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timmy_30

Someones Telling Porkies?

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So latest Nationwide stats show the average house is £158,000.

Rightmove however say that the average house is over £200,000.

Now I'm no fan of Nationwide, but maybe someone should ask Miles Shitside of Rightmove to explain the difference? :rolleyes:

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look at the sticky thread at the top of this forum, some members have found the difference and contacted newspapers... This site has been mentioned in print in the FT ;p

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So latest Nationwide stats show the average house is £158,000.

Rightmove however say that the average house is over £200,000.

Now I'm no fan of Nationwide, but maybe someone should ask Miles Shitside of Rightmove to explain the difference? :rolleyes:

I thought it was simply that rightmove has more London houses where as nationwide was countrywide – also also nationwide seems to lag behind rightmove by about 3 months so just wait for a £42,000 increase in the next few months

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So latest Nationwide stats show the average house is £158,000.

Rightmove however say that the average house is over £200,000.

Might it be that houses are selling for (Nationwide data) much less than the asking price (Rightmove data)?

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So latest Nationwide stats show the average house is £158,000.

Rightmove however say that the average house is over £200,000.

Now I'm no fan of Nationwide, but maybe someone should ask Miles Shitside of Rightmove to explain the difference? :rolleyes:

just done a post on the main RM thread - this is questioned there too.

http://www.housepricecrash.co.uk/forum/ind...c=24736&st=280#

TB

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So latest Nationwide stats show the average house is £158,000.

Rightmove however say that the average house is over £200,000.

Now I'm no fan of Nationwide, but maybe someone should ask Miles Shitside of Rightmove to explain the difference? :rolleyes:

Does this mean that the average difference between asking prices and acceptable offers has shifted as far as 21%?

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What does average mean anyway - how many multi million pound properties in Belgravia or Kensington are ever advertised on Rightmove or get mortgaged on with the Nationwide!

The land registry average is the only meaningful figure as it picks up all properties sold irrespective of financing or selling method.

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Guest muttley

The answer lies in the way that both organisations collate their data.

The Rightmove figure is an average of original asking price.

The Nationwide is an average of mortgage approvals.

Now consider the following..

The Rightmove figure does not include house prices that have been reduced since first being advertised.

Rightmove do not adjust figures if a property sells for less than the asking price.

Rightmove claim to exclude "erroneous" figures,but do not explain how they decide which prices are erroneous.

Rightmove do not make their calculations public knowledge.

Rightmove are owned by an estate agency.

Nationwide include mortgages that are approved,but are not taken up.

Nationwide include remortgages.

Nationwide include remortages at their full value,so if you have a mortgage of 100k and wish to borrow 20k against the value of your home the Nationwide figures will show this as a newly approved mortgage of 120k

Nationwide is a building society.

Now what's your problem?

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It could be that asking prices are 20% off sale prices.

That's what I'm going to sprout to all that will listen anyway, it's a firm fact based on two professional institutions with just reporting.

Why not? Maybe the BBC would be interested. Dr. Spin

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Guest muttley

It could be that asking prices are 20% off sale prices.

That's what I'm going to sprout to all that will listen anyway, it's a firm fact based on two professional institutions with just reporting.

Why not? Maybe the BBC would be interested. Dr. Spin

Good point, music man.Maybe we should issue a press release.

"Economic Think Tank Reveals Houses Are Selling For 20% Below Asking Price...Nationwide And Rightmove Confirm"

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"Economic Think Tank Reveals Houses Are Selling For 20% Below Asking Price...Nationwide And Rightmove Confirm"

I like the economic think tank. :lol:

I'm well into the spinning game after seeing the VI's media jollies found lacking pretty much all the time.

The figures don't lie, or more like believe any figurs you want but not theirs.

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If the houses coming on rightmove are consistently, month on month, more expensive than the houses leaving, then each month rightmove gets progressively more expensive.

Nationwide is a snapshot of the mortgage approvals of a SINGLE

month.

It doesn't mean the sale prices (nationwide) for that single month were 20% down compared to asking prices (rightmove), but that the POOL of properties on rightmove is more and more losing touch with reality as only the cheap houses are selling, month

by month.

An interesting statistic would be the average price of the houses

leaving the rightmove website in a month after having been sold: THAT figure should corroborate with the nationwide figure.

But I don't think they publish it.

I learnt all this after monitoring my local EA website :-)

Pent

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"Economic Think Tank Reveals Houses Are Selling For 20% Below Asking Price...Nationwide And Rightmove Confirm"

I like the economic think tank. :lol:

I'm well into the spinning game after seeing the VI's media jollies found lacking pretty much all the time.

The figures don't lie, or more like believe any figurs you want but not theirs.

All you need to do is put all the info into a document and make up some official sounding name for the think tank. PDF the document and send it to some newspapers.... journalists are so lazy that they'll probably just lift content and regurgitate.

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Actually, more correctly the rightmove figure is the asking

prices of the pool of houses that havn't sold. No wonder it's

different from Nationwide....

Pent

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Rightmoves average House price value is actually asking prices of properties

taken onto subscribing EA books in the 4 weeks prior to the monthy figure being

published. It excludes all existing properties and therfore the thousands of price

reductions that have been made over the last 7 months or so are not included.

see the thread at the top titled Rightmoves Calculation of Asking Prices.

post 244 page 13 for the RM methodology.

Pablo Silver or Lead?

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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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