A realistic picture of house prices

[Cyberman]

Interesting figures that are based on ACTUAL SALES registered at the Land Registry from UpMy Street and are a couple of months behind for obvious reasons:



Property market in May 2008


We use property sales from the Land Registry & Registers of Scotland to create an average property price for each region, and compare this against the average in the previous month - as above - and year.

London: +0.8%; +0.3%
South East: +0.0%; +3.0%
East: +0.9%; +3.3%
E Midlands: +1.1%; +0.3%
North East: -2.4%; -1.3%
North West: -0.5%; +1.7%
South West: -2.0%; -0.8%

Wales: +0.6%; -0.7%
W Midlands: +0.5%; -0.5%
Yorkshire: +0.9%; +1.2%
Scotland: +1.4%; +12.2%
Edinburgh: -1.8%; +9.6%
Glasgow: +4.6%; -17.3%



(% changes to average price - previous month, then year)






In my area it shows an increase of 3% in the year to May..... mo massive crash at all.... and Scotland is UP 12.2% over the year !!!

[BrilloPad]

Interesting figures that are based on ACTUAL SALES registered at the Land Registry from UpMy Street and are a couple of months behind for obvious reasons:



Property market in May 2008


We use property sales from the Land Registry & Registers of Scotland to create an average property price for each region, and compare this against the average in the previous month - as above - and year.

London: +0.8%; +0.3%
South East: +0.0%; +3.0%
East: +0.9%; +3.3%
E Midlands: +1.1%; +0.3%
North East: -2.4%; -1.3%
North West: -0.5%; +1.7%
South West: -2.0%; -0.8%

Wales: +0.6%; -0.7%
W Midlands: +0.5%; -0.5%
Yorkshire: +0.9%; +1.2%
Scotland: +1.4%; +12.2%
Edinburgh: -1.8%; +9.6%
Glasgow: +4.6%; -17.3%



(% changes to average price - previous month, then year)






In my area it shows an increase of 3% in the year to May..... mo massive crash at all.... and Scotland is UP 12.2% over the year !!!

Can't wait to see the figures for Sep 2008........

[dezze]

Interesting...I live in South Hampshire and the prices have certainly been on the fall. Having said that, lots of factors could influence statistics, e.g. expensive houses holding their value, whilst less expensive are more exposed to valuation swings.

[ASB]

One of the arguable flaws with the land registry fiigures is that as an average you are not comparing like with like. They are not very well weighted. The extreme example would be in one region one house only is sold at 200k and then the next month that 115 million flat is sold but nothing else.

They do attempt some weightings but the pattern of sales can skew them.

[Cyberman]

One of the arguable flaws with the land registry fiigures is that as an average you are not comparing like with like. They are not very well weighted. The extreme example would be in one region one house only is sold at 200k and then the next month that 115 million flat is sold but nothing else.

They do attempt some weightings but the pattern of sales can skew them.

I take your point but I think there are flaws in any stats and other contributors such as Nationwide and Rightmove are probably more highly flawed because they are not based on Land Registry prices.

[ASB]

I take your point but I think there are flaws in any stats and other contributors such as Nationwide and Rightmove are probably more highly flawed because they are not based on Land Registry prices.

The whole thing is obviously somewhat subjective to say the least. I know two estate agents. Both are finding that they are achieving lower prices - though for them the real killer is that number of transaction has fallen off a cliff. For them the higher end of the market is seeing some significant falls but moving and the lower end is completely stagnant.

[sasguru]

I take your point but I think there are flaws in any stats and other contributors such as Nationwide and Rightmove are probably more highly flawed because they are not based on Land Registry prices.

Not the sharpest tool in the box, are you?

[DimPrawn]

Not the sharpest tool in the box, are you?

Understatement of the year award goes to......

[Cyberman]

The whole thing is obviously somewhat subjective to say the least. I know two estate agents. Both are finding that they are achieving lower prices - though for them the real killer is that number of transaction has fallen off a cliff. For them the higher end of the market is seeing some significant falls but moving and the lower end is completely stagnant.

The market is stagnant because there are few buyers due to lack of easy mortgages available and few sellers because nobody wants to sell at less than they may have got a few months ago. This stalemate however does not mean that house prices must fall, because supply is still not meeting demand.

[Cyberman]

Not the sharpest tool in the box, are you?

You are of course Sasguru as most on this board would obviously testify.