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Land Registry - House Prices Fall 0.8% In March

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Release date: 20 April 2015

March House Price Index - headline figures from Land Registry’s HPI show an annual price increase of 5.3 per cent with the average price in England & Wales now £178,007 compared with a peak of £181,049 in November 2007.

Monthly house prices down 0.8 per cent since February 2015.

https://www.gov.uk/government/publications/about-the-house-price-index/about-the-house-price-index

The headline February figure last month was £180,252, which has clearly been revised down.

Without this revision the headline month-on-month fall would have been 1.25%.

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January's figure was originally published as £179,492.

As is stands at present therefore, March's headline number is nearly £1,500 below the initial January print.

[January was revised down to £179,271 last month and may well be revised down further when the full release comes out on 30th April.]

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A few glimmerings of reality? The BBC business live feed http://www.bbc.co.uk/news/live/business-32352986 has these two entries:

15:09 House price delusion?

Earlier we told you that the property website Rightmove had claimed that the average asking price, for a home up for sale in England and Wales, has now reached £286,133. So what? Well, the Land Registry told us last month that in February (the most recent data) the average sale price in England and Wales was more than £100,000 less, at a mere £180,252. That must mean that tens of thousands of homes are on the market with no real prospect of a sale, because they are just too expensive

15:52 House price delusion?

Hannah Maundrell of the price comparison service money.co.uk shares my view. "Homeowners may need to "get real" if they want to shift their property any time soon," she says. "There seems to be a clear discrepancy between average asking prices and actual sale amounts agreed. It seems that sellers may need to adjust both their expectations and asking price if they want to find a buyer without a big wait."

Edited to add:

Currently the top headline Key Point (of which there are three) is "Asking prices for homes in England and Wales more than £100,000 higher than selling prices"

Edited by Snugglybear

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Good find - I looked for this last week on their Twitter feed, which seems to have stopped with a statement that there wont be any more posts until after the election!

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Good find - I looked for this last week on their Twitter feed, which seems to have stopped with a statement that there wont be any more posts until after the election!

The info is on the LR's Twitter account, but it's easy to miss it with a quick glance.

LR_tweets_200415.gif

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The shires will be 4 or 6 months behind London + 3 months lag in land registry data, so if London peaked around July last year this "slow down" is right on cue. Election coming followed by some really bad news.

Edited by TheCountOfNowhere

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Also, you have to say, the tories played their hand brilliantly.

How could the free market tories manage this timing pm brilliantly ?

Ashamed to have voted for them. Will never do so again.

Edited by TheCountOfNowhere

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So this is why Rightmove have released the "highest ever (asking) prices" press release today? Got to keep the bubble dream alive until May 5th.

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A few glimmerings of reality? The BBC business live feed http://www.bbc.co.uk/news/live/business-32352986 has these two entries:

15:09 House price delusion?

Earlier we told you that the property website Rightmove had claimed that the average asking price, for a home up for sale in England and Wales, has now reached £286,133. So what? Well, the Land Registry told us last month that in February (the most recent data) the average sale price in England and Wales was more than £100,000 less, at a mere £180,252. That must mean that tens of thousands of homes are on the market with no real prospect of a sale, because they are just too expensive

15:52 House price delusion?

Hannah Maundrell of the price comparison service money.co.uk shares my view. "Homeowners may need to "get real" if they want to shift their property any time soon," she says. "There seems to be a clear discrepancy between average asking prices and actual sale amounts agreed. It seems that sellers may need to adjust both their expectations and asking price if they want to find a buyer without a big wait."

Edited to add:

Currently the top headline Key Point (of which there are three) is "Asking prices for homes in England and Wales more than £100,000 higher than selling prices"

Beware 'Averages' - Mean, Median or Mode? And the LR applies seasonal weighting, and weights properties in different bands. So do the lender's statistics, I expect. And on top of that, LR prices include non-mortgaged sales. so comparison is not straightforward.

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Yes the revision is always down to 'improve' the next month's figure. Theoretically using this technique prices could rise every month when in reality they are falling every month.

But you have to admire Dave and George's timing ... one month of falls just before the election.

Just as they lose to the SNP and LieMore......

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Just as they lose to the SNP and LieMore......

Let's get one thing straight, no matter who wins the election the British government is in charge, no matter who wins the election the British establishment benefits.

its not labour versus tory, it's 1% versus 99%

Wake up and stop bleating.

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Prices falling despite 6 years of ZIRP, cheaper and cheaper credit, H2B, promises of 20% discounted new builds for under 40s FTBs, a so-called housing shortage creating more demand than supply, and a country enjoying a sustained and robust economic recovery? Whatever is the matter?

Edited by canbuywontbuy

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Let's get one thing straight, no matter who wins the election the British government is in charge, no matter who wins the election the British establishment benefits.

its not labour versus tory, it's 1% versus 99%

Wake up and stop bleating.

Get real, the party who wants to BREAK UP Britain is going to be in charge of who takes power come May 8th, why do you think the "establishment" is in smear and slander mode? Do you think the 1% wants to beak up Britain?

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Never a truer word spoken. Balls and Osbourne will be teeing off at the course by the end of the first week. Normal service resumed......

I doubt Nicola will be carrying their clubs though, she will probably be telling them what clubs to use :lol: New era for UK politics is on the way.

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Spent the morning scouring the websites of the MSM. Not a mention of the LR report.......

BTW plenty about the Rightmove report and some puff piece put out by Hamptons.

Edit clarity

Edited by John The Pessimist

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Spent the morning scouring the websites of the MSM. Not a mention of the LR report.......

That's likely due to the full report not officially being released for another week or so. These are only the headlines numbers from their Twitter feed.

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That's likely due to the full report not officially being released for another week or so. These are only the headlines numbers from their Twitter feed.

Yes, the main report is out on the 30th April.

However Nationwide's April release is likely to be published on either the 29th or 30th, and if it's the latter than it's likely to overshadow the LR full release, especially if it shows a rise in prices.

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However Nationwide's April release is likely to be published on either the 29th or 30th, and if it's the latter than it's likely to overshadow the LR full release, especially if it shows a rise in prices.

Here's an EA's view on the current state of the market:

Big fall in transactions but house prices shoot up

The number of property sales fell dramatically last month, says estate agent haart.

Based on its own data, it estimates that in March there were 47,056 exchanges, down 6.3% on February and a drop of 19.3% year on year.

Haart says that prices were up by 0.9% on a monthly basis and by 5.6% annually.

The average selling price of £206,762 was the highest on record.

It puts the proportion of first-time buyers as 42% of all mortgages written during March.

Haart also says that there was a big rise in new instructions, with a 27% increase in inventory last month.

While buyer demand shot up 22% on a monthly basis, it was down 21.5% compared with March last year.

http://www.propertyindustryeye.com/big-fall-in-transactions-but-house-prices-shoot-up/

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