Rightmove Index for December 2010, -3.0%

the.ciscokid

-6.2% in the last 2 months, and almost negative year on year.

http://www.rightmove.co.uk/news/files/2010/12/december-2010.pdf

doire_2

Sellers know the game is up

1984ReturnsForReal_2

under embargo for 00:01 hours: Monday 13th december 2010

.....................

Kohoutek

1984ReturnsForReal wrote: »

under embargo for 00:01 hours: Monday 13th december 2010

Top Secret, For Bears' Eyes Only

THE_GHOULISH_CODPIECE

Asking prices aren't selling prices.

the.ciscokid

Comparing to last years is quite interesting as well. Roughly 25% more days on the market, and estate agents have around 10% more properties.

http://www.rightmove.co.uk/news/files/2009/12/december-2009.pdf

I don't think this is a "crash" though... it's going to be a long drawn out miserable decline.

PasturesNew

That's more money bears can spend on Xmas then. Hurrah to more money into the economy from people who are waiting, rather than tying it up into bricks. Bears: creating new jobs month on month.

the.ciscokid

THE_GHOULISH_CODPIECE wrote: »

Asking prices aren't selling prices.

However where they are similar, is the downward trend.

1984ReturnsForReal_2

the.ciscokid wrote: »

Comparing to last years is quite interesting as well. Roughly 25% more days on the market, and estate agents have around 10% more properties.

http://www.rightmove.co.uk/news/files/2009/12/december-2009.pdf

I don't think this is a "crash" though... it's going to be a long drawn out miserable decline.

Last year there was a long run of drops before December.

This year its 2 to 3 months confirmed.

I expect a definite step down Jan & Feb. A bump.

Graham_Devon

Theres something going on when rightmove are now saying:

Repossession numbers are expected to be under 40,000 this year, well below original estimates of 53,000.
Whilst a relatively small percentage of the 1.3 million properties recorded coming to market in 2010 by
Rightmove, the difference is they are naturally priced lower than less motivated sellers. They have to sell,
and, in sufficient numbers, will substantially decrease prices as other local sellers have to follow suit to be
competitive. The forbearance that has been so far shown to some of the 175,000 who currently have arrears
of 2.5% or more of their outstanding balance will be under increasing pressure if these balances, and the
number themselves, continue to grow. In the climate of more stable property prices that we enjoyed until
recently, lenders took a more benign view. Recent price falls and some nervousness about prices in 2011,
combined with growing arrears, could lead to lenders deciding it is in their best interests, and those of
debtors, to go down the repossession route. If base rates increase then repossession numbers could form a
much larger percentage of total sales, and at an extreme this could lead to even greater price falls than we

are forecasting.

They appear to be expecting lenders to start reposessing. Some of us have been saying it for a while. But seems rightmove are now saying it too?

The_Fox_3

the.ciscokid wrote: »

Comparing to last years is quite interesting as well. Roughly 25% more days on the market, and estate agents have around 10% more properties.

http://www.rightmove.co.uk/news/files/2009/12/december-2009.pdf

I don't think this is a "crash" though... it's going to be a long drawn out miserable decline.

I agree.

It is going to take years to balance things out again, a sharp fast shock in prices just is not going to happen.