Rightmove - June -0.4%

chucky

mbga9pgf wrote: »

Lets face facts, the Rightmove stats dont mean squat, up or down. There is no correlation whatsoever with the price asked for a property at a time like this and the achieved price.

i sort of agree but you can get some info in the data that gives you a better picture of what is going on across the country.

Yorkshire and humberside are 9.2% down and the West Midlands is 7.5% down, while London is 0.5% down.

i mention these because the monthly movements each month are not having massive fluctuations and showing that house prices movements are becoming much more regionalised that makes the average salary/average house price comparison a bit useless.

There is evidence of a real north-south divide. The number of new sellers in the southern regions of the South East, South West, East Anglia and Greater London are down by 45.3% on the same period in 2008, while the rest of England and Wales has seen a 40.1% fall. A combination of lenders’ risk bias towards southern deposit-rich buyers and less fresh saleable stock would therefore suggest a speedier price recovery in the south.

The potential for future price rises is particularly marked in Greater London where the year-to-date supply of new-to-market properties is down 52.3% compared to the same period in 2008. By contrast the ‘North of England’ region has seen 33.8% fewer properties coming to the market, helping maintain supply and keep prices depressed. This is reflected in average falls in initial asking prices being greater in the North of England region, with the largest annual decrease of 10.5% (£16,648), while new sellers in Greater London have only marked their asking prices down by 0.5% (£1.870).

also the time on market indicator is something that you can't really take from the other indexes - this dropping each month
http://miranda.hemscott.com/static/cms/5/2/8/2/binary/9028662145/3190758.pdf

penguine

Some guy from Rightmove was on the Today* programme this morning. He said the current gap between asking prices on RM and what houses are selling for is about 30%, despite the current shortage in houses for sale compared to number of interested buyers. He also said that restricted mortgage lending is still having a strong impact on the housing market.

*www.bbc.co.uk/programmes/b006qj9z. I think it was about 8.15am or so, as I was dashing about getting my daughter ready for school at the time. Might have been a bit later than that though.

mr_fishbulb

Indexes can't be accurate unless the same set of houses are repeatedly sold (or put on the market) each month. Because the set of houses in June is not the same set of houses in May, how can you compare the averages?

0.4% difference in the average of 2 non-identical sets of houses tell you nothing. There are too many variables to make -0.4% a reliable figure.

Cleaver

carolt wrote: »

So are the Guardian or Telegraph not mainstream enough for you?

http://www.telegraph.co.uk/property/propertynews/5339436/Property-asking-prices-rise-for-fourth-month-running.html

http://www.guardian.co.uk/money/2009/may/18/house-prices-rise-rightmove

Or is just possible that your biases mean that you blank out things that don't fit your 'profile', either?

http://www.guardian.co.uk/business/2009/jun/22/house-prices-rightmove-halifax-nationwide

http://www.independent.co.uk/life-style/house-and-home/property/blow-for-housing-market-as-prices-fall-1712418.html

http://news.sky.com/skynews/Home/Business/House-Prices-Run-Of-Asking-Price-Rises-Ends-Rightmove-Says/Article/200906315313747?lpos=Business_First_Home_Article_Teaser_Region_1&lid=ARTICLE_15313747_House_Prices%3A_Run_Of_Asking_Price_Rises_Ends%2C_Rightmove_Says

Can't believe I just spent 30 seconds googling that.

So, far from a 'media deafening silence' (c'mon Ad0898, I'm looking at you here!), isn't this decline reported in the same way a house price asking price rise is reported?

Hopefully you know me well enough to not really be a bull, bear, swan or horse. I think the way the media reports on stories is a really interesting area to discuss, and I often thing that it's biased in lots of ways. But I'd stick by my acsertion that for the general population, who just want to know whether stuff goes up or down every now and again, that the general, populist media is pretty straight on this type of stuff.

Cleaver

bluey890 wrote: »

Cleaver usually posts the more serious stuff under a different username.

Unless I can convince you somehow that I'm also Generali, I refute that claim.

bluey890

Cleaver wrote: »

Unless I can convince you somehow that I'm also Generali, I refute that claim.

I refute your refutation.

Cleaver

carolt wrote: »

Dunno.

The funny guy? I think?

But not as funny as mewbie?

Mewbie's posts are a lot sharper than mine humour-wise, far better constructed and generally what I would describe as more witty and funny. His one liners are unbeatable in a very acerbic way. I would, modestly, put forward the theory that my flowing prose and general story telling are a stronger comedic vehicle for me.

Whatever though, we're both funnier than you. And Mewbie now beats you in the bear steaks.

Mmmmmmm... bear steaks...

Cleaver

bluey890 wrote: »

I refute your refutation.

Your expostulation to my objection to your original hypothosis is most vexing. I therefore challenge you to a duel.

After we've sorted out the rightmove / media issue, of course.

mewbie_2

Let's just agree that all users bring different things to the board, and the board would be poorer without any of them. Personally I feel I have done far too much ego posting, and, er, here I go again.

ad9898_3

Cleaver wrote: »

I would, modestly, put forward the theory that my flowing prose and general story telling are a stronger comedic vehicle for me.

What !!, you just admitting that your nothing but a simple bullsh*tter then, you should fly through your Masters then I would imagine.:D

Just to edit... I feel the Mewbie/Cleaver double act is back on, Morecambe and Wise have nothing on you guys.