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Rightmove Prices Down -1.6%

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LONDON (AFX) - UK asking prices for houses fell in August for the first time

this year as the recent "mini-boom" in house prices in the south-east of the

country ran out of steam, a leading property website said.

In its monthly survey, Rightmove said average asking prices fell by 1.6 pct

to 214,040 stg in August. This is the biggest fall since November 2004 and the

first time prices have fallen since December 2005.

August's survey marks a sharp reversal from July when prices jumped by 2.9

pct to a record high of 217,580 stg, their biggest monthly rise in nearly five

years.

****

It's a start, I guess. <_<

One more rate rise and it really will start to get very interesting.

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LONDON (AFX) - UK asking prices for houses fell in August....

Boo hoo.

One more rate rise and it really will start to get very interesting.

You're talking like an economist....its already interesting, you just dont see it yet.

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Hmmm... Rightmove is still all spin. I'd rather wait for other indices to confirm any falling prices.

Remember Rightmove is not seasonally adjusted, and August is a slow month apparantly.

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Makes me think we are in for a re-run of the soft patch we had a year or so ago. It will be interesting to see how the market and economy reacts to the rate rise, judging by last time there seemed to be a sharp retrenchment and a slight panic by the BoE.

I think the BoE will sit tight for a short while to see how things go.

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I've been listening to the early morning news on radio 4. No mention of Rightmove showing house prices being down. Coming to this site was the 1st I'd heard of it.

BBc usually are quick to report when the latest survey shows house prices have risen again and always present it as good news.

Lets hope this good news for bears continues

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How confused are the Sheeple now? Alternative reports every few weeks UP DOWN UP DOWN UP DOWN. Flying off the shelves one minute and plummeting prices the next. ODPM and FT Index said the market is falling with YoY slowing even more and then Haliwide say its picking up pace. Merv says things look bumpy ahead and Gordon promises more of the same HPI-MEW in the future. :blink::blink::blink:

All in all a confused market is an uncertain market. Sentiment is still deteriorating and that is key.

I've been listening to the early morning news on radio 4. No mention of Rightmove showing house prices being down. Coming to this site was the 1st I'd heard of it.

BBc usually are quick to report when the latest survey shows house prices have risen again and always present it as good news.

Lets hope this good news for bears continues

I don't believe BBC reported RM's report last time either. Credibility has been shot with their outrageous prices to skew averages, denied of course.

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Makes me think we are in for a re-run of the soft patch we had a year or so ago. It will be interesting to see how the market and economy reacts to the rate rise, judging by last time there seemed to be a sharp retrenchment and a slight panic by the BoE.

I think the BoE will sit tight for a short while to see how things go.

Soft patch or the start of a sustained decline in house prices?

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http://money.guardian.co.uk/businessnews/s...1854606,00.html

The turnaround in fortunes, confirmed by recent surveys from Halifax and Nationwide, could be blamed on the Bank of England's decision to raise interest rates by a quarter point at the beginning of the month to 4.75%
.

Most of the VIs were saying recently a .25% hike would make no difference as affordability was being underpinned by high employment, bouyant demand and the return of FTBs? :blink:

Is the housing bubble's future really based on a .25% IR move? Or is it because FTBs no longer exist and move-ups can't afford to?

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Hmmm... Rightmove is still all spin. I'd rather wait for other indices to confirm any falling prices.

Remember Rightmove is not seasonally adjusted, and August is a slow month apparantly.

This is good news for us bears. I actually place a fair bit by Rightmove's index as it is essentially forward looking. The LR figures and HBOS/Nationwide indices are like looking in a rear view mirror, I think.

Asking prices are a looking glass into the near future and that future looks down :D

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One Month ABOVE "Crash cruise Speed"- it makes a start!

Let me see if I understand this <_<

When Rightmove shows a sharp spike in asking prices, it is an index of meaningless asking prices based on fudged figures. When it shows a dip, it becomes a beacon of clarity among the other spun indices and an important indicator of future trends.

Now Dr Bubb - if this was, as you say, a month ABOVE "crash cruise speed" (sic), how would you describe the spike last month?

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Let me see if I understand this <_<

When Rightmove shows a sharp spike in asking prices, it is an index of meaningless asking prices based on fudged figures. When it shows a dip, it becomes a beacon of clarity among the other spun indices and an important indicator of future trends.

Now Dr Bubb - if this was, as you say, a month ABOVE "crash cruise speed" (sic), how would you describe the spike last month?

IMO, the only value RM's index has is in relation to sentiment. I think they are just jumping on the bearish bandwagon to gain credibility after the ODPM and FT Index both showed the market slowing down. As the HPC begins to gather a little pace RM cannot be seen to be denying reality or their credibility will be gone altogether if it hasn't already.

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I do hate it how these reports are released, but the public can't see the actual report. It should appear here:

http://www.rightmove.co.uk/template/public...CRTPRArchive.vm

Have they something to hide? It's seems like they are preventing people like us analysing the data when the story is in the media. Just like Hometrack delay their HPI index a few days.

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Well, well, well. Looks like the Home.co.uk Asking Price Index was right all along and now appears to be better market indicator than Wrongmove. It looked a bit wild against the VI spin when it first came out but now its looks like the tipster to trust.

I'm going to follow it more closely from now on. ;)

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ONE MONTH'S MOVE, does not a crsh or boom make

But the Upward momentum does appaer to have been broken

Perhaps, but this feels awfully like a repeat of 2005; a market that climbed in the early months, and slipped back towards the end of the year (prompting cries of 'crash' on this forum).

I appreciate that we have different factors to contend with now, but is it possible that the market will gently underlate in future (as opposed to sharp peaks and falls)? Just a thought.

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Let me see if I understand this <_<

When Rightmove shows a sharp spike in asking prices, it is an index of meaningless asking prices based on fudged figures. When it shows a dip, it becomes a beacon of clarity among the other spun indices and an important indicator of future trends.

Now Dr Bubb - if this was, as you say, a month ABOVE "crash cruise speed" (sic), how would you describe the spike last month?

The recent interest rate increase has scared the estate agent rightmove enough that they honestly don't want to risk another rise.

As a result they are skewing their data from Uber-Ramped to something more realistic, in the vein hope that this will have some influence in disuading those who would look to lift the rate again.

Be assured that the situation must be worse that they are letting on, cos even reporting a fall, they are still a VI.

Edited by geneer

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Makes me think we are in for a re-run of the soft patch we had a year or so ago.

yes as prices always slump this time of year, people and agents go away on their hols.

Why am i down as a "VI troll" . Its juvenile!

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The recent interest rate increase has scared the estate agent rightmove enough that they honestly don't want to risk another rise.

As a result they are skewing their data from Uber-Ramped to something more realistic, in the vein hope that this will have some influence in disuading those who would look to lift the rate again.

Be assured that the situation must be worse that they are letting on, cos even reporting a fall, they are still a VI.

Don't forget Rightmove's business plan has recently had to be thrown in the bin due to compulsory Home Condition Reports being scrapped - they were due to bring in 40% of the company's income next year.

Rightmove needs volume of sales to make money - it doesn't really have a VI in overpriced houses but it has a big VI in lots of transactions. When the market is rising EAs over-hype to get people on the bandwagon, but they also over-hype a falling market too once they feel there is no liquidity in the market.

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LONDON (AFX) - UK asking prices for houses fell in August for the first time

this year as the recent "mini-boom" in house prices in the south-east of the

country ran out of steam, a leading property website said.

In its monthly survey, Rightmove said average asking prices fell by 1.6 pct

to 214,040 stg in August. This is the biggest fall since November 2004 and the

first time prices have fallen since December 2005.

August's survey marks a sharp reversal from July when prices jumped by 2.9

pct to a record high of 217,580 stg, their biggest monthly rise in nearly five

years.

****

It's a start, I guess. <_<

One more rate rise and it really will start to get very interesting.

It'll be interesting to see how BBC news 24 report this. When Rightmove were reporting average asking prices were £200,000, Julia Caesar reported it as "average house prices" (omitting the working asking).

In this case she could;

1) Do the same and report a drop in the average price;

2) Report it correctly as a drop in asking prices;

3) There will be no mention of it.

I will be watching closely this evening.

Edited by laughing_goat

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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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