Rightmove Nov + 1.2% YoY, -3.1% MoM

reweird

On the grand scheme of things Rightmove means nothing.

Generali

MrRee wrote: »

On the grand scheme of things Rightmove means nothing.

Rightmove is an ok-ish forward indicator. It isn't that accurate but it gives us an idea about where the market is possibly going.

This agrees with all the other data which all say that nominal prices are about flat, possibly drifting downwards very slowly. Real house prices are falling at 4-7% pa depending on which survey you believe.

homelessskilledworker

myhouse wrote: »

A nice concise explanation of house market economics. The only issue I would have is that the time scales are undetermined, and things are certainly taking much longer than any bear expected.

I would have to totally agree myhouse, but along with the banking crisis of 2007(which is something I take a greater interest in than property) there has been the most concentrated effort to avoid the pain and keep the voter happy. Not only will you see this depth of denial in the UK, you would have seen it in the PIGS countries in Europe, complete ignorance until the pin was pushed in.

homelessskilledworker

HAMISH_MCTAVISH wrote: »

Yes there will.

But any significant fall in supply will drive prices up.

To put it in perspective, at the end of 2007 there were 1.1 million houses on the market.

By the start of 2009 there were just 600K, as falling prices reduced supply.

At which point prices started soaring, even though purchases were at significantly lower levels than today.



And yet we still add 250,000 new households a year, and population grows by north of 400,000 people per year.

It does not matter if there are 10 million properties on the market, NOBODY IS BUYING. What I am seeing a lot of is properties sat on the market for months/years, they then take the property off the market hoping next year might be better. But it never will be, what these sellers cannot get their small little brains around is

THERE HAS BEEN AND IS A CREDIT CRUNCH, WHICH WILL GET EVEN WORSE!!!

What you need to worry about Hamish is the first desperate sellers which will follow before long, then a trend will follow.

What the bears need to fear is a rapid ending of the credit crunch, which just will not happen in my opinion.

homelessskilledworker

reweird wrote: »

On the grand scheme of things Rightmove means nothing.

Now isn't that odd reweird, last month they seemed to matter a lot for you when you had your kleenex out and trousers around your ankles..

https://forums.moneysavingexpert.com/discussion/3552981


You are just a troll reweird that has nothing worthwhile to contribute, and for the record I do not think todays figures mean all that much, if they continue for another thre months then I would sit up and take notice.

IveSeenTheLight

homelessskilledworker wrote: »

It does not matter if there are 10 million properties on the market, NOBODY IS BUYING.

I'm in the process of buying.
This is going to give me an additional £440 disposable income after expenses are deducted.

Some areas may find places where renting is cheaper than buying.
My experience is that buying is cheaper than renting.

The pressure on rents is only going to continue to increase with increased demand for rental properties.

DervProf

MrRee wrote: »

What has a recession - or a credit crunch got to do with using savings to buy property? Has no effect whatsoever.

Really ?

:rotfl:

DaddyBear

Strange how Hamish has suddenly decided to quote the YOY figure before the MOM figure. I'm sure it's nothing to do with he fact that the YOY is positive and the MOM negative.

DervProf

DaddyBear wrote: »

Strange how Hamish has suddenly decided to quote the YOY figure before the MOM figure. I'm sure it's nothing to do with he fact that the YOY is positive and the MOM negative.

And that rightmove is suddenly "meaningless", to quote an earlier post.

Up or down, asking prices are what they are. The only thing that is certain about average asking prices is that the figure could be used as a guide to market sentiment.

homelessskilledworker

DervProf wrote: »

And that rightmove is suddenly "meaningless", to quote an earlier post.

Up or down, asking prices are what they are. The only thing that is certain about average asking prices is that the figure could be used as a guide to market sentiment.

To be fair to Hamish his message is consistant from when the boot was on the other foot and there was a big rise last month, look at my last post and the link I pasted.