MSE news: Are house prices falling again?

chucky

Cannon_Fodder wrote: »

further cherry picking;

However, the website also said that recent evidence of an upswing could hit the buffers if mortgage lenders did not put an end to the mortgage “ration”. Miles Shipside, director of Rightmove, said: “Future price and transaction growth is now controlled by the bottleneck of mortagage availability. This is unlikely to change for years to come.”

Mr Shipside added that lenders had ushered in a “new era of caution and cherry-picking”, which had separated buyers into three types, according to the size of their deposits and credit-worthiness. These are “creditworthy” borrowers, who have big deposits and live in the South and in London; “marginals”, who want to borrow at 75 per cent and are squeaky clean; and “minimalists”, who are “effectively excluded”.

Estate agents have reported that chains are breaking down as “approvals in principle” from mortgage lenders fail to result in formal offers. Agents are consequently advising sellers to accept offers from cash-rich buyers rather than bids from those who need mortgages, even if the latter has offered a higher amount.

oooooooops - you missed a bit

Improving buyer sentiment has also played a major part in increased search activity. The early findings from the latest Rightmove Consumer Confidence Survey, due out next week, show that three-quarters of the 36,000 respondents do not expect prices to fall in the next 12 months. This is a marked contrast to their views in January, when two-thirds expected prices to be lower 12 months out.

Graham_Devon

The biggest problem with rightmove surveys is they are either selling or looking to buy. So none of them want prices to drop.

Using 3 quarters of them as an indication of anything is completely worthless.

skap7309

Dan: wrote: »

I expect the Nationwide figures will be a creditable source again when it next shows a drop.

TBH i was 100% expecting bulls to slate this thread about how when rises are reported its not a reliable source etc etc, bears jump on falls and they become reliable etc etc blah blah.

Can i point out Dan:, chucky & gang that;

Rightmove, rise or fall is a good indication of what sellers are thinking.
Haliwide, rise or fall is not ideal but good for the media.
Land Registry, rise or fall is the one for me and a good source of when i jump onto the property ladder.

As we are continuously being told its your local area that counts, Cambridgeshire has one solitary rise in the past 18 months of 0.1% so some way off yet. I will report back when the latest LR figures are released and show positive growth (more or less guaranteed) and will continue to stick with it as a reliable source.

chucky

skap7309 wrote: »

Rightmove, rise or fall is a good indication of what sellers are thinking.
Haliwide, rise or fall is not ideal but good for the media.
Land Registry, rise or fall is the one for me and a good source of when i jump onto the property ladder.

most normal people would do this - as you know there is many a previous thread that people have got over excited at Halifax and Nationwide figures expecting to get a cheap house. delusional is a polite way of describing them...

Graham_Devon

chucky wrote: »

most normal people would do this - as you know there is many a previous thread that people have got over excited at Halifax and Nationwide figures expecting to get a cheap house. delusional is a polite way of describing them...

You do seem very tetchy lately chucky, always going on about what was said, never actually getting involved in the thread further than this.

chucky

Graham_Devon wrote: »

You do seem very tetchy lately chucky, always going on about what was said, never actually getting involved in the thread further than this.

nope - not tetchy but thanks for taking it to the personal level...

i know you find it hard to read these threads and are always looking for on-line arguments but read post 27...

thanks for the pearls of wisdom on the Rightmove index drops for August on the above post - they're priceless... :beer:

Dan:_4

skap7309 wrote: »

Can i point out Dan:, chucky & gang that;

Haliwide, rise or fall is not ideal but good for the media.

People didn't think that way in May 2008 when Nationwide reported a -2.5% drop.

For a reminder, here are a few posts from that thread:

neas wrote: »

sweet satisfaction . I'd love to see how mr broderick spins this one :P.

carolt wrote: »

Ooooh, not long till Halifax prices out too...

I do like the end of the month.....

hostman wrote: »

My gf thought I was mad earlier. Sat in the car, listening to the radio while driving her to work and I manically laugh hearing the Nationwide report on the news

Long may it continue.

Lets not forget, 40% of buyers have been taken off the market in recent credit tightening. That WILL translate into huge price falls over the next few years.

StevieJ

Graham_Devon wrote: »

The biggest problem with rightmove surveys is they are either selling or looking to buy. So none of them want prices to drop.

Using 3 quarters of them as an indication of anything is completely worthless.

Some disjointed logic in there but I think I know what you mean

Cannon_Fodder

chucky wrote: »

oooooooops - you missed a bit

That's why it is called cherry picking...

Do you have the Consumer Confidence survey for Summer 2007?

chucky

Cannon_Fodder wrote: »

That's why it is called cherry picking...

Do you have the Consumer Confidence survey for Summer 2007?

cherry picking - i expected no less.

no idea about Summer 2007 but would have loved to have seen the 1996, 1997, 1998, 1999, 2000 surveys though...
what a great time that was to buy property...