Rightmove Index for December 2010, -3.0%

N1AK

the.ciscokid wrote: »

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

That can't be right! Hamish made clear that home owners would unite and refuse to sell property at lower prices... Seems that some of them didn't read his memo.

Batchy

http://www.bbc.co.uk/news/business-11796277

I dont think there is a shortage of demand for property...
With this happening as in the link to BBC, it will only be sooner rather than later, that people will see the benefit of buying out weighs the short term cash flow advantage of renting.

Batchy

N1AK wrote: »

That can't be right! Hamish made clear that home owners would unite and refuse to sell property at lower prices... Seems that some of them didn't read his memo.

Almost negative means positive YoY.

Stagnation, is where its at, alls rightmove stats show is house sellers trying there luck.

Imagine someone wanting 120k for their property expecting 110k, trying there luck to start with, then dropping in later weeks and months.

Eventually they drop to 112k and sell for 110k, effectively they havent dropped their price, they just made it more attractive to the market.

A seller would only be happy paying the asking price if someone else was standing in the shadows threating their purchase of the property. And ready to offer the asking already.

Buyers want discounts, and for some reason struggle with the theory of paying the Screen price as it were.

Same has happened in the car industry, people want discounts and nov 2008 the car industry was on its knees. So they increased prices, and now they discount them heavily and everyones happy. Fact remains we pay more for cars now than we did before nov 2008. But cause the discounts 10% we feel like we are getting a bargain!

Substance over form, the car markers have won... the government scrappage scheme was the start, gettin 2k trade in for your crappy car, is all well and good, but you dont get any further discounts, so it actually had the effect of keeping second hand car values high taking cars out of circulation and now, still got high second hand values, and high new car prices.

Orpheo

Batchy wrote: »

http://www.bbc.co.uk/news/business-11796277

I dont think there is a shortage of demand for property...
With this happening as in the link to BBC, it will only be sooner rather than later, that people will see the benefit of buying out weighs the short term cash flow advantage of renting.

Uh-huh.

1984ReturnsForReal_2

Orpheo wrote: »

Uh-huh.

That picture makes my eyes hurt.

Orpheo

1984ReturnsForReal wrote: »

That picture makes my eyes hurt.

Please accept my profound apologies.

I have the cure:

brit1234

Good news with the large drop, however I wouldn't brag just yet as Hamish and his bull crowd will throw it back in our face January and February when sellers put property on mass back onto the market this spring.

I expect asking prices to rise in the next couple of months with deluded sellers before continuing to fall again. Also asking prices don't include the drops of asking price drops of existing prices hence the big difference between asking and selling prices.

What is clear as a longer trend both asking and selling prices are clearly going down foe the long term.

1984ReturnsForReal_2

What is it with MSE & out of focus photos?

Nice pair by the way.

Percy1983

As mentioned above, falls in asking prices don't strictly change selling price, I currently see a house on rightmove for £110k to swich I wouldn't pay more than £90K, so right now i wouldn't even bother. Where as if it dropped to £95k-£100k I would consider offering the £90k its worth.

With that the index does point to the fact more sellers are startng to get the idea.

chucky

HAMISH_MCTAVISH wrote: »

Don't be silly Graham.

is this another one of those theads that the Devon chap pretends he didn't say something when it's on the previous page... this place doesn't change...

have a look what Devon said when Rightmove went up 3% in a month... he's starting to get very desperate i see...