Rightmove December, down as expected.

HAMISH_MCTAVISH

doire wrote: »

It would be interesting to see how many houses are up for sale and how many of those are actually selling?

It would indeed.

The latest figures I have seen in the news is that there are currently around 640,000 houses for sale, down from around 1.1 million at peak, and the average time on market is closer to 6 months rather than below 3 months as it used to be. But those were a month or two ago and may not have been totally current even then.

If anyone has a source for something more recent, feel free to share....

HammerSmashedFace

HAMISH_MCTAVISH wrote: »

It would indeed.

The latest figures I have seen in the news is that there are currently around 640,000 houses for sale, down from around 1.1 million at peak, and the average time on market is closer to 6 months rather than below 3 months as it used to be. But those were a month or two ago and may not have been totally current even then.

If anyone has a source for something more recent, feel free to share....

Credit, credit, credit............it never again will reach the levels of 2007 in real terms, which means either higher prices and lower transactions or lower prices and higher tranasactions, simples.

You can't/won't have both in real terms at the level of 2007 again. To prove the point, at the moment putting your house up for sale is a game of chance, you might strike lucky and sell close to 2007 price, but on the other hand for every house that sells in this way, another 3 or 4 are languishing for years without the slightest interest.

carolt

HAMISH_MCTAVISH wrote: »

http://www.inthenews.co.uk/news/property/asking-prices-fall-for-third-straight-month-$1346657.htm

It will be interesting to see how much of this gets translated through to actual sold prices. So far, there has been little to no impact at all, which is the danger of compiling an asking price index to begin with.

Perhaps a useful indicator of sentiment though, as people reduce asking prices to generate interest and try to move stock before the winter slow season kicks in properly.

Hang on Hamish, but you have another thread currently up there about how people are putting their asking prices UP - not down, as these Rightmove figures prove?

They can't both be right, can they?

It isn't possible that your other (highly entertaining) thread was based on ..ooooh..about 5 houses, and carries as much weight as what the neighbour's milkman said to his granny?

ruggedtoast

I like how every index, whether it goes up or down means house prices are going up. Didnt RM go up last month - and that meant prices were going up - and now its gone down and that means theyre still going up.

Batchy

HAMISH_MCTAVISH wrote: »

Perhaps... But throughout the crash we had frequent occasions of asking prices rising when sold prices were declining, and asking prices declining when sold prices were rising.

Not to mention in Rightmoves latest survey, 54% of people expect prices to be higher in a year, versus just 30% last winter.

So the market does appear to just be doing exactly what Rightmove say they are. Trying to clear stock at a time of year noted to be slow.

rightmove surveys mean nothing... who are they asking estate agents...
FTB's
Owner Occupiers...?

All have different vested interests

When people sell houses they in the current market do not expect to sell in December, but to get a feel for the market... when summer comes they DO NOT put prices UP when the property HASNT SOLD for the last 6 months... they drop them further... lol

this is the calm before the storm... trust me, IMO pubs are the good britain guide to prosperity and most of them are empty nowadays.

keep saving your deposits folks cause in 12-18 months time there will be bargains gallore

Batchy

HAMISH_MCTAVISH wrote: »

It would indeed.

The latest figures I have seen in the news is that there are currently around 640,000 houses for sale, down from around 1.1 million at peak, and the average time on market is closer to 6 months rather than below 3 months as it used to be. But those were a month or two ago and may not have been totally current even then.

If anyone has a source for something more recent, feel free to share....

so how many estate agents market a property... when they were selling it could be up to 3 agents per house... does this mean its one property or three?

what you need to look at is REAL transaction numbers which are down 50% from the peak... 110k properties per month down to more like 55k average for the year... pent up demand yes... affordable no, not unless you save more, which takes time, pay off debts... takes time, or LTV's reduce or seller reduces price...

Dont forget stamp duty goes back up now, no one selling now will fit it in in time...

Hence sellers absorbing the stamp duty hence 2.4% reduction, not the buyers.

grasp onto to what ever you want to guys,... prices will not increase in 2010 IMO... ( ;-0 )

Harry_Powell

is anyone else hoping for a huge housing market crash just so it shuts up hamish? I can't be the only one surely?

It's clear as day when he cheers on interest rates at 1% for 5 years that he is an individual who is highly in debt and without savings or investments, not someone I'd follow for accurate and sensible financial advice or trend prediction.

Pete111

Leaving asking prices aside for a tad, what was the last Halifax index monthly % again?

+1.4% you say? Amazing longevity from a mere spring bounce. Tell me, if it runs to March 2010 then will this become the near legendary double spring bounce bounce?

ruggedtoast

Harry_Powell wrote: »

is anyone else hoping for a huge housing market crash just so it shuts up hamish? I can't be the only one surely?

It's clear as day when he cheers on interest rates at 1% for 5 years that he is an individual who is highly in debt and without savings or investments, not someone I'd follow for accurate and sensible financial advice or trend prediction.

Apparently he has two properties which are mostly paid off. He is hoping to sell them to contribute towards an early retirement.

If what he says is true he is quite well off already, but you are correct in that he doesnt seem to have much empathy towards those less fortunate than him.

chucky

ruggedtoast wrote: »

I like how every index, whether it goes up or down means house prices are going up. Didnt RM go up last month - and that meant prices were going up - and now its gone down and that means theyre still going up.

they give an indicator of sentiment if anything.

a rise in December would have been more surprising than a fall in December - the fall was expected and asking prices will continue softening in Jan and Feb. Rightmove figures do tend to lag the main indexes - not always but they can do.