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House Prices Fell At The End Of The Year By 2%

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House prices 'fell in late 2005'

Houses costing less than £10,000 have all but disappeared

House prices in England and Wales fell by 2% in the last three months of 2005, according to authoritative figures from the Land Registry.

The figures seem to contradict surveys from mortgage lenders which had claimed that prices started to accelerate as 2005 drew to a close.

According to the Land Registry, the average house price fell to £191,327 between October and December.

But the annual rate of price increase, at 4.6%, was similar to other surveys.

During 2005, house prices rose in all regions of England and Wales.

The biggest increase was in the North of England, at 8.5%, while the smallest was in the South West of England at 0.5%.

Some types of property were in markedly greater demand than others.

New detached properties rose in price by 8% over the last 12 months, as did older terraced houses.

However old flats and maisonettes went up by just 3%.

Cheap or expensive?

The cheapest property prices, according to the Land Registry figures, are to be found in Kingston-upon-Hull - where the average property costs just £82,102.

What the mortgage lenders think

The fastest-rising prices were to be found in Hartlepool, up by 37% to an average of £104,152.

But the most expensive properties are still in London, where buying an average property in the borough of Kensington & Chelsea will cost £752,760.

More sales

The volume of sales rose even more noticeably than prices during the course of 2005.

The Land Registry, whose data include all transactions, said that sales in the last quarter of last year were running at a level 13% higher than the same period the year before.

With prices rising steadily, only four properties were sold for under £10,000 in the last quarter of 2005.

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Oops. I think the BBC's headline isn't quite on message. It should read:

Good news for buyers as house prices became 2% more affordable at the end of the year.

I'm sure they will correct their mistake soon. ;)

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Well, someone ought to point out that comparing the Land Reg figures with the Haliwide data for Q4 '05 is like comparing apples and Kiwi fruit.

Land Reg data are for completions, which relate to purchases initiated much earlier (3 - 6 months?) in the year. We need to wait for the next set of Land Reg data to see what happened at the end of the year - probably will show a small rise, as did all the other indices.

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Wot no bleating about VI spin? No emails of complaint about one sided reporting? :D

Hard to spin a 2% drop or a 61.1% drop in the rate of HPI. The VIs are probably moving away from their denial into a greater sense of reality. Being compared to Baghdad Bob may have shaken them out of their dreamworld! Well done BBC this time--first no-spin from them for awhile:

House prices 'fell in late 2005'

Houses costing less than £10,000 have all but disappeared

House prices in England and Wales fell by 2% in the last three months of 2005, according to authoritative figures from the Land Registry.

http://news.bbc.co.uk/1/hi/business/4689954.stm

HPC 2006 moving from a possibility to a probability if the rate of decline continues :D

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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