Rightmove.. Asking prices fell 1.7%, down £4,138,

homelessskilledworker

House sellers had a tough time last month, according to the property website Rightmove, which found someone selling a home in June had only 2.7 seconds to convince a buyer to view their property.
Adverts in local newspapers or on property websites are often the first place buyers go to search for a new home, but a drab living room picture or poorly written sales message can prove fatal to a deal when the small number of buyers means time is short, said the report.
New sellers outnumber successful buyers by nearly 2:1, said Rightmove, with miserable weather plus Olympic distractions adding to the challenge of selling homes this summer. Asking prices fell 1.7%, down £4,138, which is the largest drop in July for four years.

Percy1983

Means nothing when its up and it means nothing when its down.

brit1234

Till rightmove include asking price fluctuations on existing properties I will ignore it.

DervProf

This fits in with the lie I recently told about my friend reducing the asking price on her place from £470K to £450K.

I see brit states that the stats don't include variation on existing properties, but falls in the asking on existing properties probably do have some effect on the valuations on similar nearby properties coming onto the market.

crash123

DervProf wrote: »

This fits in with the lie I recently told about my friend reducing the asking price on her place from £470K to £450K.

I see brit states that the stats don't include variation on existing properties, but falls in the asking on existing properties probably do have some effect on the valuations on similar nearby properties coming onto the market.

This is correct as the agent I got to value a property was the agent who valued the house across the road and it came in lower. he said if a house does not sell within 3 months it is over-priced.

Graham_Devon

The thing it does tie into really is what RICS were reporting, in that a higher percentage of their surveyors are reporting falling prices.

DervProf

Some of you may be aware of my recent "trouble" with nollag2006, due to me posting some anecdotal on the local property market.

Yesterday, I visited my friend and told her what I had posted here. She told me to not post her details (for understandable reasons). I told her that it isn't everyday that a friend of mine puts a property on the market, let alone one for nearly half a million quid, so I thought it might be of interest (and to show some of the more bullish posters) what was really going on in the property market. I said to her, "how many people do you know who have recently sold a house, or have a place up for sale ?". Here reply was "not many, but a lady in my sewing class recently thought she sold her place, but it fell through".

Still only one viewing of her property, but I'll post any updates.

HAMISH_MCTAVISH

Graham_Devon wrote: »

The thing it does tie into really is what RICS were reporting, in that a higher percentage of their surveyors are reporting falling prices.

Sure.

Of course, that percentage is still a minority.

For example:

If prices for 70% if houses are stable, 20% are falling by 2%, and 10% are rising by 2%, the indices will show prices are falling.

Even though, for the vast majority of people, they are not falling at all.

A similar situation to the above has been the case for most of the last few years. Most house prices are stable. A few are rising, a few more are falling, but most are not doing much of anything at all.

Graham_Devon

HAMISH_MCTAVISH wrote: »

If prices for 70% if houses are stable, 20% are falling by 2%, and 10% are rising by 2%, the indices will show prices are falling.

Erm yes....because they would be falling.

Classic muddle!

Percy1983

At least its not the usual Hamish muddle with that.

If 2% rise, 80% are stable and 18% fall, he always groups the rises and stable so it would be 82% rising or stable and 18% fall, does sound 'better' if you like that kind of thing.

homelessskilledworker

http://www.rightmove.co.uk/news/files/2012/07/july-2012.pdf

Actual report




Really is not worth the paper it is written on, and that goes for Halifax and Nationwide to some degree.

Land Registery is the only one I have any time for, and even that is flawed.