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The Average House Price Is £100,000 Less Than We Were Told

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Officials admit their figures were way out with typical property valued at £209,000

Official figures have overstated average house prices by £100,000, statisticians admitted yesterday. They said the typical home actually cost £209,000 in April, compared with their much higher March estimate of £301,000. In an effort to give a more accurate picture, the Office for National Statistics is now allocating less weight to the most expensive homes, which it says have distorted the figures. And it now includes cash purchases, when previously only properties bought with mortgages were taken into account.

What, we are not rich beyond our wildest dreams?

Edited by rollover

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The Mail really has been hijacked - or infiltrated by hpcers? All these bearish articles, good lord.

Is the ONS unaware of the impact that its shirty stats have on sentiment?!

"An ONS spokesman said: 'This is a purely technical change in calculating average house prices which has no impact on the real value of anyone's home.'"

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The Mail really has been hijacked - or infiltrated by hpcers? All these bearish articles, good lord.

Is the ONS unaware of the impact that its shirty stats have on sentiment?!

"An ONS spokesman said: 'This is a purely technical change in calculating average house prices which has no impact on the real value of anyone's home.'"

Well DERPA DERPA what the hell. Yesterday my house was worth £300k so I put it up for sale at £300k.

Today it's worth £200k but it's still worth £300k because this has no real impact on the value of anyones home.

NURSE!!!

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Landlord lending plunges by a shock 85%

MORTGAGES to landlords fell off a cliff buy-to-let loans for purchase dived by a dramatic 85 per cent month-on-month, showed data released today by the Council of Mortgage Lenders (CML). Just 4,200 loans were given to property investors to purchase a home in April, compared to 28,700 loans in March. In April, a new three per cent tax on landlords and second home buyers took effect. It's thought to be the reason buy-to-let lending for purchase was worth £4.3billion in March but tumbled to just £600million a month later. But borrowing was down across all sectors, adding to fears the market is heading for a downturn. First-time buyers borrowed £3.9bn, down 11 per cent from March. And home movers borrowed £4.3bn in April, a huge fall of 53 per cent from the month prior.

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Landlord lending plunges by a shock 85%

MORTGAGES to landlords fell off a cliff buy-to-let loans for purchase dived by a dramatic 85 per cent month-on-month, showed data released today by the Council of Mortgage Lenders (CML). Just 4,200 loans were given to property investors to purchase a home in April, compared to 28,700 loans in March. In April, a new three per cent tax on landlords and second home buyers took effect. It's thought to be the reason buy-to-let lending for purchase was worth £4.3billion in March but tumbled to just £600million a month later. But borrowing was down across all sectors, adding to fears the market is heading for a downturn. First-time buyers borrowed £3.9bn, down 11 per cent from March. And home movers borrowed £4.3bn in April, a huge fall of 53 per cent from the month prior.

It's game over...the express has gone bear.

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The calculation change will very conveniently make it impossible to compare with the previous figures calculated using the old algorithm.

Will they republish the historical figures?, I'm sure they have all the source data to do a recalculation - don't hold you breath for that one - its all political smoke and mirrors.

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The old land registry site was very useful at demonstrating to people that, at least where I look, prices are stuck at 2004-2005 levels

Now it appears to have reset, and I only get the last year. Not great.

Edited by Breowan

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The old land registry site was very useful at demonstrating to people that, at least where I look, prices are stuck at 2004-2005 levels

Now it appears to have reset, and I only get the last year. Not great.

http://landregistry.data.gov.uk/app/ukhpi/explore

https://data.gov.uk/dataset/uk-house-price-index

try these, the new index lets you go down to local authority level and back to mid90s. It's more granular than either of the old indexes and probably more reliable than the raw LR data tbf to them.

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