Monday, Sep 28, 2009
Bear Food!
Independent: First house price fall in four months
"House prices dipped by 0.1 per cent during August, the first monthly fall for four months, figures showed today. The drop, which followed a strong 1.8 per cent rise in July, left the average home in England and Wales costing £155,968, according to the Land Registry. But the annual rate at which prices are falling continued to slow, easing to 9.4 per cent, the lowest figure since September last year and down from a high of 16.3 per cent in February."
Posted by mark wadsworth @ 02:08 PM (1226 views) Add Comment
7 Comments
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1. tyrellcorporation said...
I'll break this duck!
Difficult to get excited about a 0.1% fall but I guess it represents a turning point. We really need to see a return to 2% a month drops.
2. jack c said...
Lets look at this another way - if it was a 0.1% midgies dick of an increase the VI's etc.. would have been ramping it to the hilt
BBC headline is currently "House prices see slight decline'" - I cant imagine the press (Express in particular) reporting this as "House prices rise slightly"
3. Kirsty said...
Ah, the good old 0.1%. I wondered where that had got to.
4. greenshootsandleaves said...
And I suppose a revised figure of, say, 0.09% (static caravan in Milton Keynes sold after all !) would give us a headline such as:
'August house prices: 10% improvement'
I hope no one at the National Association of Estate Agents is reading this. We wouldn't want to give them any ideas, would we?
5. cyril said...
But the annual rate of decline 'eased' to 9.4%. The proper reason for doing YoY comparisons is to de-seasonalise the data. YoY comparisons are a bit stupid when dealing with descrete events, because the rate suddenly changes for no particular reason one year after the initial shock.
My interpretation would be that houses are 9.4% cheaper than a year ago and the 'easing' of the decline is nonsense because it could be due to normal seasonal variation. People look at house prices far too often in my opinion.
6. mrflibble said...
With regards to the Land Registry figures, can someone explain to me why each time I check them over a period of time for a given area, the data for the previous months has all changed since the last time I checked. Is there some sort of sliding average going on here?
7. Alan Lubin said...
Land Registry figures always trail the others so how come Halliwide haven't shown any kind of reduction yet? I think i trust sales more than i do 'mortgage approvals' anyway.