Rightmove + 1% mom -4.9% yoy

ginvzt

I can give you an example of the house, that after the sale fell through, came back on the market. No luck in selling, reduced price ~8% (£325k to £300). Still no luck and last week showed up also with a different agent at an asking price of 5% more (£315k), while still being on the rightmove at £300k with the original agent. I can't imagine why would anyone do that!!!!

Some sellers are still dreaming....

HammersFan

ginvzt wrote: »

Some sellers are still dreaming....

And judging by activity levels, so are some buyers.

ginvzt

HammersFan wrote: »

And judging by activity levels, so are some buyers.

You mean the low levels caused by those STILL buying? Or by those who wouldn't entertain the vendors living in 2006/2007?

Jorgan_2

A lot of sellers and quite a few agents are still in denial over house prices. The only instructions I'm not getting are the ones where another agent has gone in quoting a figure that was achievable in Feb/March of this year, no way they are going to get that now.

Asking price mean nothing anyway, its the sold price thats important. I've only ever taken an interest in the Land Regisrty figures as they are the true reflection of what has happened, but even they can only be used as a guide now due to the fact they are three months old by the time they are issued.

chucky

Jorgan wrote: »

A lot of sellers and quite a few agents are still in denial over house prices. The only instructions I'm not getting are the ones where another agent has gone in quoting a figure that was achievable in Feb/March of this year, no way they are going to get that now.

Asking price mean nothing anyway, its the sold price thats important. I've only ever taken an interest in the Land Regisrty figures as they are the true reflection of what has happened, but even they can only be used as a guide now due to the fact they are three months old by the time they are issued.

i would also add that there are many potential buyers out there who are also in denial who are expecting massive price drops.

you're right the asking price means nothing, probably just as much as buyers offer prices that border from ridiculous to stupid in thinking that everyone that has their house on the market needs to sell.

Land Registry figures are the more accurate and you're 100% in saying that all these numbers should be a guide as they give you different types of information.

MrDT

IveSeenTheLight wrote: »

I've always queried rightmove as monitoring house asking prices and not reflecting actual prices.

I's interesting that while this was the bible for a lot of HPCers on here, the merits are now questioned when they show an increase

I doubt many HPCers ever took the rightmove index seriously.

Propertybee in conjunction with rightmove is another matter entirely - it shows us sellers that are actually dropping their asking prices.

Personally I take the reduced asking prices with a pinch too, a house that drops from 110k to 100k would be lucky to get an offer anywhere near 80k from me. A mate of mine bought at peak (Nov 07 I think), paid 80k for a house that was advertised for 110k initially then reduced to 100k - I believe this was a common occurence round here before the mortgage drought hit even, how low they'll go in the current circumstances is anybody's guess, they don't seem to be selling at any price!

Asking prices mean very little, I agree with you ISTL Movements up or down in this index are pretty inconsequential, the rightmove index is a joke.

IveSeenTheLight

MrDT wrote: »

I doubt many HPCers ever took the rightmove index seriously.

Propertybee in conjunction with rightmove is another matter entirely - it shows us sellers that are actually dropping their asking prices.

Personally I take the reduced asking prices with a pinch too, a house that drops from 110k to 100k would be lucky to get an offer anywhere near 80k from me. A mate of mine bought at peak (Nov 07 I think), paid 80k for a house that was advertised for 110k initially then reduced to 100k - I believe this was a common occurence round here before the mortgage drought hit even, how low they'll go in the current circumstances is anybody's guess, they don't seem to be selling at any price!

Asking prices mean very little, I agree with you ISTL Movements up or down in this index are pretty inconsequential, the rightmove index is a joke.

I think propertybee along with rightmove can be a very good tool when considering a specific propterty in this time.
It can show if a seller is desperate, rapidly reducing the prices in an attempt to sell.
It does not necessarily mean that the same house in the same street will be in the same situation i.e. if they are not a distressed seller.

At the end of the say, it reflects asking prices, not actual sold prices

ad9898_3

mystic_trev wrote: »

http://www.channel4.com/news/articles/business_money/home+sellers+urged+to+be+realistic/2589317

They made a big thing about this on the radio yesterday, +1%, before I smashed my radio with a right hook, they were talking about asking prices, well !!!!!! does that mean ??, I'm asking a cool million for this 2 up 2 down and so this is the price I will get ??,

I mean jeez, if they have to look at asking prices to put some spin on it, you're really scraping the barrel.

Its fairly common knowledge that apart from a small percentage of the population, people either think house prices have gone up:rotfl:, stayed the same:rotfl::rotfl:, or will get back to normal next year after this blip:rotfl::rotfl::rotfl:.

Do not over estimate the thickness of the general public.

Asking prices....jeez ... I tell ya. <shake head in disbelief>

epz_2

it should be pointed out that Octobers figures will be from a few month ago when oil prices were dropping, stamp duty was getting erased and lending rates were also dropping.

of course the former two are still true but you would need to be living under a rock now to not get the impression to be in any doubt there are job losses coming fast

i had intended to post a poll at the time suggesting we might be in the middle of a bull trap but got distracted.