Friday, May 30, 2008
Priceless BBC!!
BBC: House prices slowdown confirmed
"It was the eighth month in a row during which annual property inflation has fallen, though the decline has not been as fast as suggested by other surveys" Many other reports have claimed that prices have fallen so fast that they are now lower than they were a year ago. On Thursday, the Nationwide said prices were now 4.4% down on May last year and had dropped at a record rate. However, the Land Registry survey, which covers all completed property sales and not just those of particular lenders, suggests that point has not yet been reached in England and Wales"
Posted by confused76 @ 01:04 PM (1475 views) Add Comment
14 Comments
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1. Maxwell said...
You can't compare Nationwide and Land Reg, they trail different time periods witht eh Land Reg lagging far behind.
2. jack c said...
Radio 5 Live main 1.00pm news
The continued credit squeeze means that people are having to tighten their belts when it comes to spending - bad news for those who are looking to buy both a new house and a new car.
So now for the good news! Leading North East housebuilder, Dunelm Homes, is giving away a brand new Ford Focus free, with every home sold at its Glebe Court development in Murton.
www.dunelmcastlehomes.co.uk/page/news.cfm#29
Six months from now I reckon Ford dealers will be giving away a free Dunelm Homes property with every Ford Focus sold.
3. Jayk said...
Hang on. Someone will claim the Land Registry are a bunch of stooges for the mortgage industry in a minute.......
4. paul said...
I love the way the BBC gives less credibility to Halifax and Nationwide statistics when they bring bad news.
The BBC needs to understand that cherry-picking statistics is a loser's game in the end, and only serves to quicken the erosion of their credibility as an unaffiliated news source.
5. nubbers said...
You would have thought that BBC journalists would appreciate that the Land Registry figures lag the building societies by 2 or 3 months. Falling educational standards in the BBC?
6. growler said...
Even a half-wit journalist at the BBC can surely have worked out a better comparator would have been the Nationwide FEBRUARY statistic, which is very similar to the Land Registry number out today:
Nationwide: Feb 08, average price £179,358, month down 0.50%, annual rise 2.70
Land Registry: Apr 08, average proce £183,626, month down 0.20%, annual rise 2.70
How dim can you be BBC?
Anyway, look out for the months of very poor figures from the Land Registry if they mirror the Nationwide as they haev above.
7. pelethar said...
The Land Registry figures are always odd - I understand they lag but they also seem to understate the movements - when the building societies said prices were going up by 15% a year the LR would say 8%. This was attributed to the difference between asking price and sale price - but now with that gap bigger than ever you would think that the LR would measure the drops as even steeper than the building societies.
Of all the indices this is - to me at least - the most impenetrable.
8. crash bandicoot said...
Maybe the BBC should quote Stuart Assetz's prediction that houses will rise by 5% this year as that seems to fit their agenda better.
9. Theoverlord said...
How anyone from this site can complain about the media "cherry-picking" statistics is beyond me.
10. paul said...
I'm not sure the education standards were there in the first place.
the BBC has a reputation for having a fetish for recruiting floppy-fringed Oxford arts graduates who are very clever but very mediocre. They can quip in Latin though, which never fails to impress media types.
As Armando Ianucci would put it, I think they spend a bit too much time telling each other "We're good at television, we're good at television".
11. hpwatcher said...
I would not read too much into it, other than the BBC journalists are idiots.
12. mark wadsworth said...
@ Growler, Pelethar. HMLR is just Nationwide's figures but two months later.
I have compared HMLR Jan figures (published Feb) with Nationwide's November 07 figures here.
I suppose a perfectionist would take more samples but this explanation will do me.
13. Mytimeisnigh said...
I'm sure I've seen Land Registry monthly figures revised downwards a couple of months later. When they don't get it right in the first place it can be misleading. (Accidentally on purpose).
14. denzil said...
Jack c wrote:
>>So now for the good news! Leading North East housebuilder, Dunelm Homes, is giving away a brand new Ford Focus free, with >>every home sold at its Glebe Court development in Murton.
How long before a free house is being given away with a Ford Focus?