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Rightmove - November - 0.70%
mystic_trev
Posts: 5,434 Forumite
Property prices fell by 0.7 per cent last month, adding weight to predictions the housing boom will end next year.
The drop knocked £1,656 off the average home in England and Wales, according to property website Rightmove, cutting the overall value to £239,986.
http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=494878&in_page_id=1770&ito=newsnow
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Comments
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A lot of sellers have dropped their prices to try and gain a sale. I suspect that it is too late before Christmas.
There will always be a seasonal downturn at this time of year. I suspect that with the possibility of interest rates coming down in the new year, the mortgage scene could find its feet again.
I had read that 2008 will be a period of nil HPI. Over the long term I suspect this will be the case.
On a house by house basis though there will be reductions I am sure of it.Behind every great man is a good womanBeside this ordinary man is a great woman£2 savings jar - now at £3.42:rotfl:0 -
http://www.rightmove.co.uk/pdf/p/hpi/HousePriceIndex19thNovember2007.pdf
Interesting to see although London is still up the South East has declined by 2%0 -
Annualising some of these figures makes for scary reading.
The prices in the West Midlands dropped 2.4% last month. Annualising that gives a drop of 25.3%.
The North West gives a drop 18.6%.
Crikey!
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Does anyone have data for this time of the year for 2006, 2005 etc.. to guage what normally happens this time of year?Disclaimer: Any spelling mistakes or incorrect grammar is purely coincidental and in no way reflects the intelligence of the author.0
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Rightmove's stats go up and down like a tarts knickers and shouldn't be given much credibility. Stick with the Land Registry figures for a truer representation of what's going on. Still, that said, it's nice to see them actually report some more falls.0
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dannyboycey wrote: »Rightmove's stats go up and down like a tarts knickers and shouldn't be given much credibility. Stick with the Land Registry figures for a truer representation of what's going on. Still, that said, it's nice to see them actually report some more falls.
I agree, listing to Rightmove is a bit like turkeys voting for Christmas.Disclaimer: Any spelling mistakes or incorrect grammar is purely coincidental and in no way reflects the intelligence of the author.0 -
LR YoY is the gold standard, in my view.
Having said that I don't think that any of the indices fudge the figures. While rising prices are gravy to EAs, their bread & butter is turnover & if, to maintain turnover, they need to encourage vendors to drop prices, that is what they will do. To maintain turnover, it is sensible to be realistic with your reports.
Are we still seeing the HIPs effect?"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
I am hearing that transaction volumes have dropped off a cliff and its not just the seasonal drop! (I am currently working at a property valuation and HIP provider and they are saying the same thing). If HIPS are brought in for one and two beds I would imagine this would only cause further deflation of transaction volumes ...0
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A lot of sellers have dropped their prices to try and gain a sale. I suspect that it is too late before Christmas.
There will always be a seasonal downturn at this time of year. I suspect that with the possibility of interest rates coming down in the new year, the mortgage scene could find its feet again.
I had read that 2008 will be a period of nil HPI. Over the long term I suspect this will be the case.
On a house by house basis though there will be reductions I am sure of it.
Rightmove's index only records properties coming onto the market, they don't include any properties that have reduced their price to try and gain a sale.0 -
Check ourproperty.co.uk - you can actually see at what price a particular house was sold (usually up to date till last month)Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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