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rantnrave

Land Reg December +0.6%

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From their Twitter Feed

Our December #HPI shows a monthly change in England & Wales of 0.6%. Full HPI out 9.30am on 29 January http://ow.ly/HqNFR

Average December #house price in England & Wales £177,766, compared with a peak of £181,138 in November 2007 http://ow.ly/HqNUg

The average price of property in England and Wales has gone up £11,620 since December 2013 http://ow.ly/HyY5E

Nov figure -0.1

Oct figure +0.1

Sep figure -0.2

YoY should be down to +6.2% from +7.7%

Edited by rantnrave

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PS is this the stamp duty blip ?

Unlikely I'd have thought given the lag associated with LR data

Most likely this is down to a generous serving of Seasonal Adjustment, which seems to be keeping a lot of the sold price indices in the positive at the moment.

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Unlikely I'd have thought given the lag associated with LR data

Most likely this is down to a generous serving of Seasonal Adjustment, which seems to be keeping a lot of the sold price indices in the positive at the moment.

Indeed. This is the index. It uses repeat sales of the same properties, so I assume will exclude all those falling in value new builds in London.

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Can anyone find that thread about how the various indexes are calculated? It's fascinating and should be pinned.

IIRC actual prices are even more far removed from even the most delusional index.

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Can anyone find that thread about how the various indexes are calculated? It's fascinating and should be pinned.

IIRC actual prices are even more far removed from even the most delusional index.

I personaally love the way they are comparing this low volume government funded sub-prime low interest rate mega bubble with the bank collapsing peak reach in 2007.

It's like it's a target.

With no wage rises for the masses since 2007 and real cost of living inflation they dont seem to realise the bust is going to be so much worse now.

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Can anyone find that thread about how the various indexes are calculated? It's fascinating and should be pinned.

IIRC actual prices are even more far removed from even the most delusional index.

It's not a thread but maybe this will help

http://www.telegraph.co.uk/finance/personalfinance/houseprices/10403980/Which-house-price-index-can-you-trust.html

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Thanks that helps, but the thread was much more in-depth. Was it Freetrader perhaps?

IIRC, the LR was based on some definition of an average house based on some statistics, rather than the actual sold prices. And the LR is considered the most trustworthy of the indexes, imagine the jiggery-pokery on the VI indexes!

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Thanks that helps, but the thread was much more in-depth. Was it Freetrader perhaps?

IIRC, the LR was based on some definition of an average house based on some statistics, rather than the actual sold prices. And the LR is considered the most trustworthy of the indexes, imagine the jiggery-pokery on the VI indexes!

I recall that thread. The Land Reg was criticised for something along the lines of repeat regression - houses were only measured against what they were last sold for, with no consideration being given for an extension that added two rooms etc. The other issue with the Land Reg was the exclusion of repo data, but that ahs since been added.

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That's the other, yup.

There's also a great summary by RIT here, but the threads on HPC are interesting because of the discussion:

http://www.retirementinvestingtoday.com/2012/12/comparing-uk-house-prices-december-2012.html

Edited by Eddie_George

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Just to muddy the waters - The Land Reg and ONS data may be about to be merged...

New 'official' price index details in March

The Office for National Statistics says there has been a “very good response” to its consultation on having just one official government-approved house price index, and that details of how it will be created will be published by the middle of March.

The ONS says: “The consultation regarding the development of a new, single definitive house price index closed on 12 December 2014. There was a very good response to the consultation and thanks are passed to those who either responded directly to the consultation or attended one of the user sessions. A formal response to the consultation will be published within 12 weeks of the closing date.”

The absence of a definitive government-approved index, and the proliferation of scores of other indices - often inspired for PR purposes rather than improving the transparency of the market - has long been an irritation to many in the agency industry.

http://www.estateagenttoday.co.uk/1843-new-official-price-index-details-in-march

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