Rightmove MoM -1.6% YoY +0.1%

Spiv_2

U.K. Home Prices Fall for First Time This Year as Sellers Struggle to Sell

U.K. home sellers lowered asking prices in July for the first time this year as a mortgage squeeze deterred buyers, Rightmove Plc said.
Asking prices dropped 1.6 percent from the previous month, when they had gained 0.6 percent, the U.K.’s biggest property website said in an e-mailed statement today. Seven out of 10 properties listed in 2011 are still available for sale, which Rightmove described as a “sobering reflection” of the market.
“We expect further falls over the next few months as buyer momentum ebbs away due to a combination of seasonal factors and a continuing lack of both mortgage finance and buyer confidence,” Miles Shipside, commercial director of Rightmove, said in the statement.
Values are up 0.1 percent from a year earlier to an average 236,597 pounds ($382,000). The monthly decline is the first since December, when asking prices fell 3 percent.

http://www.bloomberg.com/news/2011-07-14/u-k-july-rightmove-house-prices-fall-for-first-time-this-year.html

michaels

Do RM try to seasonally adjust asking prices?

Pimperne1

Would like to know the methodology used by RM. There are loads of duplicates on RM, lots of buy a share of a house etc so I hope they don't just add up the number of places on their books and divide the total sales price by that number (although its likely to be as accurate as Halifax if that's what they do).

geneer

Fun headline, perhaps indicates sentiment, but not of much interest.

Pimp the right move methodology has been discussed many times before.
They only collate properties coming onto their books in the last month.

Meaning all the other stuff that isn't shifting isn't counted.

Rather explains why Rightmove can occasionally report rises when the other asking price index's report consistent falls.

wherediditallgothen

Wahey, 1st poster to say meaingless index!

Generali

michaels wrote: »

Do RM try to seasonally adjust asking prices?

No they don't. MoM numbers are very noisy at the best of times. Without seasonal adjustment they are meaningless.

They use a 'mix adjustment' to try to adjust for different types of houses being up for sale at any given time. They do not share much information about how their series is produced.

wherediditallgothen

Generali wrote: »

They do not share much information about how their series is produced.

I'm sure there's a fag packet involved.

Thrugelmir

Guess RM can see the listings continually rolling over .

Seven out of 10 properties listed in 2011 are still available for sale, which Rightmove described as a “sobering reflection” of the market.

martinbuckley

If an index used exclusively by Estate Agents is admitting prices have fallen then Houston we have a problem!