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Rightmove Report (due Monday Next) Adds To Sense Of Panic

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http://www.iii.co.uk/news/?type=afxnews&am...;action=article

LONDON (Thomson Financial) - UK house prices fell sharply in September, the latest Rightmove survey has found, sources said.
The survey shows asking prices for houses slumped by 2.6 pct in September from August, the sources said.
The details of the release were leaked in the market ahead of the official release, which is scheduled for Monday.

Was it HPC.co.uk?

NO mention in BBC news. Surely 2.6% is devastating at this point of the panic?

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http://www.iii.co.uk/news/?type=afxnews&am...;action=article
LONDON (Thomson Financial) - UK house prices fell sharply in September, the latest Rightmove survey has found, sources said.
The survey shows asking prices for houses slumped by 2.6 pct in September from August, the sources said.
The details of the release were leaked in the market ahead of the official release, which is scheduled for Monday.

Was it HPC.co.uk?

NO mention in BBC news. Surely 2.6% is devastating at this point of the panic?

Well some of us here have said that we thought the coming crash would be fast.

The housing market is full of speculators who think they can time the market. This will only be true for the very, very few.

I think a 30%+ annualised rate of decline is a fair start.

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Actually HPC.co.uk was quoted as the source of the leak when the rumour first came out.

Reuters mentioned the leak in connection with sterling going down hard today--all about the RM and the huge drop in London house prices. Such is the power of blogs. More credibility than the newspapers it seems.

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

NOW ON FRONT PAGE OF BLOOMBERG!!!!!

Just need this to get linked on the BBC news now and this truly is BLACK FRIDAY! :ph34r::ph34r:

``We've reached the peak of the current boom,'' Miles Shipside, commercial director of Rightmove, said in an interview. ``Affordability is stretched, and people are concerned about global financial markets and their ability to take on greater commitments.''
Edited by House of Lords

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This is an attempt to bury this news on a day when people won't notice it so much, or will just fade into the general panic.

At the end of the day the RM site was leaking this itself... open link, we all saw it.

Nicely done RM PR team... NuLab would have been proud of you.

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Guest Bart of Darkness
Actually HPC.co.uk was quoted as the source of the leak when the rumour first came out.

Could our old friend zorn be remembering us?

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Just registered after stumbling across this forum. What can I say? What a fantastic place!.

I just put in an offer 50k below the market price of a house in an area which has others, which are identical, selling for between 205 and 234k. Was accepted. :o .

I fully agree with the sentiments here... that a house price crash is inevitable, in fact I do believe it started last month.

Rightmove, imo, are used by the general media to attempt to say prices are still increasing, but in truth, they are going down. Asking prices is one thing, sold prices is entirely another.

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This is from Rightmove, so the falls are in asking prices.

Unlike house price INCREASES, House price FALLS are more significant when measured in asking prices. Think about it...

A vendor may ask more money, but still up to the buyer to pay him the asking amount, ergo the increase was overstated. On the other hand, if a vendor is already dropping his price, what are the odds that in a nervous market the buyer pays him the asking price, let alone more than that? ;)

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Sky News also ran the story this morning, saying the report had been leaked on a website. Anyone seen it on news 24 yet? Actually I'm pretty sure they were running it on the BBC1 news yesterday, caught it at 6pm or possibly later.

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This is an incredibly bearish bit of timing to have the RM figures down coinciding with the NR bank run.

Its incredibly ironic, because the RM price turndown is only a technical reduction!

1) The RM figures are not seasonally adjusted, and normally August is a down month.

2) Because of HIPS the number of 4 beds added is lower than usual, this pushes the average asking price down! (No mix adjustment)

The great irony is that asking prices haven't really dropped that much, but the populace will read this figure in conjunction with the NR stuff and sentiment will tumble...

the trigger just happened, its all downhill from here.

Edited by 2MeterBear

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This is an incredibly bearish bit of timing to have the RM figures down coinciding with the NR bank run.

Its incredibly ironic, because the RM price turndown is only a technical reduction!

1) The RM figures are not seasonally adjusted, and normally August is a down month.

2) Because of HIPS the number of 4 beds added is lower than usual, this pushes the average asking price down! (No mix adjustment)

The great irony is that asking prices haven't really dropped that much, but the populace will read this figure in conjunction with the NR stuff and sentiment will tumble...

the trigger just happened, its all downhill from here.

If it is the fact that less 4 beds are for sale that has driven the average price down then the figures should tumble even further next month since 3 bed properties are now included in the HIPS net. That should unsettle the sheeple. Dont forget that the RICS data also showed a sharp decline and a fall in prices so the falls I suspect are genuine if possibly amplified by the HIPS effect. Anyways bring on the October RM data.

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http://www.iii.co.uk/news/?type=afxnews&am...;action=article
LONDON (Thomson Financial) - UK house prices fell sharply in September, the latest Rightmove survey has found, sources said.
The survey shows asking prices for houses slumped by 2.6 pct in September from August, the sources said.
The details of the release were leaked in the market ahead of the official release, which is scheduled for Monday.

Was it HPC.co.uk?

NO mention in BBC news. Surely 2.6% is devastating at this point of the panic?

This is asking prices, asking prices in an up market will always go up to a peak above the highest selling price, in other words the last asking price was not neccisarily the last selling price and untill actual selling prices go down then the crash hasn't started. People may now be setting asking prices at what was the previous selling prices.

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Just registered after stumbling across this forum. What can I say? What a fantastic place!.

Welcome, anyway! :P

I think RM report was leaked by purpose to break the news gently through rumours. Otherwise stock market would have ended up in the basement and RM shares even lower. Who likes to be a bad news messenger on miserable rainy Monday morning?

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Welcome, anyway! :P

I think RM report was leaked by purpose to break the news gently through rumours. Otherwise stock market would have ended up in the basement and RM shares even lower. Who likes to be a bad news messenger on miserable rainy Monday morning?

ME! I f*ckin love p1ssing people off about house prices :lol:

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According to one paper, it's due to 4 bedrooms not being put on the market due to HIPS and driving the average down.

Basically, removing kite flyers!

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OK, I have a question... If it is a "statistical anomaly" why Rightmove did not adjust their calculation method to account for this? Just like Gordon did with RPI when it started to misbehave. Or they did adjust it and it was still 2.6% down?

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