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Independent: Asking Prices Slashed By Almost 7%


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http://news.independent.co.uk/business/new...icle2064782.ece

The National Association of Estate Agents (NAEA) said that sellers
slashed almost 7 per cent
off asking prices between October and November.

RM would disagree no doubt. If prices were dropped by 7% this must reflect weakening demand, skint buyers or loss of confidence in the market or all three. It will be interesting to see if another 10% comes off before Christmas.

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The National Association of Estate Agents (NAEA) said that sellers
slashed almost 7 per cent
off asking prices between October and November.

They're most definitely not in London and the South East. Try reversing the sign before the seven and making it a 7% increase for this region

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RB, As I am sure you are aware, the numbers in that article don't add up.

They say 7% off asking prices, yet average asking prices are down by less than a third of that percentage (which could easily be down to seasonal fluctuations (fluck you too, Eulopean (sorry, old and crap gag)) - it acknowledges that the hot market (i.e. 12% of the UK population's centre) is rocketing, so that ought to hurt the numbers even more when that's taken out and none of the individual falls it picked on were anywhere near that level.

I suspect what they actually mean is that of the people who reduced their prices this month as a tiny subset of those on the market, they were reduced by an average of 7% - which could make sense - if you are desperate to sell two weeks before Christmas, you will be slashing.

But I suppose that's not quite as good a headline, is it ?

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http://news.independent.co.uk/business/new...icle2064782.ece

The National Association of Estate Agents (NAEA) said that sellers
slashed almost 7 per cent
off asking prices between October and November.

RM would disagree no doubt. If prices were dropped by 7% this must reflect weakening demand, skint buyers or loss of confidence in the market or all three. It will be interesting to see if another 10% comes off before Christmas.

Whatever the facts are and however the numbers have been manipulated, this report is undeniably bearish and it seems to be one of an increasing number of bearish articles of late. Is this a sign of a turning tide of sentiment?

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Look at the price history on the Nationwide BS website for the early 90's

This is exactly what happened to prices in the early 90's the agents get everyone to drop asking prices in Nov/Dec

this kick-starts a few sales in the spring, in March they will release stats to say prices are up 7% in the last 3 months.

As long as the market continues to look good during the spring/summer period the EA's will still make a few sales from people who dont do any research into the longer term trend.

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RB, As I am sure you are aware, the numbers in that article don't add up.

They say 7% off asking prices, yet average asking prices are down by less than a third of that percentage (which could easily be down to seasonal fluctuations (fluck you too, Eulopean (sorry, old and crap gag)) - it acknowledges that the hot market (i.e. 12% of the UK population's centre) is rocketing, so that ought to hurt the numbers even more when that's taken out and none of the individual falls it picked on were anywhere near that level.

I suspect what they actually mean is that of the people who reduced their prices this month as a tiny subset of those on the market, they were reduced by an average of 7% - which could make sense - if you are desperate to sell two weeks before Christmas, you will be slashing.

But I suppose that's not quite as good a headline, is it ?

Yup--those lying EAs again. <_< One day its houses flying off the shleves and the next prices slashed by 7%. But as we all know house prices only ever go up and the previous crashes are just bear propaganda.

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When I read that article, I thought some 'independent' bear was spinning. But no:

http://www.naea.co.uk/about/latest_news_de...94&PageNo=1

October 2006 - £226,768

Novemeber 2006 - £211,401

-6.7765293163056515910534114160728 %

My lord.

Edit: It feels good to use different sized fonts and colours. :lol:

Edited by Jason
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