Rightmove Up 0.6% September 2009

mewbie_2

People always price as high as they possibly can. Sometimes its the only way the estate agent can get the deal to quote a silly price and then gradually reduce. Any you never know, someone might come along and buy it.

Maybe a good time to be selling up though. Would have been better in 2007.

the_ash_and_the_oak

Selling up is easier said than done imo (as my parents have found out). yes yes I know, drop the price - but its not that potential buyers are offering 'too low', its that they always "have to sell their flat first"

chucky

Bored_Poster wrote: »

No thats not brodders I had an email off him the other day, he isn't around anymore.

Brodders was a top boy

Thrugelmir

Interesting closing comment in Rightmoves assessment.

Finance greases the wheels of the property market, and it is anybody’s guess when we might see the necessary level of competitive funding return. Frustrated homehunters should note the expected ten year timetable to wind up Lehman Brothers, giving a clear indication of the time required to rebuild the banking system

Lennys_Shinpad

IveSeenTheLight wrote: »

While there can be differences in specific areas, from rightmove own data, you can see the trend is for less supply

Is there a similar graph showing the number of estate agents? I'd have thought that a fair few will have disappeared over the last two years.

Total supply = average per estate agent x number of estate agents.

Lies, damn lies and statistics.

Thrugelmir

Lennys_Shinpad wrote: »

Is there a similar graph showing the number of estate agents? I'd have thought that a fair few will have disappeared over the last two years.

Total supply = average per estate agent x number of estate agents.

Lies, damn lies and statistics.

Most likely yes. Which means if they were still in business the average number of properties per sales per estate agent would be even less.

Read the FSA report for September. There is clearly less remortgaging in the market. Hence fewer properties for sale. On current activity levels people would only move once every 30 years.

chucky

Thrugelmir wrote: »

Read the FSA report for September. There is clearly less remortgaging in the market. Hence fewer properties for sale. On current activity levels people would only move once every 30 years.

i would have thought that remortgages would not have been an indicator of volume of property transactions with the demand for higher LTV's

Lending for house purchase now represents a stronger share of new lending than remortgage business for the first time since late 2007. In Q2 it accounted for 51% of new advances (after 37% in Q1) and for 55% of new commitments (after 44% in Q1).

Thrugelmir

chucky wrote: »

i would have thought that remortgages would not have been an indicator of volume of property transactions with the demand for higher LTV's

If existing homeowners stay put, ie not trade up. Then fewer properties will be available on the market.

chucky

Thrugelmir wrote: »

If existing homeowners stay put, ie not trade up. Then fewer properties will be available on the market.

and a reduced supply which increases house prices :cool:

IveSeenTheLight

Lennys_Shinpad wrote: »

Is there a similar graph showing the number of estate agents? I'd have thought that a fair few will have disappeared over the last two years.

Total supply = average per estate agent x number of estate agents.

Lies, damn lies and statistics.

Work this out then.

If there are less estate agents, then the number of properties dispersed between them would make the graph look like there were more supply, not less.

It's clear therefore that as we are not debating increasing EA's, that supply is well and truly down.