Rightmove house price index -1.7% august

Henry_P_Chester

chucknorris wrote: »

Yes I agree, although most would class me as a bull on here. I am waiting on the sidelines thinking I will invest more if prices dip again, but I don't really read much into this index at all.

I also agree. Although I made the OP. I think this index is relatively meaningless. It's erratic even in a strongly trending Market. I think people give it more weight than it deserves.


Wow look at this bulls and bears discussing something in harmony!

doire_2

Good news. People are finally waking up to the fact that to sell their house they need to drop the price

JonnyBravo

doire wrote: »

Good news. People are finally waking up to the fact that to sell their house they need to drop the price

Right. So nothing to do with the actual amount they are asking then?
Still..... good soundbite. :roll eyes:

michaels

What lag have you looked at when calculating the correlation?

Generali wrote: »

IIRC there is about a 60% correlation between Rightmove and the Land Registry index - a change in the Rightmove index is a pretty poor predictor of changes in the prices houses are sold for.

Generali

michaels wrote: »

What lag have you looked at when calculating the correlation?

I didn't calculate it, it was calculated by someone producing an index that was a blend of other stats I was looking at a few months back. The lag between Rightmove and LR is huge, something like 6 months from memory.

Dirk_Rambo

1 things for sure, house prices fell by a lot more than 1.7 percent down my street last month

Percy1983

I think there is many delusional sellers out there, I asked my Dad what he would want for his house and he said £145k, I wouldn't beleive me when is said he would be lucky to get £115k.

As it is he isn't selling yet, but how many out there are like him.

Likewise I am looking at houses at the minute and have seen cases of very similar properties being priced at £85k and £105K, by all means I would change a couple of carpets in the £85k house, but I am not paying anybody £20k for walls painted white and laminate flooring.

Doctor_Gloom

Henry_P_Chester wrote: »

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

.

This needs repeating, the figure for London for just one month is a whopping -4.1%. This clearly illustrates how sentiment is. Everyone now realises house prices are just about to fall off the edge of a cliff. It's going to be one long cold winter for house prices.

Sibley

forget the spin Sibley - asking prices have fallen, they may go up next month or they may go down again

That's a fair comment and true up to a point.

If somebody had a house for sale at £200k last month they are not going to instruct the estate agent to reduce the price by 1% though.

At the end of the day it's not a good time to sell. If you want top money you'll have to wait until the market picks up or at least until the media start putting houses to rise headlines on the front pages again.

Give it a couple of weeks.

Henry_P_Chester

Sibley wrote: »

Give it a couple of weeks.

Or a decade.