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Surely These Are Incorrect Figures


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"Rightmove said the average asking price had dropped by 0.1 per cent so far this month, after falls of 0.3 and 1.7 per cent in December and November. Prices have fallen in five out of the past six months and have dropped by 3.4 per cent since they peaked in July last year."

This can't be right, and I note Rightmove quote the ASKING price, not the selling price. These figures must be way under what is actually happening, surely?

VacantPossession

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"Rightmove said the average asking price had dropped by 0.1 per cent so far this month, after falls of 0.3 and 1.7 per cent in December and November. Prices have fallen in five out of the past six months and have dropped by 3.4 per cent since they peaked in July last year."

This can't be right, and I note Rightmove quote the ASKING price, not the selling price. These figures must be way under what is actually happening, surely?

VacantPossession

Rightmove figures are completely based on asking prices advertised on their website and so are actually a very poor indicator of the housing market. It is simply a measure of vendors optimism...

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We are now in the Phoney War... I expect it to last until mid-June at least.... or until John Mills gets rescued from Dunkirk by Dickie Attenborough!

Well, it amazes me that so many newspapers and "economics" publications are publishing RightMove's figures knowing they are asking prices only. This is surely very sloppy reporting or perhaps even the Guardian is in on the vested interests, which is surprising given the Guardian's political position.

When is just ONE member of the entire media actually going to tell it like it is?

VacantPossession

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Having worked in the Media for a decade on a day to day basis with supposedly some of Britain's best journos I can assure you that many of them are not the brightest bulbs in the box.

In truth, the Public knows very little how much reliant the Media is on itself for generating news stories. So TV journos will listen to Radio Journos who got their stories from the morning papers... who got their stories from other journos... who go their stories... and so on and so on...

They are REPORTERS and not JOURNALISTS.

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When is just ONE member of the entire media actually going to tell it like it is?

My theory is that journalists have been pillling into BTL over the past couple of years ( many are self employed or on short term contracts with no pensions ) and that they have a major conflict of interest. And at the very least the older ones will tend to be home owners...... you think John Humphries wants the value of his house to fall? Equities based pensions have bombed, annuity rates are terrible, most people thinking of retiring within the next 5 years will be thinking that the big pile of cash they realise by 'downsizing' will see them through there retirement.

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In truth, the Public knows very little how much reliant the Media is on itself for generating news stories. They are REPORTERS and not JOURNALISTS.

It also seems as though almost any newspaper is willing to print any old rubbish an EA feeds them. Even Evan Davis, whose personal view recently alluded to ideal prices needing to be savagely reduced, confines his "on air" time on Newsnight etc to a somewhat more anodyne and watered down assessment of the market for national consumption.

VacantPossession

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it amazes me that so many newspapers and "economics" publications are publishing RightMove's figures knowing they are asking prices only.

The newspapers and pretty much all the media are vested interests. Don't forget that most of the media in this country is owned by a handful of global corporations (ie Rupert Murdoch's NewsCorp-how Orwellian is that name by the way?????), and lapdogs as a rule do not bite the hand that feeds them (ie estate agents and property developers give them advertising revenue). If you are looking for a non-vested interest viewpoint, you won't find it in the mainstream media.

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This can't be right, and I note Rightmove quote the ASKING price, not the selling price. These figures must be way under what is actually happening, surely?

VacantPossession

To Quote ianbe from and earlier thread (and this was news to me too)

"Rightmove base their monthly figures on the initial asking price of new instructions only. In otherwords they take no account of any price drops in asking prices. It effectively means that their report is of little use as an indicator of where the market is heading. It's best use is as an indicator of 'vendor expectation'."

Explains a lot eh!

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On BBC 1's early morning breakfast show a little financial reporter called Declan Currie has a slot every 15 minutes or so. It sometimes seems that every single one of his pieces begins " a survey published today by XYZ estate agents finds that......." or "a report out today by ABC mortgage brokers tells us that....etc.) He seems incapable of sniffing out his own stories like a proper old time journalist but merely content to recycle press releases from vested interests.

He talked us (with barely concealed glee) through every penny of the house price rises of the last few years but has remained stubbornly silent on the coming crash (or even the rumours of a crash)

It's only through reading the posts on this forum (and more widely) that I realize how badly the BBC is serving the nation.

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Rightmove figures are completely based on asking prices advertised on their website and so are actually a very poor indicator of the housing market.  It is simply a measure of vendors optimism...

Could this be actionable under the Misrepresentation Act? Any lawyers out there know the answer? Misleading advice inducing the purchase of a property that leads to instant and terrible losses? No privity unless the EA introduces them into the negotiations? Negligent missatement--no worse than that if they know it is false data. Fraud? :huh:

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Could this be actionable under the Misrepresentation Act?  Any lawyers out there know the answer?  Misleading advice inducing the purchase of a property that leads to instant and terrible losses?  No privity unless the EA introduces them into the negotiations?  Negligent missatement--no worse than that if they know it is false data.  Fraud?  :huh:

Don't think so as their method is all in not so small print at the end of every report.

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