Asking prices fall 1.1%

Graham_Devon

September saw house prices fall for the third month in a row, fuelling fears that the market is facing a second slump.

The average cost of a home put on the market in England and Wales for the five weeks to 11 September dropped by 1.1 per cent to £229,767, with mortgage approvals remaining not far off historic lows and estate agents having record levels of unsold properties on their books.

Property website Rightmove said new sellers have now reduced their asking prices by 3.4 per cent during the past three months. That equates to about £8,000 and means that half of the gains made by the market in the first half of the year have now evaporated.

The figures add to a mounting weight of evidence pointing to a slowdown in the housing market. The annual rate of house price inflation has slipped to 2.6 per cent to the 4.3 per cent in August.

Full article: http://www.independent.co.uk/life-style/house-and-home/property/slump-feared-as-house-prices-fall-for-third-month-in-a-row-2084032.html

So falling asking prices, but also a lower level of sellers coming to the market...just as many have said. Would be sellers seem to be holding back, presumably waiting for another rise. However, on top of this, the highest number of unsold properties on estate agents books.

1984ReturnsForReal_2

Asking prices do not mean anything.

Graham_Devon

1984ReturnsForReal wrote: »

Asking prices do not mean anything.

Quite.

Not when they are falling anyway

des_cartes

Graham_Devon wrote: »

Full article: http://www.independent.co.uk/life-style/house-and-home/property/slump-feared-as-house-prices-fall-for-third-month-in-a-row-2084032.html

So falling asking prices, but also a lower level of sellers coming to the market...just as many have said. Would be sellers seem to be holding back, presumably waiting for another rise. However, on top of this, the highest number of unsold properties on estate agents books.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3697764


More great money saving news for anyone wanting to buy a house. Every week you postpone buying a house saves £750. Beats working for a living:D.

Really2

Graham_Devon wrote: »

Quite.

Not when they are falling anyway

Or going up?:D


https://forums.moneysavingexpert.com/discussion/1848061

Graham_Devon wrote: »

Did you know the price of a second hand VW golf has increased over the last year?

Someone put a couple on ebay for £1,000,000 each. I tell yer, I was over the moon that this had proven my car was worth a hell of a lot more.

Glad your view has changed on asking prices. Mine is still the same.

Graham_Devon

Really2 wrote: »

Or going up?:D


https://forums.moneysavingexpert.com/discussion/1848061


Glad your view has changed on asking prices. Mine is still the same.

So you pick a tounge in cheek post over this post on asking prices??

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.

https://forums.moneysavingexpert.com/discussion/2664031

About the only thing that remains the same is your intent to argue

FTBFun

des_cartes wrote: »

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3697764


More great money saving news for anyone wanting to buy a house. Every week you postpone buying a house saves £750. Beats working for a living:D.

When will it hit your threshhold then?

DervProf

1984ReturnsForReal wrote: »

Asking prices do not mean anything.

Really ?

If I saw a property with an asking price of £160K, I could afford to buy it.

If the same property had an asking price of £320K, I couldn`t afford to buy it (unless I put in a very cheeky offer that would almost certainly be rejected).

I`d say that asking prices, whether rising or falling have a massive effect on actual selling prices (and the number of sales).

Really2

Graham_Devon wrote: »

So you pick a tounge in cheek post over this post on asking prices??



https://forums.moneysavingexpert.com/discussion/2664031

About the only thing that remains the same is your intent to argue

Nah, thats you, you clearly missed the obviously.

1984ReturnsForReal_2

DervProf wrote: »

Really ?

If I saw a property with an asking price of £160K, I could afford to buy it.

If the same property had an asking price of £320K, I couldn`t afford to buy it (unless I put in a very cheeky offer that would almost certainly be rejected).

I`d say that asking prices, whether rising or falling have a massive effect on actual selling prices (and the number of sales).

I take it you go into Rolls Royce showrooms just to see if they have dropped in asking price a few quid........

Really2

DervProf wrote: »

I`d say that asking prices, whether rising or falling have a massive effect on actual selling prices (and the number of sales).

Not really, if it is marketed to high it wont sell. The second thing is the spread between asking prices and sale prices (the discount sellers are prepared to give) is also very relevent.

Asking prices falling means (or should mean, but it is RAW data) that houses coming on to the market are more competitively prices.

You could market 2 identical houses
One at £300K one at £250K.
The one at £250K sells for asking price.

If the one marketed for £250K was put on before the one at £300K asking prices are up.
If it was after asking prices are down.

If the one at £300K then sells for £250K the spread between asking price and sale price increases. Where as the one for £250K achieved 100% of asking price.

As you can see the variance on the stats is great to achieve exactly the same situation.