Rightmove Report London Properties Have INCREASED in the last month!!!

carolt

pickledpink wrote: »

Carol me lovely,

SOLD prices do not show for at least a good 3 months on the LR!

No, pp - but sold prices will be showing within about a week from Nationwide, and within a couple of weeks for Halifax.

So not too long to wait.

The point of my post - which you seem to have conveniently missed - is that the London figures reflect the number of high-end houses going on the market, skewing the average asking prices upwards. These are not weighted figures. So it does not mean people who were asking 300K last month are now asking 330K for the same house. It means other people in the posher neighbourhoods, whose houses always cost more, have now put their houses on the market too, thus bringing up the 'average' asking price.

It just means that the top end of the market is starting to be affected too - hardly a surprise, given the events of the last week.

Here's what The Guardian had to say - rather a different spin to you, I think?

http://www.guardian.co.uk/money/2008/sep/22/houseprices.housingmarket

House prices fall another 1% as lending terms tighten further

"The average price of a house in England and Wales dropped by £2,378 over the past month, with banks continuing to tighten lending conditions as the credit crunch took a turn for the worse.

According to the property website Rightmove, the average price fell by 1% in September compared with August and by 3.3% compared with the same month a year ago. "

neverdespairgirl

pickledpink wrote: »

Rightmove have simply STATED that London property prices have INCREASED in the last month.

Asking prices, not property prices.

Does anyone know what RM's stats are based on? If there are 9 houses for sale @ £90k each, they say the average is £90k, and if the next month there are 9 houses @ £80k and 1 @ £500k, do they reckon it's gone up?

mewbie_2

OK PP, HIHM and every other person who posts here saying house prices won't fall and are going up, etc. I just don't understand your thinking or motivation.

Do you really believe what you are typing?
Is it a wind up?
Are you slightly behind the curve in your understanding?
Are you trying to talk the market up?

It is now an accepted fact among most aware people that house prices have dropped, they will continue to drop, and that this is going to be a significant crash. There is no need for interpretation, or arguing one set of figures over another - they are going down.

That's it - end of. So why, please tell, do you bother? I'd love to know what makes you post this stuff. How about an honest and sensible answer, just once, then you can go back to your normal activity.

Incisor

pickledpink wrote: »

... Rightmove have reported that property prices in London actually INCREASED last month. Take a look at the link.:p

I say Bull!!!! [goes with mouse!!!!]

carolt

mewbie wrote: »

OK PP, HIHM and every other person who posts here saying house prices won't fall and are going up, etc. I just don't understand your thinking or motivation.

Do you really believe what you are typing?
Is it a wind up?
Are you slightly behind the curve in your understanding?
Are you trying to talk the market up?

It is now an accepted fact among most aware people that house prices have dropped, they will continue to drop, and that this is going to be a significant crash. There is no need for interpretation, or arguing one set of figures over another - they are going down.

That's it - end of. So why, please tell, do you bother? I'd love to know what makes you post this stuff. How about an honest and sensible answer, just once, then you can go back to your normal activity.

They fall into 2 camps - downright trolls and desperate-to-talk-the-market-up. Reckon pp is a bit of both.

They used to be a third type, earnest, optimistic (unrealistic?) - the RunningHorse/IveSeenTheLight type - but it's notable even they have given up on the relentless cheer, in the light of recent events.

meanmachine_2

pickledpink wrote: »

http://www.rightmove.co.uk/template/publicsite%2Caboutus%2CRTPRArchive.vm

Rightmove have reported that property prices in London actually INCREASED last month. Take a look at the link.:p

That's actually not true.

They're reporting that the average asking price for new London properties listed on their website in the last five weeks (conveniently ignoring the hundreds of thousands which have been languishing on the London market for months if not years, some with reductions of around 30%) has gone up.

That's the average of properties.

It's raw data that is not mix adjusted and only takes into account new listings.

And it's not seasonally adjusted, so bounces up and down like a fat kid on a trampoline.

It's noise. Ignore.

Chris2685

Just wait until next months asking price index comes out! I can not believe that London asking prices will rise again. No doubt all of the people who have recently put their houses on the market will be forced to drop their prices or else face repossession. Every day we are reading about job losses in the city! It is only a matter of waiting until the effects of the City ripple out and it folds in on itself...

mr.broderick

carolt wrote: »

They fall into 2 camps - downright trolls and desperate-to-talk-the-market-up. Reckon pp is a bit of both.

They used to be a third type, earnest, optimistic (unrealistic?) - the RunningHorse/IveSeenTheLight type - but it's notable even they have given up on the relentless cheer, in the light of recent events.

Good heavens carol I would describe you and your friends as above but instead of up please replace with down. You really are something.

motch

Watched a program a few minutes ago with a couple going to a seminar for house buying. Still shows there's one (or two) born every minute. Perhaps I should try and offload my house to them - they will make a fortune!!!!!!!!!!!!!

carolt

pickledpink wrote: »

Carol me lovely,

Got it! She's a pirate!