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B.b.c. - Uk House Prices Hit Record Level

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http://www.bbc.co.uk/news/business-24533059

House prices across the whole of the UK have risen to a record level, according to the Office for National Statistics (ONS).

In August, the house price index stood at 185.8, surpassing its previous peak of 185.5 in January 2008 by 0.3%.

According to the ONS, the average price of a house or flat in the UK is now £247,000.

That is the highest figure since the index was first calculated in 1968.

The figures suggest that house prices are increasing in England, Wales and Northern Ireland, but still falling in Scotland.

Prices across the UK rose by 3.8% in the year to August 2013, up from 3.3% in July.

But other measures, including figures from the Halifax and Nationwide, show that house prices are still well below record levels.

The number of transactions is also well below its peak in 2007.

However, the news may add to concerns that the UK is in danger of a house price "bubble".

The new deputy governor of the Bank of England, Sir Jon Cunliffe, has already tried to calm such fears.

"It doesn't look that we are in a bubble," he told MPs on Monday.

"In terms of whether it leads to households becoming overexposed, because they can borrow higher amounts, there is is a possibility it could do that, and that would create more of a risk," he told members of the Treasury Select Committee.

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House prices across the whole of the UK have risen to a record level, according to the Office for National Statistics (ONS).

In August, the house price index stood at 185.8, surpassing its previous peak of 185.5 in January 2008 by 0.3%.

Very cheeky and presumably deliberately tricky wording from the BBC there. It's a total farce.

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Never in the history of mankind has so much been owed by so many to so few.... or something like that.

Still if interest rates do ever rise,

Actually if they don't it means the economy is stuffed and if they do the economy is stuffed.

Good old Tories

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UK house prices have risen to a record level, according to the Office for National Statistics (ONS). In August, the ONS's house price index stood at 185.8, surpassing its previous peak of 185.5 in January 2008.

The average price of a house or flat in the UK is now £247,000, the ONS said, the highest figure since the index was first calculated in 1968.

more: http://www.bbc.co.uk...siness-24533059

Edit: oops already posted, I see now. Rarely make that mistake. Please delete/merge

Edited by Venger

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In other news today inflation is still running at 2.7% so like your house, food energy and other essentials cost more.

Win win all round.......

http://www.bbc.co.uk/news/business-24532808

It means prices are still rising faster than wages, which rose by 1.1% on average over the same period.

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WTF are the ONS/BBC on about?

According to the Land Registry, the average house & flat price in England & Wales in August 2013 was £164,654, way short of the April 2008 peak of £179,283. I doubt Scotland and NI skew the figure higher, and prices are apparently falling in Scotland.

Also, the BBC article clearly talks about the average prices of houses and flats. in the UK.

The August HPI for England & Wales was 264.47, compared with 291.59 in Jan 2008.

England & Wales average property prices have been dithering around the £160k mark for 2 years now without breaking out in either direction.

Breaking down by property type:

August 2013 average prices, England & Wales

Detached House £258,502

Semi-detached £155,800

Terraced £124,580

Flat £155,982

So the alleged ONS claim for a UK average house & flat price of £247k looks seriously skewed towards detached properties. Very odd.

It seems about £100k too high.

The Land Registry stats are based on actual transactions each month.

I was unaware that the ONS poroduces such statistics, that compete with the Land Registry.

I do not believe there is a new bubble, just that QE and other policies are propping up prices and not allowing the last bubble to properly deflate.

This whole BBC article is very odd.

Perhaps, because there are disproportionately more transactions in the overpriced London area, high prices are over-represented. Which is what weighting is for.

Anyone got any idea where the info is on the ONS website? I can't find it.

Also, the BBC's own figures (giving an average 'house' (i.e. House or flat) price for the UK of £242k is expressly based on Land Registry figures, not the ONS, for the England & Wales data sources. My link

Edited by happy_renting

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WTF are the ONS/BBC on about?

According to the Land Registry, the average house & flat price in England & Wales in August 2013 was £164,654, way short of the April 2008 peak of £179,283. I doubt Scotland and NI skew the figure higher, and prices are apparently falling in Scotland.

Also, the BBC article clearly talks about the average prices of houses and flats. in the UK.

The August HPI for England & Wales was 264.47, compared with 291.59 in Jan 2008.

England & Wales average property prices have been dithering around the £160k mark for 2 years now without breaking out in either direction.

Breaking down by property type:

August 2013 average prices, England & Wales

Detached House £258,502

Semi-detached £155,800

Terraced £124,580

Flat £155,982

So the alleged ONS claim for a UK average house & flat price of £247k looks seriously skewed towards detached properties. Very odd.

It seems about £100k too high.

The Land Registry stats are based on actual transactions each month.

I was unaware that the ONS poroduces such statistics, that compete with the Land Registry.

I do not believe there is a new bubble, just that QE and other policies are propping up prices and not allowing the last bubble to properly deflate.

This whole BBC article is very odd.

Perhaps, because there are disproportionately more transactions in the overpriced London area, high prices are over-represented. Which is what weighting is for.

Anyone got any idea where the info is on the ONS website? I can't find it.

Also, the BBC's own figures (giving an average 'house' (i.e. House or flat) price for the UK of £242k is expressly based on Land Registry figures, not the ONS, for the England & Wales data sources. My link

Different measurement. Geometric vs arithmetic mean accounts for difference.

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