Sunday, Nov 30, 2008
Government house price data 'flawed'
Guardian: Government house price data 'flawed'
The Government's official house price index, produced by the Land Registry, has been accused of misleading homebuyers and policymakers after it emerged that it excludes repossessions and auctions on the grounds that they do not reflect the 'full market value' of the sale.
Posted by thefinalbear @ 10:07 AM (226 views) Add Comment
3 Comments
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1. Daniel said...
Nobody knows exactly how far they will drop. Although Im betting [conservatively] 70-80% from peak.
What we do know however. Is that all the Morgage brokers, Estate Agents, Council of Morgage Lenders, HouseBuilders, Natiionwide, Halifax, RICS etc are the same people who attempt to consistently ram disinformation about statistics down our throats. All of the above have been consistently wrong, year after year about how steeply house prices have fallen.
2-3 years ago, all of the above stated empahetically that there would be no house price crash.
Not one of them pointed correctly to where we are right now.
What conclusions can we draw from that?
Are they really so inept? And incompetent, to get their forecats SO wrong time and time again? Or are these professionals, whom I am supposed to trust to help me onto the housing ladder, self serving greed mongers, and liars? Along with the complicit Government.
As a potential FTB, who knew nothing of how the property market works, up until I started doing my own research a few years ago.
I now realise that every one who has a vested interest in property, and that they should not be trusted as far as you could throw them...
I would say that their industry has a SERIOUS public image problem.
The biggest EA, Lenders, HouseBuilders, CML have always been about talking the market up, and their forecats always been TOTALLY wrong.
2. Will said...
I know of several private homes which have sold in the past three years which still do not show up on the 'house prices' websites.
I f we cannot trust the data, we shouldn't trust any valuation. This leads me to believe that we are all being conned.
3. Buyinginafewyears said...
Lies, damn lies and statistics!
I have to say if your produced such biased measures of the true picture in any private industry you'd be getting the boot. But then if it's to the governments benefit to skew the statistics like this we've seen they'll do it time and again.
There's been a lot of stories in the media about similar biases in police, school and hospital data. Then end result is we have no faith in what they say any more rendering them useless. I guess that goes for the land registry data in our case. It's unfortunate so many resources use it though, they'll always be over valuing property.