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SpoonUnit

Uber Spin + Deception

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Have a look at this article in the Bolton Evening news:

"House prices are beating the regional average

By Bolton Evening News Reporter

HOUSE prices in Bolton are continuing to rise, according to latest figures.

Land Registry statistics show the property market is still booming in the borough, with some properties beating the Greater Manchester average....."

The usual stuff from an evening rag, you would think, but let's look a little more closely...

1 The headline "House Prices are beating the regional average". The region: Greater Manchester.

The land reg stats. show that for Greater Manchester (see here):

Greater Manchester

Average Cost: £142,330

Detached: £264,435

Semi-detached: £151,128

Terraced: £104,131

Flat: £138,750

Change in last quarter: 5.5%

Change in last year: 11.9%

Sales: 12172

And for Bolton in particular (see here):

Bolton

Average Cost: £123,296

Detached: £226,238

Semi-detached: £131,633

Terraced: £91,351

Flat: £109,771

Change in last quarter: 0.3%

Change in last year: 3.5%

Sales: 1068

Note that in no category, either by absolute value or by percentage rise, does Bolton beat the regional average. Futhermore I would not categorise a +3.5% YOY change as "booming".

So where did they get this rubbish from then? Well, if you look further on in the article it states:

Detached houses in Greater Manchester went up from an average £236,120 to £264,435 in the period April to June this year, compared to the same period last year.

In some areas of Bolton, average prices for detached houses are reaching nearly £336,000.

Hmm, which areas are they then? If you go to this page at the land registry website and type in BL in the postcode search you will 3 pages of data for Bolton postcodes for April-Jun 2006. You will find this data on the first page:

Detached Semi-Detached Terraced Flat/Maisonette Overall

Region/Area Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales Av Price £ Sales

BL1 5 335916 12 177399 11 97633 12 219666 3 205604 38

The highlighted number is the number they are referring to and it refers to the average of 12 sales. In fact, across all the BL postcodes there are a total of 49 sales whose postcode averages exceeded the detached average for Greater manchester. The writer of this article has cherry picked the detached figure for the BL1 5 postcode to ramp up the Bolton property market. Having done this the writer then ignores the LR figures (here) that detached houses in Bolton show 8.3% QoQ and 2.7% YoY drops (I realise the sample size of 147 makes these figures unreliable BTW).

The rest of the article is similar, they haven't even quoted the right figures for the YoY changes in Greater Manchester.

I wonder what proportion of this rag's advertising revenue the estate agents' contribute? :)

SpoonUnit

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Nice work SpoonUnit, but have you emailed the editor?

There email addresses are:

letters@boltoneveningnews.co.uk, csudlow@boltoneveningnews.co.uk

Subject: My views on House Prices story

You can also get comments viewed below the article.

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Nice work SpoonUnit, but have you emailed the editor?

There email addresses are:

letters@boltoneveningnews.co.uk, csudlow@boltoneveningnews.co.uk

Subject: My views on House Prices story

You can also get comments viewed below the article.

Very good post !!

I have E mailed the Editor. Why dont we all E mail .

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Norfolks Eastern Dailly Press came out with a similar load of tiresome drivel this week with the front page headline 'HOUSING PRICES TO SOAR'

'House prices look set to surge ahead for the rest of the year, despite the recent hike in interest rates, with prices rising faster in East Anglia than many other parts of the UK.'

'In East Anglia , prices are forecast to rise even further. House prices in the region are expected to rise by 6pc, matching rises in London and property hotspots in Wales'.

'Norfolk estate agent Chris Hall immediate past president of the National Association of Estate Agents, said he was not surprised that the Nationwide had revised its figures and indicated that estate agents in the area had felt that trend for some time.'

Now for his punchline :lol:

'He said:"I think we are going to see the projected increase of 6pc and more and, in the long term, property prices increasing 100pc over the next 10-15 years".'

That will be why the property supplement is always around 100 pages big and full of 'new instruction', 'chain free', 'new build' and thousands of other property that won't sell. Oh, nearly forgot.... the increasing amount of auction stuff being advertised.

I love this guy, he's so funny given the UK is now broke with debt, rising unemployment, rising tax, rising energy prices and rising interest rates :lol::lol::lol:

Good post !!

Can we E mail this guy ? he will have to crawl into his hole when it all goes wrong!! We should all

mail him about these wild projections.

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Guest pioneer31

My parents live in Bolton (I lived there for 30 yrs). They are trying to sell. The market is DEAD as a dodo believe me.

Also, the BEN is a rag. I last read it in 1987 I think. Full of non-news events like "87 yr old pensioner stubs toe on doorstep, rushed to hospital". Many of the stories appear to be written by people are semi-literate.

Edited by pioneer31

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"I think we are going to see the projected increase of 6pc and more and, in the long term, property prices increasing 100pc over the next 10-15 years".'

Wow 100% in 15 years. Amazing!

Er.. not. With the interest rate of 5% I currently receive from my bank as a saver, I can get 100% increase on my bank deposit in 15 years! Why incur the costs and risks of running a property?

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The Yorkshire evening post - homes supplement.

Stated (on the front page) in last nights edition that house prices in Yorkshire had gone up by 10% between May and July – of this year :o

However looking inside there seemed to be lots of – new price – reduced – unexpectedly reoffered stuff :unsure:

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Nice work SpoonUnit, but have you emailed the editor?

There email addresses are:

letters@boltoneveningnews.co.uk, csudlow@boltoneveningnews.co.uk

Subject: My views on House Prices story

You can also get comments viewed below the article.

Thanks, Jason. I haven't emailed him yet but I will. I think I am also going to refer it to the PCC as the article clearly violates article 1i here.

Cheers,

SpoonUnit

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"I think we are going to see the projected increase of 6pc and more and, in the long term, property prices increasing 100pc over the next 10-15 years".'

Wow 100% in 15 years. Amazing!

Er.. not. With the interest rate of 5% I currently receive from my bank as a saver, I can get 100% increase on my bank deposit in 15 years! Why incur the costs and risks of running a property?

I won't get into a debate here about the likely movement in house prices over the next 10-15 years, but I will point out that your financial argument misses the point about the power of leverage, i.e. if you were to buy a house now on a mortgage, and it did double in that period, you would be better off than if you had merely doubled your deposit in a building society.

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Very good post !!

I have E mailed the Editor. Why dont we all E mail .

Nice one Faloos and SpoonUnit.

If we don't email authors of material like this, they will just keep going on and on with the same tripe...

I got the BBC to totally rewrite an article last Thursday, very proud of myself.

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Think its called 'headline grabbing'!! they've probably been reading too much of the daily express-which has predicted a crash roughly once a month for the last 3 years!

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Think its called 'headline grabbing'!! they've probably been reading too much of the daily express-which has predicted a crash roughly once a month for the last 3 years!

The only crash The Daily Express goes on about each week is one involving Princess Diana. They seem to get at least one picture of her on the front page each week. Not seen many new ones recently though.... <_<

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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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