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thecrashingisles

Rightmove Full Report

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A very bad report for bears. With all the negativity prices show a +ve trend. If the other indices go the same way then it could be game over.

Only two regions showed -ve MoM figures. London up 11% YoY!!!!

Is everyone packing their bags and coming to live in London or have they pumped in another couple of million east europeans into London over the last few months.

Edited by beans on toast

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There's always a couple of million in each month. And with the new expansion of the EU and our government's desire to use the cheap labour to prop up part of the broken economy there will be so for some time to come.

TFH

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I think the interesting point is that in the text they acknowledge a 10% drop in the market. Last time a correction this large took a lot longer. If you are sitting on an STR fund the change may seem agonisingly slow but by historic standards this market is dropping fast.

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A very bad report for bears. With all the negativity prices show a +ve trend. If the other indices go the same way then it could be game over.

How is this bad for bears exactly?

Average asking price rise by 0.8% (£1,799) as new sellers ignore market reality

· Smart pricing by sellers is required to avoid stagnation

· Furthermore, the Government, Bank of England and lenders must take urgent coordinated

action to ease mortgage liquidity

· Buyer choice continues to grow as average unsold stock has never been higher at

this time of year

· Price increases head towards zero as annual rate drops from 5.8% to 5.0%

These points say the market is stuffed. This is great news for bears.

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Guest tenant super
A very bad report for bears. With all the negativity prices show a +ve trend. If the other indices go the same way then it could be game over.

Only two regions showed -ve MoM figures. London up 11% YoY!!!!

Is everyone packing their bags and coming to live in London or have they pumped in another couple of million east europeans into London over the last few months.

Rightmove figures are based on listed ASKING prices.

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A deluded seller sits watching a big telly as a for sale sign with SOLD plastered across it flaps in the wind. Across town a twenty something EA sits staring at a computer screen twiddling her thumbs, wondering if she will try her mum`s shepherds pie recipe tonight. Meanwhile a small child playing alone on the edge of town is startled by the sound of fast approaching hooves in the distance...........

THIS IS BEAR MANIA TIME. THE ONCE IN A LIFETIME BIG ONE. THIS WEBSITE IS SECOND ROW AT THE PICTURES, FEET UP, COKE, AND CHOCOLATES IN HAND. A VERY LARGE BEAR IS ABOUT TO SQUAT AND TAKE A HUGE DUMP ON THE WORLD. NO AMOUNT OF PAPER SHIFTING IS GOING TO CLEAN IT UP.

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What's this all about then:

That's over 10% excluded!?

Excluded from the rightmove figures are property types such as Land, Commercial Property, Hotels and Mobile Homes. New homes are also excluded since Rightmove may get up to 200 new units being listed in a single location on a single day as the developer brings the development onto the site.

Also prices above 3 standard deviations for that area will be excluded. This is to stop scum estate agents from listing fictitious properties for 10x the going rate to distort the HPI figures.

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Excluded from the rightmove figures are property types such as Land, Commercial Property, Hotels and Mobile Homes. New homes are also excluded since Rightmove may get up to 200 new units being listed in a single location on a single day as the developer brings the development onto the site.

Not in the postcodes I monitor with property bee.

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Guest grumpy-old-man
A very bad report for bears. With all the negativity prices show a +ve trend. If the other indices go the same way then it could be game over.

Only two regions showed -ve MoM figures. London up 11% YoY!!!!

Is everyone packing their bags and coming to live in London or have they pumped in another couple of million east europeans into London over the last few months.

'asking prices' :lol::lol::lol::lol::lol:

ps - I have a 1990 ford escort 1.1 on sale for £15,000. ;)

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Good summary of these figures in The Times... http://business.timesonline.co.uk/tol/busi...icle3607483.ece

In its monthly survey of house prices, Rightmove said that the number of unsold properties was at its highest level for this time of year since it began to publish its survey in 2002. Each estate agent had an average of 67 homes on its books, up from 56 a month earlier, it said.

The website's figures also showed that asking prices had risen 0.8 per cent to £239,655 as homeowners try to push up prices. However, it estimates that actual selling prices have fallen 10 per cent since their peak last year.

And I especially liked this line...

Miles Shipside, the commercial director of Rightmove, said: “In the current market, sellers should price below their competition to achieve more interest now and avoid a larger price-drop later in the year.”

Now what was that saying again? Oh yes... "Chasing the market down"! :P

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...but in the current market, sellers should price below their competition to achieve more interest now and avoid a larger price drop later in the year.”

Oops! He did not mean to say that, did he?

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As annoying as the rise in asking prices is I think the key bit is this:

Shipside comments: “Deals are being put together but tend to be at around 10% below

peak boom prices. The challenge to sellers is to get smart and accept this new reality. The

best price sellers can achieve has fallen - though they won’t lose out if they are then

planning on buying as well.

!0% off since summer 2007 must equate to about a 15% annualised drop ... nice. Prices are coming down far more quickly than they were going up. We must be back to summer 2006 prices by now - should be back to summer 2004 prices in a few months and then by christmas 2003 ? 2002 ? Lets not forget that the BOE and Nationwide said that prices were unsustainable in summer 2001 !

Also very interesting that Rightmove felt obliged to state that sale prices had dropped by 10% and that sellers were deluding themselves. I guess the reason being that, as has been said many times before, EAs survive on transaction volumes not high sales prices i.e it is better to sell 10 properties at £300k than 2 at £400k.

Edited by Bearfacts

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Hardly surprising when most sellers are living in a world of greed, delusion and desperation.

Perhaps it's time for Rightmove to think up a more realistic methodology that can cope with falling markets as well as rising markets.

If they don't, they're going to look like complete tw*ts by the summer.

RightMove can only report on the data they have, and that is asking prices. The people who will look like complete tw*ts are those who treat this data as anything more than it really is, i.e a collection of pie in the sky valuations by estate agents.

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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