Monday, September 18, 2006

Latest Rightmove report: House Prices rise 0.2% in Sep

UK's Rightmove finds instructions falling in Sept, prices rising modestly

Rightmove revealed that average asking prices rose by only 0.2% in September. This rise follows August's sharp 1.6% fall, which came on the back of seven consecutive monthly increases. 'Asking prices are at a virtual standstill,' said Miles Shipside, Rightmove's commercial director. 'The market appears to be correcting affordability issues itself and does not need further intervention for the Bank of England. At this pivotal stage it is likely to do more harm than good,' he added. The BoE is widely expected to raise its key rate by a quarter point again to 5.00% in November.

Posted by little professor @ 01:31 AM (757 views)
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17 thoughts on “Latest Rightmove report: House Prices rise 0.2% in Sep

  • ‘The market appears to be correcting affordability issues itself and does not need further intervention for the Bank of England’

    Oh dear, and what about rampant general real inflation?

    These people seem to think that the world revolves around them…

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  • autopilotengage says:

    House prices don’t form part of CPI anyhow, derrrr. It really does amuse me this kind of comment (well, if i didn’t laugh i’d probably have to cry):

    “‘The market appears to be correcting affordability issues itself and does not need further intervention for the Bank of England”

    Funny how rate cuts are nothing to do with house prices and conveniently rate rises are about nothing but in the eyes of certain institutions. And surely that should read “by” not “for” the Bank Of England. Idiots.

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  • “‘The market appears to be correcting affordability issues itself and does not need further intervention for the Bank of England”

    Yes, what a load of dross. For the above read ” I’m well aware of what is a happening with the US housing market and concious that the same scenario is only too possible here even without further inevitable rate rises”

    The good news is that a 0.2% rise is a fall in real terms even if only applied against the official, i.e suspiciously low, rate of inflation

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  • Ah Shipside, still under the impression that the BoE meets every month purely for the good of the housing market.

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  • The department that comes up with the fictitious CPI figures has probably been engineered so that it’s incapable of coming up with a figure of more than 2.6% or possibly 2.8% on pain of dismissal.

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  • george monsoon says:

    CPI figures come straight from “The Ministry of Information” – (from the book 1984, and worth a read today!)

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  • When this bubble does burst its going to be interesting who takes the blame for the mess the housing market will be in. The way stats are manipulated is only making things worse I was looking to upsize but I have decided to stay put until some sanity returns to the market, I have a feeling I won’t be waiting much longer!!

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  • It’s funny you mention George’s book. Labour are the masters of doublespeak. Recently, more and more I have really felt that I am experiencing a similiar existence to the characters in 1984. It worries me.

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  • be careful what you say bufferbear I’ve heard there are plans to install videocameras and microphones in people’s houses soon so all dissenting talk can be stamped on immediately. Sites like this will also probably be replaced by somethinng like housepricesalwaysgoup-theeconomywillbewonderfulforever.co.uk

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  • If I am not mistaken Rightmove data is taken from a sample of 200,000 properties from its database therefore it can be collated in any manner to suit the required output, the required output being of a flavour to titilate or not the palateof the MPC. And for good measure Shipside has to add that the MPC do not need to raise rates. Yes sometimes I’m very cynical but Rightmove’s stats due to the way they are gathered are close to pointless.

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  • OMG, little professor..

    It’s like that film Demolition Man, staring Sylvester Stallone & Wesley Snipes.
    I can just see it now,->

    F**king goverment – “You have been fined one credit for a violation of the verbal morality statute.”,
    Ah f*ck you!! – “You have been fined one credit for a violation of the verbal morality statute.”,
    etc. etc. etc.

    I’ll be skint by the end of the month.

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  • george monsoon says:

    “Ministry of Truth” is the actual term, not information, as I posted earlier, appologies to the Orwell fans. Thats BBC to us.

    I found a link to online reading of this book if anyone is interested

    http://www.orwell.ru/library/novels/1984/english/

    I just glanced through a couple of chapters, and it is frighteningly close to our modern day Britain.

    This is well off the track of the blog, but relevant for so many other reasons.

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  • It’s one thing comparing the situation to 1984, but when there are valid comparisons to films as bad as Demolition Man I really start to panic.

    Nice to see Hollywood re-writing history as well with Path to 911. Contrived neo-con fundamentalist christian claptrap.

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  • 1/ It’s an 80 pound fine for swearing.

    2/ Demolition Man is an excellent film.

    3/ http://www.opinionjournal.com/extra/?id=110008958 is a link to the comments of Iranian American author Cyrus Nowrasteh, who wrote the screenplay for Path to 9/11

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  • 2007 Turnaround says:

    Referring to the CCTV speaker/cameras…

    “And if the city centre scheme proves a success, it will be extended into residential areas.”

    Shocking.

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  • Anybody that suggests housprices might go down will probably be sent on compulsory diversity training

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