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jdc

Rightmove +0.8 Monthly, 13.2 Yearly

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Don't forget this is prices of properties coming onto the market, it is not adjusted for those reducing their price at a later date.

As we know, lots of reductions are happening - www.propertysnake.co.uk. It would be good if property snake did some shadow stats, number of properties listed +/- and the average reduction.

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edit: I can't imagine increased supply hurting asking prices

What's going on in some of those London boroughs ?

Edited by Ash4781

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I'm not too bad, that's consecutive monthly falls in Yorkshire and Humber where I live, down 0.8% in May and now down 1.3% in June, 2.1% in 2 months, over 24% if thisw continues for a year, wahayyyyyy.

However... I cannot see this happening for althought Righmove are out there, bragging how pricres are still rising and that 'sound fundamentals' and 'a cronic housing shortage' are driving the market and therefore we will not see a crash anytiume soon, give them a week or two and they'll be trotting out the pre-written amble stating the housing market is very fragile and any interest rate will push it over the edge and lead to a full blown slump.

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London falls behind the national average as over half of London boroughs show a fall in prices

Music to my ears!!!! :lol::lol::lol: I will say categorically, London is NOT immune from a house price crash, it wasn't in the past and it won't be in this downturn either.

When a tiny flat (like the one nextdoor) sells for DOUBLE what was paid for it 5 years ago, me spots a bubble.

Edit: spelling

Edited by bomberbrown

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In no other market in the world can an increase in supply of 10% lead to a rise in price, this is clear and transparant evidence of Estate Agents now manipulating the housing market for their own gain.

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http://uk.reuters.com/article/businessNews...18?feedType=RSS

More than half of London boroughs showed a fall
in prices on the month and annual inflation in the capital slowed to 23.1 percent from 24.8 percent.
A sharp rise in the number of new properties coming on the market helped to keep a lid on property inflation.
"More property available is good news for buyers,
as sellers that need to sell urgently will have to drop their price
," said Miles Shipside, Rightmove's commercial director.

Looks like the falls are beginning in London which was previously immune from any kind of reversal. Perhaps London will soon catch up with the 3 regions reported by the LR as having seen drops in the 1st Q.

Many will need to sell urgently as IR rise and supply begins to turn into a flood. EAs are worried about their commissions and will start to tell punters to drop drop drop and gone awaaaaaaaaaaaaaaaaaay......

2nd Q 2007 appears to be the quarter of "le Grande Reversal" (what the French are calling Great Crash 2) ;)

_______________________

findaproperty.com are showing massive increases in supply for mostly London and the SE having risen by more than 40,000 available properties since the first week of May.

Edited by Realistbear

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What's going on in some of those London boroughs ?

I can't really account for Camden and Brent, but as to the rest, this Londoner thinks that asking prices are holding up in those boroughs where a lot of houses are bought with a wall of foreign money, and falling in those where real people buy with a mortgage.

As a Southwark resident, -2.8, woohoo.

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Music to my ears!!!! :lol::lol::lol: I will say categorically, London is NOT immune from a house price crash, it wasn't in the past and it won't be in this downturn either.

When a tiny flat (like the one nextdoor) sells for DOUBLE what was paid for it 5 years ago, me spots a bubble.

Edit: spelling

This is the end now.

You can blame the rise in volume on HIPs if you want, but HIPs can not be blamed for asking prices going down in half the London boroughs, in the middle of the spring buying season.

Only City bankers can afford to buy houses in London now, the London madness has finished, and like the NI madness prices will go down as quickly as they went up.

And given that it has only been London and NI that have been holding the market up this last six months, things are going to change very quickly now.

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I keep hearing a strange hissing sound. Can anyone else hear it? Its the sound of air leaking from an overstretched bubble and it seems to be getting a bit louder each day.

We have been reading in the press recently about how gloomy things are for BTL and overstretched OOs. Some have said it will end in tears in 2008 or as late as 2010.

When people project a crash will happen next year or even 3 years hence its enough to cause panic NOW. The rush is on and prices will have started falling a few months ago with the "bad" news emerging by the end of this Q.

2nd Q 2007 is it.

By Christmas the market will be at full crash speed with the possibility (the probability is that YoY negative will take 8-12 months from the first MoM negatives) of YoY negative emerging as winter sets in.

Edited by Realistbear

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Guest The_Oldie

The devil is in the detail ;)

· National average asking prices rise by a modest 0.8% as HIPs ‘false deadline’ drives

sellers onto the market

But....

Miles Shipside, Commercial Director of Rightmove comments: “The rush to beat the

impending HIPs deadline appears to have attracted some poorly motivated sellers to the

market. They are chancing their arm at some fairly bullish prices considering there is now a

lot of property up for sale. Their main motivation will have been to save some money

avoiding a HIP, rather than being realistic on price because they had seen a property they

desperately wanted to buy”.

Since Rightmove's figures are based on initial asking prices, had it not been for sellers "chancing their arm at some fairly bullish prices" (no doubt egged on by certain Estate Agents) there would probably have been a "modest" fall.

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Guest grumpy-old-man
west midlands is on fire RB; 5.8% in a single month! :o:o

asking or sold prices d23 ? ;)

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No of properties per agent is the bit of the RM report that I'm following. It's now at 67, the highest for two years and I've said on here before that a figure of over 70 is IMHO crash territory.

From the report:

Demand for property at these record price levels is now struggling to keep pace with supply in most areas.

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No of properties per agent is the bit of the RM report that I'm following. It's now at 67, the highest for two years and I've said on here before that a figure of over 70 is IMHO crash territory.

From the report:

Demand for property at these record price levels is now struggling to keep pace with supply in most areas.

The clincher is to see what happens to supply next month.

If it goes down or stays flat, you could reasonably argue it is just a HIPs effect.

If it continues to rise, and the anecdotal evidence of BTLs selling up and declining buyer interest suggest it will, then prices are going to come down very quickly in the autumn.

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The clincher is to see what happens to supply next month.

If it goes down or stays flat, you could reasonably argue it is just a HIPs effect.

If it continues to rise, and the anecdotal evidence of BTLs selling up and declining buyer interest suggest it will, then prices are going to come down very quickly in the autumn.

Sorry, my Acrobat is screwed.

Can someone post the London figures.

Without seeing them, I'm willing to bet Newham is taking a pasting right now. ;)

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Guest d23
Sorry, my Acrobat is screwed.

Can someone post the London figures.

Without seeing them, I'm willing to bet Newham is taking a pasting right now. ;)

newham 0.2% MoM 19.7% YoY

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newham 0.2% MoM 19.7% YoY

Interestingly its Tower Hamlets which is one of the poorest performers, covering Canary Wharf and a great chunk of Docklands (and lots of new development) :

MoM -1.2% 30.1% YoY

Its growing at less than half the rate of kensington and chelsea (3.4%/72.7%)

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Can anyone explain me how can they release June statistics whereas we only just passed mid-june. I cannot see any mention of predictions in their notes... They are just so desperate to release statistics first. As far as I am concerned, the latter it is released, the more reliable it is and that's the land registry full dot

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Can anyone explain me how can they release June statistics whereas we only just passed mid-june. I cannot see any mention of predictions in their notes... They are just so desperate to release statistics first. As far as I am concerned, the latter it is released, the more reliable it is and that's the land registry full dot

Yup.

The Land Reg data is still not on the BBC website... http://news.bbc.co.uk/1/shared/spl/hi/in_d...html/houses.stm

Probably because it's showing falls around the country, and the Beeb doesn't want to proles to know about it.

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The rightmove survey is in my view completely inaccurate and fuelled by estate agents who think the only way is up. The truth is that house proces are beginning to stagnate, apart from in places like Central London.

I am a homebuyer, indeed, I bought a 2-bed flat in Sutton Surrey in October 2005 for £141,000.00. Estate agents are now marketing identical flats for £185k+ less than 2 years later. That is an increase of over 30% and is insane.

I do not hope for a crash, but a reduction back to 2005 prices would seem sensible, as properties were a lot more affordable back then. I would barely to able to buy the flat I have now if I was trying to buy it today.

The correct surveys to look for are the sold prices. As evidence by the property snake website, many asking proces arer being reduced before they are sold, however the rightmove survey does not seem to take this into account.

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