Rightmove house price index -1.7% august

Henry_P_Chester

Down again :beer:

Newly marketed property down by over £4,091 (1.7%) as over-supply coincides with holidaying buyers — but search activity on Rightmove sets a new daily record
Available stock per agent rises for sixth consecutive month; the highest August for fresh property for three years — 29,220 a week compared with 20,675 last year (+41.3%)
Falling prices are good news for the 6 out of 10 renters who would like to buy but state they cannot afford to
Anticipated interest rate rises could lead to more repossessions - though this would improve buyer affordability by exerting further downward price pressure

London asking prices drop -4.1% wiping out 2010 gains in one go!
http://www.rightmove.co.uk/news/files/2010/08/august-2010.pdf

Too slow this time hamish.

Doctor_Gloom

These falls are massive. The second part of the housing price crash is gathering pace.

BACKFRMTHEEDGE

The linked document above from Rightmove shows that asking prices fell by 2.2% last August ( 2009 ). So this fall of 1.7% is less than last August.

August is a month that traditionally shows falls in asking prices and this fall is less than last year, so what does that tell us about the direction of house prices?

Graham_Devon

It tells us nothing about direction.

All it shows is a bit of sentiment. I.e. people are having to reduce to sell.

BACKFRMTHEEDGE

Graham_Devon wrote: »

I.e. people are having to reduce to sell.

because that's what happens every August?

HAMISH_MCTAVISH

Graham_Devon wrote: »

It tells us nothing about direction.

All it shows is a bit of sentiment. I.e. people are having to reduce to sell.

But having to reduce less than last year..... When actual sold prices were rising markedly.

Or is that not the sentiment you were hoping for?

Orpheo

BACKFRMTHEEDGE wrote: »

The linked document above from Rightmove shows that asking prices fell by 2.2% last August ( 2009 ). So this fall of 1.7% is less than last August.

August is a month that traditionally shows falls in asking prices and this fall is less than last year, so what does that tell us about the direction of house prices?

That they're falling.

Wait...

Was it rhetorical question? Or do you really think you're on to something big?

Really2

Asking prices down, I predict the number of threads started on the same subject will be up.

It will be interesting to see if this get carried across to purchase prices or not.

But more interesting is how "VI, HPI pushers" are credible again.;)

Really2

Graham_Devon wrote: »

It tells us nothing about direction.

All it shows is a bit of sentiment. I.e. people are having to reduce to sell.

It shows us houses coming on the market are being marketed lower than similar ones on the market.

The survey is only on new instructions it does not include price drops on houses currently on the market.

So perhaps more to do with valuations by EA's than anything else.

Graham_Devon

HAMISH_MCTAVISH wrote: »

But having to reduce less than last year..... When actual sold prices were rising markedly.

Or is that not the sentiment you were hoping for?

Why are you on this thread?

Asking prices are completely meaningless. You said so yourself, remember?

If they are meaningless, what's the point in comparing, as you are doing now?

HAMISH_MCTAVISH

Graham_Devon wrote: »

Why are you on this thread?

Asking prices are completely meaningless. You said so yourself, remember?

If they are meaningless, what's the point in comparing, as you are doing now?

I'm pointing out that asking price falls are meaningless.

They fell by more in August last year but actual sold prices were rising sharply.

Had they risen this month it would be equally meaningless, in fairness.

Although I note there are some interesting observations in the commentary.