Monday, September 20, 2010

Rightmove: -1.1% MoM, +2.6% YoY

Double dip fear as house prices fall for the third month in a row

Property prices have fallen for the third month in a row, according to worrying figures released today. The average asking price for houses during the five weeks to September 11 dipped by 1.1 per cent to £229,767, according to property website Rightmove. New sellers have now dropped their asking prices by 3.4 per cent – or more than £8,000 – during the past three months, wiping out half of the gains made during the first half of the year.

Posted by little professor @ 12:17 AM (3303 views)
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31 thoughts on “Rightmove: -1.1% MoM, +2.6% YoY

  • Miles Shipside, director of Rightmove, said those warning of a ‘double-dip’ will be able to point to ‘a clear downward trend, with new sellers dropping their asking prices for three months on the bounce’.

    ‘They can cite tough competition amongst sellers and agents struggling to find proceedable buyers for their record levels of unsold stock.’

    – Sentiment is changing fast, this is great news leading up to Christmas… spring bounce anyone?

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  • Of all the indexes I thought this one may show positive as higher priced houses (local evidence) come to Market.

    So to see -1.1% mom is very good news (for everyone).

    At last, reality looks as though it could be setting in.

    Just another 30% to go LOL

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  • can someone please pass this on to estate agents who seem unable to value houses at a realistic value

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  • Rightmove prices are estate agent prices as far as I know.

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  • Not earth shattering news, but I notice this was the main headline on the front page of City AM today – the HPC question really seems to be seeping back into mainstream consciousness in a way which hasn’t been the case for a couple of years. It really feels similar to early 2008 at the moment.

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  • can someone please pass this on to estate agents who seem unable to value houses at a realistic value

    I think some EA’s would only be too happy to sell at lower prices – at least they will be making something – I think this is due the unrealistic expectations of the vendors.

    (And I didn’t use the word ‘greedy’ once)

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  • @pelethar

    It’s great to see this sentiment as you say, the Daily Mail after all is the best selling organ of the aspiring middle classes so to see them giving column inches to houseprice drops. This could cement in further falls leading up to Christmas and let’s see a crash next summer!

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  • “Property prices have fallen for the third month in a row, according to worrying figures released today”

    Worrying why is this worrying I wonder? I’m not worried about this news in fact I’m positively elated!

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  • 1. alan_540

    Some friendly advise. Take it as it comes and don’t expect anything untill it’s in your sights. We are dealing with some very cunning people who have more control than you can imagine. Take it or leave it.

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  • You know what will happen? Prices will continue falling and the BoE + Gov will step in to prop things up, as a member of the MPC recently discussed.

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  • “My nightly ritual of burning the estate agents section of all local free papers must be working then, I will continue” – Shaman Wicked!!

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  • sibley's b'stard child says:

    Strangely bearish comments from the DM readership.

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  • Glad to see all that bear food in the past couple of months but where I live (East Croydon) is a complete different picture. Properties are sold in 2/3 weeks with several bids and sometimes sold over asking price, I am just stunned and bemused. Is the trend changing or is my area the most covetted one!?

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  • I’m looking forward to Nationwide September figures 🙂

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  • Why is it ‘worrying’ that houses are (very slowly) becoming affordable again?

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  • sibley's b'stard child says:

    @ Peter

    Why is it worrying; did you not read the article?

    “…wiping out half of the gains made during the first half of the year”.

    Won’t somebody please think of the children?

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  • Its worrying for the 80% of UK households that own a house. Im one of the other 20% so am pleased about it.

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  • sibley's b'stard child says:

    @ MW

    Likewise, my life has begun to revolve around the anticipation of monthly reports…

    Suffice it to say, I – ahem- ‘forgot’ to tell the missus about Halifax’s August figures. Here’s to hoping for another slice of Nationwide good news.

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  • SBC, as an avid HP index watcher, I have decided that Nationwide is the most reliable. I ignore the rest, although it’s useful background noise.

    Very few houses sell round our way, the last one went for £500k and this had been ‘on the market’ for two or three years, and it had started off at nearly £600k. My wife and I jumped in the car and did a drive by just to celebrate not having wasted nearly £100k (my little girl loved that house because it was three or four doors up from her school).

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  • Estate Agents play a role, on the way up and down. If my memory serves me right, it was the failure of major chains and many of the new ‘mushroom’ boys that concentrated the forked tongue brigade’s minds and enabled the real slide to embed the last time. There’ll be few sales as the knife drops; none at all if they pitch their prices are too high.
    Sentiment – the key

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  • greenshootsandleaves says:

    Fantastic ‘bad news’, but ‘[…] wiping out half of the gains made during the first half of the year’ will leave the punters thinking they’re still ahead. We need to see the other half of those ‘gains’ wiped out too. Even then it won’t be over. Far from it. A confirmed kill will require an article in the Daily Express acknowledging that house prices are crashing AND the official switching off of smugdog’s sarcasm. I’d like to think those two events will occur before the gritters are sent out on hell’s roads ….

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  • I was most pleased with my dealings over the weekend. I bagged a lovely property

    for 10% under the asking price, due to my cash position.

    Only to be informed this morning that I had been outbid, full asking price, cash again.

    Things are not as bleak out there as we would be led to believe.

    One small dip will create buying opportunities for many more.

    Fear and greed is the fuel. I’m around for a wee while yet, chums.

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  • Sorry, ‘led’ is a light emitting diode I’m sure (before someone points out)

    Or maybe another HPCer attention defect.

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  • sibley's b'stard child says:

    I’m disappointed in you Smugdog; with all that money you’re sat on you should have gone in 10% over asking price – just to show ’em you mean business.

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  • greenshootsandleaves says:

    smugdog @ 22 ‘Only to be informed this morning that I had been outbid, full asking price, cash again’

    Go on, I bet it was one of those Chinese buyers we keep hearing about. They know how to drive a bargain (or rather secure a purchase) and have in effect taken over from the Greeks who took over from the Italians who took over from the Russians (or was it the other way round?). Before we know it, gazumping will be back, big time, I tell you. In the meantime, though, they may well have done you a favour.

    PS Strictly speaking you didn’t really ‘bag’ the property, but we’ll let that pass.

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  • So smugdog, contrary to what I thought, you are in fact just another vulture circling around the dying property market ready to pounce on “buying opportunities” as they emerge.

    Anyway, smugdog (and those like him) is the reason why volume increases as prices fall, and it is exactly why the bubble graph is what it is. May I take this opportunity to say a personal thank you smugdog for making that graph possible.

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  • led v. Past tense and past participle of lead

    Back to puppy school for you.

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  • Santas Little Helper @ 22
    Only to be informed this morning that I had been outbid

    ‘Tis my sincerest wish that you find a nice place you can afford soon – there is more to life than house PRICES – fill your boots smuggy.

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  • I do enjoy feeding the fish that swim in the HPC bowl.

    If only I could secure a home of my own, Boo Hoo!

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  • smuggy you have taken the EST bait! :).

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  • “I’m around for a wee while yet, chums”

    From Scotland?

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