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Rightmove Data For July - Big Month On Month Drops In Asking Prices!

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July's Rightmove asking price data has been published by the Times. The spin is about the year on year decline but the month on month falls are pretty shocking (semi detached and terrace homes apparently down over 3% in a month).

http://www.timesonline.co.uk/tol/money/pro...icle4368914.ece

"The value of flats has been hit hardest in the past month, down 4 per cent, while semi-detached and terraced homes are 3.7 and 3.1 per cent lower. Detached homes are holding relatively steady, at 1.8 per cent lower than last month."

However asking prices in central London are apparently up!

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However asking prices in central London are apparently up!

However estate agents in central London are apparently tossers!

I love the way they say that a 1.8% MoM fall is 'holding steady'. If they keep holding steady at that rate then before long houses will be, God forbid, affordable.

Edited by thecrashingisles

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Mirrors what I'm starting to see in Leeds. New listings coming on for considerably less than their counterparts did a few months ago (but have since dropped in price).

Same here in Leeds. Even in the last week I think there has been a difference in the new stuff coming on. Noticing much nicer places for what used to be the price of a bog-standard 3 bed semi. Of course, some of the bog-standard stuff has been on for up to a year without any chance in asking price! Tossers.

I would not be surprised to see asking prices doing a few months catch-up to start chasing sales prices as the panic phase sets in.

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The average price is now £235,219, 2 per cent less than last July, according to the Rightmove website.

Hang on...

... I thought the average house was selling for about £185,000 these days, according to the Halifax & Nationwide - from memory, I haven't looked it up.

So it would appear that the average asking price is around 25% higher than the average real price.

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Guest DissipatedYouthIsValuable
Hang on...

... I thought the average house was selling for about £185,000 these days, according to the Halifax & Nationwide - from memory, I haven't looked it up.

So it would appear that the average asking price is around 25% higher than the average real price.

They're making this shit up. Average houses have never been worth anything like £200k.

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I was particulalrly struck by this quote:

Shipside adds: “The ‘doom and gloom’ attitude should be about the drastically low level of

sales which affects the wider economy, not about falling prices. Unless you are trading

down, inheriting or in danger of negative equity, the effect of falling prices is neutral or

indeed good for some. How long the chronically low volumes continue will be greatly shaped

by the attitude of the lenders. Following lenders’ irresponsible lending in the late 1980s,

there was a similar over reaction to risk that is repeating itself now. So banks need to be

careful they do not get blamed for a second crash in 20 years.”

In fact it is not good for people who are trading up because thay generally will need a mortgage. The problem as stated here is that banks are seeing capital values falling and that means they are unwilling to lend as much and surveyors are downvaluing too.

Result is paralysis until we see big enough falls in price to bring in cash buyers and that is not quite here yet.

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Same here in Leeds. Even in the last week I think there has been a difference in the new stuff coming on. Noticing much nicer places for what used to be the price of a bog-standard 3 bed semi. Of course, some of the bog-standard stuff has been on for up to a year without any chance in asking price! Tossers.

I would not be surprised to see asking prices doing a few months catch-up to start chasing sales prices as the panic phase sets in.

And the same here in Surrey.

A lot a reductions from around the £300k, down to £270k and even £250k.

The other interesting thing is that the gap between £600k and £1m (originally lots of homes at £600k and under and then over £1m, but few between £600k and £1m) seems to have filled in. Lots of good size 4 and 5 beds now in this bracket, that said these will fall further . I fully expect some of the pumped up prices that were stretching themselves to reach the magic £1m to end up at £600k.

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Hang on...

... I thought the average house was selling for about £185,000 these days, according to the Halifax & Nationwide - from memory, I haven't looked it up.

So it would appear that the average asking price is around 25% higher than the average real price.

May I suggest that a "proper" buyer from a "good" background would never darkern the doorway of such lowly establishments.

One would use ones Queens Bank for ones mortgage for the more "Exclusive" piles.

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May I suggest that a "proper" buyer from a "good" background would never darkern the doorway of such lowly establishments.

One would use ones Queens Bank for ones mortgage for the more "Exclusive" piles.

Actually a very good point...

... however, are the 'exclusive piles' marketed on Rightmove?

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You have to laugh at the naivety.

'Shipside said any meaningful increase in the number of homes being sold would need a U-turn by banks over their lending policies. "Banks need to be

careful they do not get blamed for a second crash in 20 years," he said.'

Or ...

Banks need to be careful they don't go bankrupt.

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Hang on...

... I thought the average house was selling for about £185,000 these days, according to the Halifax & Nationwide - from memory, I haven't looked it up.

So it would appear that the average asking price is around 25% higher than the average real price.

er of course :)

Compare selling prices to asking price on http://home.co.uk

compare the indexes on http://www.houseprices.uk.net/graphs/ to get the spread

Edited by moosetea

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One needs to remember that the Rightmove index is based on " the asking prices of properties coming onto the market".

It doesn't measure the changes in asking prices of property that is already on the market.

This month's figures are important as they show that sellers are starting to get more realistic at the point of first marketing their property. Either that, or the fall in asking prices of the stuff that's been hanging around for months means that new instructions are having to be more competetive.

Good news either way.

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i find it interesting the nearly 14k properties are excluded for being anomolies.

who decides which ones are and which ones arn't

wouldn't surprise me if its the properties falling in price.

strange... does anyone know how this compares to other periods?

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i find it interesting the nearly 14k properties are excluded for being anomolies.

who decides which ones are and which ones arn't

wouldn't surprise me if its the properties falling in price.

strange... does anyone know how this compares to other periods?

See my note above. The index doesn't record price changes. It records the price of new instructions.

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  • 395 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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