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ralphmalph

House Price Sales Data

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House next door to mine completed on 6th Dec 2009. I use nethouseprices to check sale prices but this one has not shown up yet. Any body know how it takes for a sale to show and can people request that their sale does not show up on an online search?

TIA.

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House next door to mine completed on 6th Dec 2009. I use nethouseprices to check sale prices but this one has not shown up yet. Any body know how it takes for a sale to show and can people request that their sale does not show up on an online search?

TIA.

was it a "normal" sale or a repo or auction sale? In their infinite wisdom the Land Registry do not use or publish the figures from known repos or auctions because they are not "indicative of the true market value" - quite how an auction isn't EXACTLY indicative of the true market value I'm not sure....

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It was offers over a certain value and offers had to be submitted in writing to the estate agent by a certain time and date.

Perhaps that qualifies as an auction?

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I believe 90 days is the limit for normal sales to appear in the Land Registry.

As to the use of repo/auction sales, I understand they are not used in compiling stats, but surely that does not exclude their presence in the raw sales data?

Edited by cheeznbreed

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was it a "normal" sale or a repo or auction sale? In their infinite wisdom the Land Registry do not use or publish the figures from known repos or auctions because they are not "indicative of the true market value" - quite how an auction isn't EXACTLY indicative of the true market value I'm not sure....

It is really hard to believe that the Land Registry actually believes this nonsense. They can't be that stupid :angry: (or can they? Not sure now. :unsure: ) Anyway, perhaps it is about time someone start to be a bit firmer with these imbeciles. They are distorting the market, in favour of property owners, and against FTBers. Perhaps our friends in that advocacy site, "priced out" or something, could do a little legal research, to figure out if they could threaten the Land Registry with some legal action?

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I'm finding that a lot of houses I think were sold months ago are not showing up.

I've been watching the sales of flats in Tideslea Path, Thamesmead (as advertised on 'Panorama'). Postcode SE28 0NH etc.

There is only one sale showing for 2009 and none this year. I find this extraordinary. Can anyone throw any light on this?

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2 Things - Auctions ARE included in LR Data - it is repossesions that are NOT included. (this has led to confusion as a majority of auctions have been REPO's historically). Also, offers over a certain value by a set point sounds very like a Repo - they do that so that the bank can 'prove' that they achieved fair market value.

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2 Things - Auctions ARE included in LR Data - it is repossesions that are NOT included. (this has led to confusion as a majority of auctions have been REPO's historically). Also, offers over a certain value by a set point sounds very like a Repo - they do that so that the bank can 'prove' that they achieved fair market value.

I stand corrected, sorry, I did not mean to mis-inform.

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2 Things - Auctions ARE included in LR Data - it is repossesions that are NOT included. (this has led to confusion as a majority of auctions have been REPO's historically).

Sorry, are auctions OF repossessed properties included?

Also, offers over a certain value by a set point sounds very like a Repo - they do that so that the bank can 'prove' that they achieved fair market value.

Sorry again, but it was a bit worse now. I didn't understand any of that. I am not familiar with this jargon. Could you please explain that?

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Sorry, are auctions OF repossessed properties included?

Any Repossion - however it was sold (auction, estate agent, whatever) - is not included in the data. Anything that would be included in the data if sold normally through an estate agent - is still included if sold at auction. The method of sale makes no difference to the inclusion or otherwise of the property in the data. (So auctions of repossions are NOT included but because they are repos, not because they are auctioned)

Sorry again, but it was a bit worse now. I didn't understand any of that. I am not familiar with this jargon. Could you please explain that?

A bank selling a repossession has to be able to prove that in selling it they achieved 'fair market value' (ie that they didn't sell it at a discount) in order to chase the defaulted previous owners for the difference between sale proceeds and originally borrowed amount. (ie Mr Smith took out a £230k mortgage on a £250k house, interest only - lost his job and could no longer pay the mortgage. Bank repossess and sell for £200k. They can then chase him for both the interest not paid, and also the 30k difference). In order to 'prove' that they achieved 'fair market value' they will often get an estate agent to post a public notice that they have an offer of £x on the house, and if anyone wants to make a greater offer, they have 30 days in which to do so in writing.

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The house my dad bought 5 years ago doesn't show up online, neither does the house my brother bought last summer. Both purchases took the normal EA / Mortgage / Property chain transactions route.

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A bank selling a repossession has to be able to prove that in selling it they achieved 'fair market value' (ie that they didn't sell it at a discount) in order to chase the defaulted previous owners for the difference between sale proceeds and originally borrowed amount. (ie Mr Smith took out a £230k mortgage on a £250k house, interest only - lost his job and could no longer pay the mortgage. Bank repossess and sell for £200k. They can then chase him for both the interest not paid, and also the 30k difference). In order to 'prove' that they achieved 'fair market value' they will often get an estate agent to post a public notice that they have an offer of £x on the house, and if anyone wants to make a greater offer, they have 30 days in which to do so in writing.

Got it. Thank you.

Any Repossion - however it was sold (auction, estate agent, whatever) - is not included in the data. Anything that would be included in the data if sold normally through an estate agent - is still included if sold at auction. The method of sale makes no difference to the inclusion or otherwise of the property in the data. (So auctions of repossions are NOT included but because they are repos, not because they are auctioned)

I see. So it is even more distorting then. I mean, ALL repossessions are excluded from the Land Registry publication then. The dirty b@stards. :angry: Someone should do something about that.

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The house my dad bought 5 years ago doesn't show up online, neither does the house my brother bought last summer. Both purchases took the normal EA / Mortgage / Property chain transactions route.

I've seen purchases from 2002 onwards listed, then no longer there as of last year. Effectively, the price history is being deleted. ph34r.gif

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was it a "normal" sale or a repo or auction sale? In their infinite wisdom the Land Registry do not use or publish the figures from known repos or auctions because they are not "indicative of the true market value" - quite how an auction isn't EXACTLY indicative of the true market value I'm not sure....

That's strange. Who gave the Land Registry a mandate to publish figures that show the 'true market value'?

Surely their job is to collect tax and report facts.

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The Land Registry are very bad at publishing this data on the lists that they sell out to houseprice.co.uk, zoopla et al. As well as the pointless deliberate exclusions of auctions because of the way they distort fair market value, (durrr) the LR 'forget' to include a large proportion of vanilla sales in these lists. I have a theory that it may be when you register your purchase later on during the three month time frame, so I have instructed my solicitor to wait until the last possible limit before disclosing to the LR.

My last sale was perfectly ordinary in November 2007, and it doesn't appear in the lists. Many other properties are like this. If you pay on the LR website, the transaction is there on the deeds.

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