Rightmove Feb - Asking prices surge 3.1% as sellers demand higher prices

the_flying_pig

HAMISH_MCTAVISH wrote: »

And they make this mistake every year....:D

We won't see the spring bounce figures in the stats until April, as it'll start in March.

your interest seasonal variations in house prices is a bit troubling tbh. it doesn't even particularly support or contradict your 'pwoperdee inflation is both inevitable & wonderful' mantra, it's just weird.

Sibley

Smeagold, Graham Devon, The Fox, Doire, Dr Gloom, Bruce Banner, all of HPC website and all the bears on here.......


You boys have taken a hell of a beating today :rotfl:

AD9898_2

Scenario.........

Man has had is car up for sale for a year, he wants £10000 for it, he's had no takers, not even any interest, but won't reduce because 'in his mind, that's what it's worth'.

Next door neighbour sees this and puts his car, which is exactly the same up for £10300, his thinking being that when he gets some interest he has scope to reduce, lol.

Anyone see the slight flaw in this scenario ?

Jonbvn

I would temper your celebrations.....

Rises in interest rates, unemployment and more forced sales in the second half of the year could alter the landscape.

smeagold

Sibley wrote: »

Smeagold, Graham Devon, The Fox, Doire, Dr Gloom, Bruce Banner, all of HPC website and all the bears on here.......


You boys have taken a hell of a beating today :rotfl:

Thanks Sibley, to be honest I'm quite amazed, the missus is always looking at houses and has been following quite a few and has noticed alot of properties being reduced by large amounts. so how does Rightmove figure asking prices are going up? Who knows. Fortunately for me I can afford to 'take a beating' now and then as I know house prices will crash this year. House sellers are deluded. imo

2010

Feb was just a blip, here`s the full story.

House prices to fall '20% in two years

http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=523255&in_page_id=57&ct=5

Paul Diggle, property specialist at research consultants Capital Economics, said: 'Prices are trending slowly downwards at the moment, but our view is that this is really the start of the second leg of the correction, and we expect prices to fall significantly further.'

He believes the average home remains up to 20% overvalued - and with the mortgage market still tight and unemployment rising, 2011 could bring prices falling back to earth. Andrew Brigden, of financial research group Fathom, agrees that homeowners can expect a rough ride.

Mexas

Round my way I've seen nothing but falls. Thank god for PropertyBee or you'd never know if these sorts of "stats" were true or not.

System

Mexas wrote: »

Round my way I've seen nothing but falls. Thank god for PropertyBee or you'd never know if these sorts of "stats" were true or not.

Are you suggesting this statistic is in some way false?

Generali

- Rightmove tends to be a leading indicator and also the least accurate of the indices. This could be a blip from a notoriously noisy indicator or the shape of things to come. There is no way of knowing which is true.
- Year-on-year, asking prices are up a pretty skinny 0.3% in nominal terms. That's a fall compared to both prices in the general economy and also wages.
- Rises seem to be driven mostly by London and the South East.
- Detached and semi-detached houses are rising in (asking) price, flats and terraces (FTB places to generalise) are falling in price.
- They make a very interesting point. In the past 12 months, Rightmove (who are most but by no means all of the market) marketed 1,300,000 properties. 530,000 mortgages were granted.

I don't see this as a particularly bullish report. The headline number is but if you get into the meat of the report they are pretty bearish about everything except the very top end of the market.

Mexas

Joeskeppi wrote: »

Are you suggesting this statistic is in some way false?

I don't know, i haven't got a clue where they pull them from. I'd challenge anyone to search RM and find me a property in Manchester that has increased its asking price during this month. I've honestly not seen one and I search religiously every day. The only places i could see this happening are Didsbury, Chorlton, Heaton Chapel and Hale. Not a chance anywhere else.