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Rightmove Figures For May Show A Massive Swing

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That despite a record number of newly advertised property, spooky, :unsure: not sure I've ever seen such a change

Miles Shipside, Rightmove's commercial director:

"Its all rather confusing at the moment, the future direction of the housing market is very hard to read with two external influences likely to coincide at once. You have the potential of HIPs artificially increasing the supply of property and, within the same month, a six-year high in interest rates potentially depressing the number of buyers."

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

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This is just a cry for help. It wouldn't surprise me if they've doctored the figures to paint a bleak picture. Does any independent body actually analyse the data?

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they're based solely on initial asking prices which to me, seems absurd.

Well exactly. Some muppet on our street is asking 300K for a 3bed 30s semi in the expectation that someone might be foolish enough to offer 280K. <_<

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This is just a cry for help. It wouldn't surprise me if they've doctored the figures to paint a bleak picture. Does any independent body actually analyse the data?

Agreed...none of these self interested bodies should be allowed by the FSA, OFT or whoever to 'announce' such figures without a proper audit sign off. This is just EA propoganda fashioned to their own needs...how can you talk about May figures on the 20th compared to other full months in the past. This can be distorted and manipulated at will. They are most likely hoping to postpone any further interest rate rises and need to plant the psychic seeds of doubt as early as possible.

Where are the regulators or have they all been sacked already?

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Agreed...none of these self interested bodies should be allowed by the FSA, OFT or whoever to 'announce' such figures without a proper audit sign off. This is just EA propoganda fashioned to their own needs...how can you talk about May figures on the 20th compared to other full months in the past. This can be distorted and manipulated at will. They are most likely hoping to postpone any further interest rate rises and need to plant the psychic seeds of doubt as early as possible.

Where are the regulators or have they all been sacked already?

Maybe I'm just imagining it but every time it seems that another interest rate hike is on the cards these jokers try it on. We cannot even trust the ONS statistics so I'd never trust this idiot. We cannot trust the BoE because they have admitted to keeping the interest rates low to fuel the housing market. Miles Guttersnipe is about as trustworthy on house prices as Blair is on WMDs.

If I was selling you lard I'd tell you it was good to dieting as long as you eat it in moderation.

Edited by Xurbia

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From the report:

Incentives to beat a deadline have a history of boosting activity in the housing market.

There was similar behaviour in 1988 with the end of double mortgage interest relief at

source (MIRAS) and again in 1991 when buyers rushed to beat the end of a stamp duty

holiday. The difference this time is that it is sellers looking to make the saving, so dynamics

are reversed. Thousands of sellers acting together means more properties come on the

market. Ironically, this increased competition coupled with this months increase in interest

rates means sellers might have to accept a price reduction of much more than the few

hundred pounds they have saved by avoiding the price of a HIP.

<If they are lucky to sell at anywhere close to their asking price. The writing is on the wall HPC is here!>

:D

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http://uk.biz.yahoo.com/21052007/140/hips-...e-slowdown.html

Monday May 21, 06:48 AM
Hips Contribute To Home Price Slowdown
House price inflation slowed in May as more houses went onto the market in the last month before the Home Information Packs are brought in. The HIPs will put the cost of selling a property up by around £400. Average asking prices have been increasing 0.4% during the month, down from the 3.6% jump recorded in April and the lowest monthly hike this year, property website Rightmove (LSE: RMV.L - news) said.
The apparent slowdown coincides with an easing of the supply shortage that has helped drive prices up throughout late 2006 and 2007.
Annual inflation in May also fell, dropping to 13.1% from 15% in the previous month.
Click here for more breaking stories from Sky News

Nothing to do with the fact that houses are grossly overpriced and about to crash then.*

__________________

* :lol:

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Personally, I reckon last month's figures were an anomaly. Up or down, I don't place much faith in RM's stats as they're based solely on initial asking prices which to me, seems absurd.

The only positive for bears in their report is that they are no longer able to spin it into uber-bullish sentiment...

Positive news for bears includes:

W Mids -2.6%

N West -0.5%

North -0.4%

E Mids -0.2%

S East +0.1%; ie falling in real terms.

Nine London boroughs are also negative, and at least another four have real drops after inflation.

So the spring boom has stopped for half the country; including the South East and half of London.

The only thing holding the market up is silly money in pockets of London.

Also look at the properties per sale per agent, going up linearly since December.

HPC4 2007-Q1.

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tbh i'm amazed HIPs are having even the slightest effect - a few hundred quid against the current price of a house? - and the difference between HIPS and MIRAS is that HIPS are a one off whereas MIRAS was an on-going loss

i'm impressed by the number of derivations of his name though! especially whoops's :lol:

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Just going to play Devil's Advocate here...

What if HIPs are the central reason for the sudden rise in property available? And if that is the case, could they be a pre-cursor to driving prices back up as the number of available properties begin to dry up as people are reluctant to speculatively place their property on the market?

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http://icwales.icnetwork.co.uk/0100news/02...-name_page.html

Sellers rush to beat HIPs deadline
May 21 2007
by Darren Devine, Western Mail
HOUSE prices rises slowed dramatically in Wales and England over the past month, according to the latest report from property website rightmove.co.uk.
Researchers believe the slowdown – to just 0.4% – is the result of a glut of new properties flooding the market as sellers look to avoid paying for new Home Information Packs.
Estate agents believe the rush has been prompted by the £350 to £450 costs associated with HIPs that will be introduced on June 1.

So 350-400 pounds is causing a stampede for the exits. Is the market THAT delicately balanced that a tiny amount of cash can cause someone to take flight and rush to sell? Credibility stretched too far.

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http://icwales.icnetwork.co.uk/0100news/02...-name_page.html
Sellers rush to beat HIPs deadline
May 21 2007
by Darren Devine, Western Mail
HOUSE prices rises slowed dramatically in Wales and England over the past month, according to the latest report from property website rightmove.co.uk.
Researchers believe the slowdown – to just 0.4% – is the result of a glut of new properties flooding the market as sellers look to avoid paying for new Home Information Packs.
Estate agents believe the rush has been prompted by the £350 to £450 costs associated with HIPs that will be introduced on June 1.

So 350-400 pounds is causing a stampede for the exits. Is the market THAT delicately balanced that a tiny amount of cash can cause someone to take flight and rush to sell? Credibility stretched too far.

Can you not just take the fine anyway? I agree HIPs can not be the only reason.

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Up or down, I don't place much faith in RM's stats as they're based solely on initial asking prices which to me, seems absurd.

If I worked for Rightmove, I would put my own house up for sale with an asking price of a billion pounds, and then claim a "massive rise in prices" ;)

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Good news on the supply front. 200,000 properties added to Rightmove in the last month. That's significantly more than normal and the number of properties per agent has reached 61. As soon as that number reaches 70 we are in crash territory IMHO

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Good news on the supply front. 200,000 properties added to Rightmove in the last month. That's significantly more than normal and the number of properties per agent has reached 61. As soon as that number reaches 70 we are in crash territory IMHO

Indeed. The numbers on Findaproperty.com show similar trends. Supply has been increasing steadily since February and picked up a lot of speed ealier this month.

Daily Mail article:

http://www.dailymail.co.uk/pages/live/arti...mp;in_a_source=

Experts fear the packs will badly distort the market, with few people putting their homes up for sale in the weeks after they are introduced.
That could send prices soaring.

Barrister rises to his feet, looks over to the jury, lowers reading glasses down the nose, puts hands in pocket and directs question to the "Expert" standing in the box: Then you admit that the market relies on speculation then? And since when have "experts" feared increasing prices?

Edited by Realistbear

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So 350-400 pounds is causing a stampede for the exits. Is the market THAT delicately balanced that a tiny amount of cash can cause someone to take flight and rush to sell? Credibility stretched too far.

I think it's personal finances that are stretched too far.

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The weather plays a significant part in HPI.The last time we had a rainy month,December(a complete shocker),things went negative according to the Halifax.Then the next four months,which have felt like a greenhouse effect special,saw cumulative growth at a spectacular 6%.Don't be surprised if the Halifax falters in this miserable rainy month,especially as their figures will be based on sales to nearer the end of the month.

Edited by crashmonitor

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If I worked for Rightmove, I would put my own house up for sale with an asking price of a billion pounds, and then claim a "massive rise in prices" ;)

And then what would you do the following month?

:ph34r:

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The weather plays a significant part in HPI.The last time we had a rainy month,December(a complete shocker),things went negative according to the Halifax.Then the next four months,which have felt like a greenhouse effect special,saw cumulative growth at a spectacular 6%.Don't be surprised if the Halifax falters in this miserable rainy month,especially as their figures will be based on sales to nearer the end of the month.

I'm sorry to have to disagree with you Crashmonitor but instinctively I feel that that must be complete b0ll0cks. This is a measure of asking prices not selling prices. I can't believe people put their houses on the market for less just because it's raining :blink:

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Guest Winnie

The conspiracy theorist in me thinks Brown may have set up HIPs as a scapegoat for HPC. He knew IRs would need to be going up as the country had sniffed that inflation figures were completely fixed.... Yvette Cooper the HIPs minister is Ed Balls' wife, an inner circle Brownite...

Anyway, perhaps HIPs is triggering the rush - but it is a combined effect with IRs and tabloid headlines. Herd instinct is back - they do not even bother to work out it is not a huge cost vs their HPI - but maybe they are all truly over-geared.

Another theory - it is BTLs selling their trashy properties before the dry rot takes over? :lol:

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