Monday, October 17, 2011

Estate agents pushing on a string?

Asking prices on Rightmove shoot up nearly 3%

Despite most house price indices showing that house prices have gone down, asking prices on Rightmove have shot up by 2.8%. The asking price on Rightmove for houses new to the market over the last month now stands at £239,672, the site reportted this morning. The asking price average compares with £161,132 quoted by Halifax for September and £166,256 quoted by Nationwide for the same month. Both lenders base their average house prices on mortgages agreed. But there is a pronounced north/south divide in Rightmove’s asking prices, with average property prices in the south at £336,743 being more than double those in the north, at £164,347. The gulf is the highest Rightmove has ever recorded.

Posted by khards @ 07:57 AM (2563 views)
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23 thoughts on “Estate agents pushing on a string?

  • mark wadsworth says:

    This would appear to be the last of the indices to still be showing unreliable figures, it’ll go reliable sooner or later…

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  • I guess this is because agents are charging higher fees and this need to be reflected in the selling price.

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  • Well, here in the North (West Yorkshire) asking prices appear to be holding up but there now appears to be a hell of a lot of houses that have been on the market for several months.

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  • It’s just amazing that so many people are still so deluded.

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  • Locally, (south of Cambridge) I can see no evidence of asking prices either rising or falling, and looking further afield I can detect no public perception that house prices are on the rise – indeed there seems to be a weary acceptance that they are likely to slide lower over the next few years.

    Which makes the Rightmove data very puzzling, as they have no VI in house price movements, one way or the other.

    One possible explanation is that Rightmove was originally a listing board for mass market housing, that the top agents did not subscribe to. Now just about everything gets listed, and there are currently over 300 properties listed with an asking price of over £10M.

    – Maybe Rightmove needs to brush up its methodology a little to accommodate changes to its clientele profile.

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  • Mr g,

    Most of the properties around here (Kent) have been on the market between 1 and 2 years. Only keenly priced properties are selling and even then they are on the market for several months.

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  • This is indeed very good news. It is nice to see the good old British housing market still on the up! This shows how stable and reliable our economy is compared to the rest of the world.

    Britain at its best!

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  • sibley's b'stard child says:

    That’s a good point UT although Shipside’s numerous comments over the previous months warning vendors and EAs alike against fantasy pricing suggests he’s concerned that x less EA branches = y less revenue.

    Let’s face it, the RM index is a reliable bellweather for vendor delusion and nothing more.

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  • people simply do not realise how bad things are in the real world – the shock will arrive soon and catch many home owners out in a big way

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  • According to the land registry, the number of properties that sell for over £2M each year is approximately 1,000..

    ..but the number listed on Rightmove asking over £2M appears to be over 3,000..

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  • hmm link didnt work

    search 5 mile radius of prestbury cheshire with no price limit

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  • Which makes the Rightmove data very puzzling, as they have no VI in house price movements, one way or the other.

    I think they do. When house prices are rising, more people will want to sell, means more houses going on right move website. They are the ultimate VI.

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  • does anyone know what rightmove charges agents and how – is it per property per month or a fixed fee for x amount of properties?

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  • hpwatcher,

    You don’t see Shipside spinning bad news, so if they do have anything to gain, it’s not enough to warrant damaging their reputation..

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  • You don’t see Shipside spinning bad news

    Maybe, but they still stand to gain (a lot!) when the market is doing well.

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  • “Maybe, but they still stand to gain (a lot!) when the market is doing well.”

    The market doing well, and prices rising are not the same – Rightmove’s site will score more hits if sales volumes rise, which is unlikely to happen until the market has corrected – so if anything, they have an interest in prices falling..

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  • I’ve seen a handful of properties advertised locally at prices which made me think “maybe I should step in”. Unsurprisingly they sold in no time. Meanwhile, overpriced properties languish on the market for years. No surprise really.

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  • drewster did they actually sell or was it the usual scam “sold” only to come back on market with another agent a month or two later to make local market look as if it is booming

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  • I have tracked the Rightmove data within my area for over a year now.

    I track houses for sale over £350k and 4+ bed houses to rent, both within 5 miles of where we rent in South Leicestershire.

    There are currently 137 houses for sale (excluding under offer) vs 120 last year a 14% increase and 27 for rent vs 21 last year, an increase of 29%.

    I do not track price data as it is too hard to get to, just volume, lots of sellers are currently turning to the rental market.

    Hope this is of interest.

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  • Mark,
    I don’t know; the point is it was quite a bit cheaper than others on the market, and it went quickly. A couple of similar properties have been dawdling on the market at 20% more for longer than I can remember now. (Just checked on property snake – one of those was recently “reduced” from £240,000 to £239,995. The mind boggles.)

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  • have a look on mouseprice.com or is it .co.uk to check the sold price

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