I've also spotted approx 20 relisted properties this week - the details were deleted from Rightmove only to be replaced the next day but at a lower price. Reductions seem to be anything from £10k to £80k... Obviously these movements are not reflected in my average figures shown above.

I suspect that those folks that were hoping for a sale in Spring are starting to realise that time is running out...

This - despite Medjaa & VI Spin - has been going on for some time; Friend in SW London had to drop price from £365k to £325k to sell a year ago -- and he was lucky to get that - apparently same properties are going for nearer £299k in some cases now -- many many people trying for 18 months -2 years to sell - and just HAVE to reduce price to shift...

In West Country: Loads of reductions in asking prices all over the place - sometimes as much as 30-35%! This has been the only way to shift places that had stuck for 2 years+ in many cases..... Although granted market there will stay relatively buoyant because of migration aeay from over-crowded SE.

It's just that the VI's and all their friends in the meedja keep this away from us all - and yes - they are very effective at spinning only the stories to their advantage. But - looming interest hikes, US & Oz property slumps, very marked increase in redundancies, near-total extinction of REAL [as opposed to fictitious] FTB's, hight street slump, Govt. Debt...... All these and more are pointing one way: Downturn, and erosion of REAL ACHIEVED house prices, and after all the other costs over and above mortgage, - maintenance, council tax, bills + all hidden/never discussed costs of property..... There AIN'T nothing in it - this is what 5 friends who own BTL portfolois tell me - all of them are actually making a loss - propping up their tenants' rental incme with additional payments into the old kitty --- i.e. rents are simply not covering all the costs - and because there are so many properties out there desperate to be rented - TONS of voids all over the place - the competition is massive to get tenants in -- so many properties lie just empty - this is plainly visible all over the UK - ......... Cliff edge stuff! AND - backed up by anecdotals all over the place - e.g. here - http://www.housepricecrash.co.uk/forum/ind...showtopic=32274

Edited by eric pebble

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Well it certainly looks like around Worcestershire the message is hitting home - time is running out. The last week of June has seen plenty of changes:- properties relisted for lower, plus straightforward reductions. The thing that is most telling is the fact that the reductions appear to be on properties that have been hanging around for ages. The asking prices have stuck in the stratosphere for months/years without any sign of a reduction and then this week plenty come down at once.

This one came down £100k today. Been on the market for AGES without any significant reduction...

http://www.rightmove.co.uk/viewdetails-12054341.rsp

I know from my own experience that the market slows dramatically from mid July onwards (holidays etc.) so perhaps this is just a typical year... try your luck at getting some sucker to pay over the odds for your property and if no luck hopefully a quick reduction at the end of selling season might just do the trick. We shall see. I look forward to next week!

I also had an interesting call this morning from an agent. We'd made a silly offer on a place back in April. We don't actually like it but I just wanted to test the market and put in a (very) low bid. When I put that bid in the response from the agent was along the lines of "no way... there's plenty of people who would pay more than that.."

Anyway, the purpose of the call this morning was to inform me that "the vendor is keen to get a sale underway and would like to know if you are still interested.." My response: "sorry but the local market has moved on since then. We've seen plenty of reductions from other vendors this week who obviously realise that time is running out. We do feel that our original offer is now far too high... " Let's see what the agent comes back with next.

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Well it certainly looks like around Worcestershire the message is hitting home - time is running out. The last week of June has seen plenty of changes:- properties relisted for lower, plus straightforward reductions. The thing that is most telling is the fact that the reductions appear to be on properties that have been hanging around for ages. The asking prices have stuck in the stratosphere for months/years without any sign of a reduction and then this week plenty come down at once.

This one came down £100k today. Been on the market for AGES without any significant reduction...

http://www.rightmove.co.uk/viewdetails-12054341.rsp

I know from my own experience that the market slows dramatically from mid July onwards (holidays etc.) so perhaps this is just a typical year... try your luck at getting some sucker to pay over the odds for your property and if no luck hopefully a quick reduction at the end of selling season might just do the trick. We shall see. I look forward to next week!

I also had an interesting call this morning from an agent. We'd made a silly offer on a place back in April. We don't actually like it but I just wanted to test the market and put in a (very) low bid. When I put that bid in the response from the agent was along the lines of "no way... there's plenty of people who would pay more than that.."

Anyway, the purpose of the call this morning was to inform me that "the vendor is keen to get a sale underway and would like to know if you are still interested.." My response: "sorry but the local market has moved on since then. We've seen plenty of reductions from other vendors this week who obviously realise that time is running out. We do feel that our original offer is now far too high... " Let's see what the agent comes back with next.

Laugh!!! or Cry!?

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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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