Monday, January 19, 2009

Like a child on a long car journey Rightmove shouts out are we there yet!

Rightmove asks 'are we near the bottom?'

Rightmove today asked ‘are we near the bottom?’ as it reported prices were nearing its predicted floor and as the number of properties coming onto the market slows and base their bottom call on ‘a chronic lack of new supply both in the resale and new homes market’.

Posted by enuii @ 07:57 PM (1242 views)
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12 thoughts on “Like a child on a long car journey Rightmove shouts out are we there yet!

  • Dream on ! VI’s r giving it large for a recovery this year after the latest bail outs they’re all trying to throw their weight behind it to give it some momentum !

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  • No one I know seems to be talking about house prices now. It’s pretty clear an absolute collapse in house prices – to a far more realistic level – is now on the way.

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  • they shut just shut it, their predictions have been stunningly inaccurate so far..

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  • This is a email i received from rightmove when i ask how come there house price drop is lower then other.
    This is there reply

    Each of the House Prices Indices vary, but in basic terms, we measure ASKING PRICES, which is right at the beginning of the home buying process. Our figure gives an indication of seller’s expectations and sentiment within the market. Nationwide and Halifax however are further along the housebuying process and my understanding is that they measure house prices based on the mortgages that they lend (you may want to check this though), the only true indicator of completion price is the Land Registry, however, the data is often around 3 months old.
    Another issue to consider is sample size (we measure 90% of the market – measuring the price of new properties coming to the market that month) and also seasonal factors – some indices seasonally adjust their data – we don’t to show the natural house-buying fluctuations throughout the seasons.

    I hope that very basic explanation helps!
    Kind Regards,
    Meg
    Mei-Kuen Tsui
    PR & Communications Executive

    T

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  • @hpwatcher

    Dunno there’s a lot of delusion and wishful thinking still around.

    Wife’s been banging on about a house she likes (still) back in N Somerset. Nethouseprices says sellers bought for £275k beginning of ’06 (this is a smallish 3bed detached in a hamlet with a field across the ‘road’ and larger neigbours, one either side). Nice but fairly modest.

    Sellers fitted a kitchen, put it on the market again and apparently got offer of £350k for it in 2007 (according to EA) – nice profit for maybe £10k investment! Chain promptly fell though and been on market ever since. This was new info to me today as that offer price has fallen off propertysnake, which shows on for 100 days, £315k reduced to £299k.

    Here’s me thinking an offer of £220k or so is realistic 2009 money, only to find the couple are in lala land dreaming of the lost £350k. Waste of time I told the wife (who has fallen in love with the place). Anyway without asking the EA to place an offer I did a little bit of expectation setting.

    No way on earth this will be back around £300k for a VERY long time. But the sellers are far from alone in their denial, given what they ***almost**** made on it. This isn’t going to happen overnight.

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  • montesquieu

    Get hold of Property Bee – keeps track of houses you are interested in for longer and highlights changes as they happen.

    I’n my area private sellers are not droping their prices – or they will drop by token amounts – but new builds are now discounting by 25% or more.

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  • Panic to come. When it does people will not believe the carnage that awaits.

    Are we near the bottom?
    There may not be the type of bottom we have known in the past. Sinking sand with a helping hand!

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  • New month will be very entertaining.

    Feb 08 saw a rise of 3.2% on the month. Say we get -2.0% next month, the YoY drop will be -5.2%.

    “Almost at the bottom now” …. right

    Rightmove YoY comparisons are pretty silly anyway given their shrivelling customer base…

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  • it_is_going_with_a_bang says:

    Sorry but are they talking about house prices or their Share price???

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  • george monsoon says:

    Rightmove – “talk to the hand”… the country isn’t listening..

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  • A little over 12 months ago Rightmove totaly denied there would be a correction, but now only a year into into the crash, they claim to know where the bottom will be. As a nation of homeowners we are being taken for a ride.

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  • – Rightmove have no data available for the suffering of those all over the country who are trying to sell and have been on the market for many months or even years.

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