Tuesday, Sep 15, 2009
House prices fell in July
Yahoo: House prices fell in July
LONDON (Reuters) - House prices in July were 8.3 percent lower than in the same month a year ago, figures issued by the Department of Communities showed on Tuesday.
Prices were 1.4 percent higher than in the previous month, the data showed. The adjusted average house price was 196,338 pounds in July 2009.
Posted by mark @ 10:25 AM (825 views) Add Comment
9 Comments
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1. paul said...
Ummm, so why has the BBC gone with frothy anecdotal stories rather than this hard data of actual completed sales?
(Careful BBC, your bias is showing again!)
2. Neil B said...
House prices did not fall in July - they were 1.4 percent higher than the previous months!
Can we have some basic maths please?
3. denzil said...
God, this is a quality piece of journalism. The title says prices fell in July but the content of the article suggest they have risen but fallen YoY, which is a contradiction from the title of the article.
4. 51ck-6-51x said...
denzil you beat me too it.
The "hard data" was that prices rose during July, so, paul, the Beeb could well go ahead and use it as the base of their articles.
5. paul said...
@666, denzil
What the article means is that since July last year, prices have fallen, but in June this year they were lower than in July this year.
So if the (rather meaningless) month-on-month figure were pounced upon (and I'm sure the BBC would be happy to), it would look like a rise but looking at the broader picture, they've fallen by over 8%.
6. pelethar said...
In the first six months of 2008, every time a survey came out showing a monthly fall but an annual rise, the Express span it as "House Prices Still Rising". And everyone on this site threw their toys out of the pram, quite rightly. It does us no credit to try and change the rules now and insist that this is reported as a fall. Like it or not (and I know we don't), the reason the reports are still showing annual falls is due to what happened in 2008. At the moment, every measure has them flatlining or gently rising. The King Canute strategy will get us nowhere - we need to accept reality and try to rationalise what's going on.
7. 51ck-6-51x said...
paul. If they want to report a fall they can say they have fallen over the year to July; if they want to report a rise they can say they rose during July.
I think the article's statement that, "Prices were 1.4 percent higher than in the previous month"
Furthermore I don't see how "in June this year they were lower than in July this year" is not a rise, unless you are going back in time!
pelethar, a voice of reason. Thank you.
8. denzil said...
Paul said:
"What the article means is that since July last year, prices have fallen, but in June this year they were lower than in July this year."
Paul, with the best will in the world, the title of the article is misleading. House Prices did not fall in July, quite the opposite. If we look in the rear view mirror, they have actually fallen YoY, but YoY the falls are being cancelled out by recent gains. I'm not a big fan of the YoY picture as it can be misleading. I remember how the YoY stats were derided on here, because they were being used to report houseprices were still rising when MoM they were and had been falling for about 6 months and YoY gains were only due to a very good first quarter of the YoY measurement period. When considering YoY, you just as well look at the stats for two years or three but ultimately the relevent stats is here and now. Indications are that the market is stagnating or rising.
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