BufferBear Bitcoin Bull Posted January 4, 2006 Share Posted January 4, 2006 (edited) Don't recall seeing this and know that this report was not placed on their website, having highlighted that HPI had increased for the first time in 18 months by 0.10% http://www.hometrack.co.uk/press/051220%20...ber%2020051.pdf Edited January 4, 2006 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted January 4, 2006 Author Share Posted January 4, 2006 Well I found it interesting . Quote Link to comment Share on other sites More sharing options...
redwing Posted January 4, 2006 Share Posted January 4, 2006 The property figures are unbelievable. Can someone explain how Hometrack get these average prices? I'm in Cambridge Average terrace according to Hometrack in Cambridge is £154,000 (page 8 3rd line down) I sold 2 bed terrace in July 05 for £238,000 The very cheapest on Rightmove is £159,000 The cheapest Victorian 2 bed terrace is £189,500 and has a assured short term tenancy. The cheapest close to the station is £209,500 How can the average be $154,000 Quote Link to comment Share on other sites More sharing options...
Prude Posted January 5, 2006 Share Posted January 5, 2006 The property figures are unbelievable. Can someone explain how Hometrack get these average prices? I'm in Cambridge Average terrace according to Hometrack in Cambridge is £154,000 (page 8 3rd line down) I sold 2 bed terrace in July 05 for £238,000 The very cheapest on Rightmove is £159,000 The cheapest Victorian 2 bed terrace is £189,500 and has a assured short term tenancy. The cheapest close to the station is £209,500 How can the average be $154,000 I've noticed that there are houses near me that haven't sold for over 9 mths where they are asking 15% more than has ever been achieved (checking land registry data). The peek prices seem to have been around 12mths ago and any sales being recorded now can only be for houses that have been sold at or below this peek value. In summary nothing is moving near me for anywhere near asking price. I don't know about Cambridge but I would take the estate agent valuations with a piece of salt. Quote Link to comment Share on other sites More sharing options...
Xil Posted January 5, 2006 Share Posted January 5, 2006 The property figures are unbelievable. Can someone explain how Hometrack get these average prices? I'm in Cambridge Average terrace according to Hometrack in Cambridge is £154,000 (page 8 3rd line down) I sold 2 bed terrace in July 05 for £238,000 The very cheapest on Rightmove is £159,000 The cheapest Victorian 2 bed terrace is £189,500 and has a assured short term tenancy. The cheapest close to the station is £209,500 How can the average be $154,000 I don't trust any of these press releases (Hometrack, RICS, Rightmove, Halifax, Nationwide) when their report is based on statistics compiled from something other than land registry data (asking prices, VI sentiment, estate agent web site data, mortgage arrangements). 0.1% is a pointless figure to report - the noise (error) in their calculations could be 5%, 10% or higher. Even the ODPM figures (that lag the market by several months) can be flawed because every report contains a different group of house sales. At the moment the type of properties selling are not typical of the housing market as a whole. Eg where are all the proper FTB sales these days? They've gone. I trust my own eyes and some of the figures reported on http://www.houseprices.co.uk I see a lot of houses selling at £20,000 or more below their asking prices. To reply to your post redwing, they've probably rolled suburbs of Carlisle into the Cambridge figures. Don't trust 'em!! Xil. Quote Link to comment Share on other sites More sharing options...
camem' Posted January 5, 2006 Share Posted January 5, 2006 The property figures are unbelievable. Can someone explain how Hometrack get these average prices? I'm in Cambridge Average terrace according to Hometrack in Cambridge is £154,000 (page 8 3rd line down) I sold 2 bed terrace in July 05 for £238,000 The very cheapest on Rightmove is £159,000 The cheapest Victorian 2 bed terrace is £189,500 and has a assured short term tenancy. The cheapest close to the station is £209,500 How can the average be $154,000 that's Cambridgeshire. Cambridge is later at £174,200 which is a bit closer I'm happy renting at a 3% yield here instead Quote Link to comment Share on other sites More sharing options...
redwing Posted January 5, 2006 Share Posted January 5, 2006 that's Cambridgeshire. Cambridge is later at £174,200 which is a bit closer I'm happy renting at a 3% yield here instead Nearly. £174,200 is all Cambridge properties under the heading "City". My personal interest and experience is in terraced houses in the bijou bits of CB near the station. Hence my interest in column 4. Quote Link to comment Share on other sites More sharing options...
Bedsprings Posted January 5, 2006 Share Posted January 5, 2006 I agree with you Xil, - where I am I am seeing houses hanging around for ages, usually not even 'SSTC', which would have sold quickly 2 years ago, and anecdotally, vendors getting no viewings at all. I don't trust the VI 'data' at all. Quote Link to comment Share on other sites More sharing options...
apom Posted January 5, 2006 Share Posted January 5, 2006 There are three detached houses in my parents road being sold for between £250,000 and £270,000 only they have been on the market for at least 6 months.. and the last of these that was sold was sold in late 2003 for £180,000 So does that mean that the houses are worth over £250,000, or because they are not selling that they are not worth this. They are worth only what you get for them Quote Link to comment Share on other sites More sharing options...
Guest wrongmove Posted January 5, 2006 Share Posted January 5, 2006 The property figures are unbelievable. Can someone explain how Hometrack get these average prices? This is one of life's great mysteries! I think they lick thier finger and stick it out the window ! Apart from the fact that Hometrack is the most bearish index, it is easily the most random and useless. Now it is going positive, we can safely slag it off along with all the others ! Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted January 5, 2006 Share Posted January 5, 2006 Well I found it interesting . It is of course ugly how Wriggleabout has altered the shape of the notices in recent months. He is a charlatan. His analysis is rigorous but his adjoining comments and press releases are pathetic. Quote Link to comment Share on other sites More sharing options...
King Of Fools Posted January 5, 2006 Share Posted January 5, 2006 The property figures are unbelievable. Can someone explain how Hometrack get these average prices?I'm in Cambridge Average terrace according to Hometrack in Cambridge is £154,000 (page 8 3rd line down) I sold 2 bed terrace in July 05 for £238,000 The very cheapest on Rightmove is £159,000 The cheapest Victorian 2 bed terrace is £189,500 and has a assured short term tenancy. The cheapest close to the station is £209,500 How can the average be $154,000 I expect they are including prices from places like Arbury which will bring the average down! Quote Link to comment Share on other sites More sharing options...
nordiclad Posted January 5, 2006 Share Posted January 5, 2006 Have to agree with most of you, something does not stack up here. As for Hometrack, Devon prices are not flat or have gone up by a long way. I am (sorry wife pushing) trying to purchase in Mid Devon, houses are sticking round for ages, being reduced and then still not moving. Of all the houses I’ve been tracking, the best reduction is from 360K to 299K and still not sold. Trying to hold out until late spring when I think the fun will start for real. Quote Link to comment Share on other sites More sharing options...
look to the past Posted January 5, 2006 Share Posted January 5, 2006 (edited) I think it is unrealistic to say that all these reports are inaccurate – individually they may have differences but together they do show a general trend shows that prices have not really done much at all – there are no £60000 reductions – just people over valuing their properties and then having to reduce them – I blame the estate agents for every thing Edited January 5, 2006 by look to the past Quote Link to comment Share on other sites More sharing options...
defweb Posted January 5, 2006 Share Posted January 5, 2006 no movement in bristol prices so im happy. anecdotally im seeing large falls though Quote Link to comment Share on other sites More sharing options...
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