E A Says Ignore Reports Of Big Rises In House Prices--they Aren't True

[Realistbear]

http://www.oldhamadvertiser.co.uk/news/s/2...om.html?rss=yes

Does boom mean gloom?

NEW national figures that show house prices in Oldham have rocketed by up to 21 per cent in value in the last year have been met with scepticism by local estate agents.

The latest report from the Land Registry shows staggering increases across the borough, with the average price for a detached house bought between April and June this year being £242,700 – up from £200,447 for the same period in 2005.

According to the report, the average house price in the borough soared 14.73 per cent to £115,223 last year, with the price of a semi detached increasing by 5.5 per cent to £135,028.

Advertisement

Terrace homes are also said to now cost an average of £85,874 – a substantial increase of 16.37 per cent.

Flats and maisonettes also increased 14.86 per cent to an average price of £132,128.

However, local estate agents claim the

figures are distorted and dangerous for the market

– creating the potential for gloom rather than boom.

Richard Powell, partner at Ryder and Dutton, said: "If you look at the same house last year and then this year, there will be an increase, but only three to five per cent. New developments have created variations within each market.

"If you take an older four-bedroom house and one from one of the new developments, both fall into the same sector but are not the same properties and have very different prices.

"The statistics are not a true picture unless you look behind the reasons; redevelopment, helped by HMR in part and new development that has improved stock."

Alan Kirkham of Alan Kirkham estate agents agreed.

"It’s been a reasonable year, but we have not seen any massive rises. Oldham never has big peaks and troughs like other areas of the country. A stable market without any booms or slumps is the only good news," he claimed.

IMO, this applies to the entire market. Distortions, spin and hype. The worm turns.

[Scooter]

http://www.oldhamadvertiser.co.uk/news/s/2...om.html?rss=yes

Does boom mean gloom?

NEW national figures that show house prices in Oldham have rocketed by up to 21 per cent in value in the last year have been met with scepticism by local estate agents.

The latest report from the Land Registry shows staggering increases across the borough, with the average price for a detached house bought between April and June this year being £242,700 – up from £200,447 for the same period in 2005.

According to the report, the average house price in the borough soared 14.73 per cent to £115,223 last year, with the price of a semi detached increasing by 5.5 per cent to £135,028.

Advertisement

Terrace homes are also said to now cost an average of £85,874 – a substantial increase of 16.37 per cent.

Flats and maisonettes also increased 14.86 per cent to an average price of £132,128.

However, local estate agents claim the

figures are distorted and dangerous for the market

– creating the potential for gloom rather than boom.

Richard Powell, partner at Ryder and Dutton, said: "If you look at the same house last year and then this year, there will be an increase, but only three to five per cent. New developments have created variations within each market.

"If you take an older four-bedroom house and one from one of the new developments, both fall into the same sector but are not the same properties and have very different prices.

"The statistics are not a true picture unless you look behind the reasons; redevelopment, helped by HMR in part and new development that has improved stock."

Alan Kirkham of Alan Kirkham estate agents agreed.

"It’s been a reasonable year, but we have not seen any massive rises. Oldham never has big peaks and troughs like other areas of the country. A stable market without any booms or slumps is the only good news," he claimed.

IMO, this applies to the entire market. Distortions, spin and hype. The worm turns.

Have you been to Oldham? It really is the a_rse end of Manchester and the world for that matter. Jobs and racial harmony are not that common. Who would willingly live there never mind pay extortionate prices for the priveledge?

S.

[Guest mattsta1964]

Have you been to Oldham? It really is the a_rse end of Manchester and the world for that matter. Jobs and racial harmony are not that common. Who would willingly live there never mind pay extortionate prices for the priveledge?

S.

Blimey! RB's back!

Give us some gloom and doom RB! It's been too quiet on here today!

[jp1]

Looks like "mini-gloom"

[he who dares]

Not posted for a long time but i just had to respond to this thread.

I am unlucky enough to live in oldump and i can confirm that prices have not risen at all in the last 2 years but by the same measure they have not really fallen either, it pretty much is a stagnant market. The only place where ASKING prices have gone up are the saddleworth area (probably the only decentish part of oldham) but prices there have been absolutley crackers for the last 5/6 years now (200k 2/3 bed semi!!!!)The thing is that i check the prices on a weekly basis in that area and the same properties sit week in week out and prices slowly come down but houses there are soooo overpriced that 10/20k is just a drop in the ocean. Also because of ludicrous hpi the villages in saddleworth are becoming devoid of families with young children and they are suffering a a result, local primary schools are struggling like mad for intake and class sizes are getting smaller and smaller. There has also been a massive amount of "apartments" built recently by the hated housebuilder wiggets who will chuck up a block of flats in someones back garden, many locals complain wiggets are ruining the character of the villages with his fake stone 2 bed shoe boxes.

I can also confirm that the town is an absolute sh1thole it basically sums up how different racial groups cannot live together and coexist peacefully, there is a general atmosphere of unease in the town between the asians and whites and recently there seems to have been a massive influx of eastern europeans who don't seem to work they simply sit on their **** all day in the town center leering at the local women. Most people give the town center a wide berth with regards to shopping as no one feels comfortable there anymore and most go to manchester/huddersfield. The same goes for a night out no one with any sense will go for a drink in the town on a weekend as they know they will probaly end up in casualty at the end of the night (apparantley yorkshire street has the highest incident of assaults in the uk)

The local council services are shocking and the council tax rises are outrageous for the level of service that is provided.

I also cannot understand why house prices are higher here than in other local regions as rochdale/bury/ashton are quite a bit cheaper and local wages are basically sh1te, so how do people afford these prices?

I am absolutley gutted that after living away from thowdam for the last ten years that the wife convinced me to return last year, it has been a year of hell as the place has gone down the pan dramatically in the last few years. When hpc truly hits oldham will be absolutley slaughtered I ADVISE ANYONE: DO NOT BUY A HOUSE HERE WHATEVER YOU DO. YOU WILL REGRET IT.

[Guest wrongmove]

IMO, this applies to the entire market. Distortions, spin and hype. The worm turns.

Guess what RB, the quoted figures are from the Land Registry

The same source you quoted again and again and again and again and again and again to prove that the crash had already started.

And it was explained to you again and again etc. that you couldn't use LR figures in this way.

Now they are pointing up, and quoting them is "Distortions, spin and hype".

So what were you doing for the 3 months before the latest figure came out ?

Edited August 30, 2006 by wrongmove

[Realistbear]

Guess what RB, the quoted figures are from the Land Registry

The same source you quoted again and again and again and again and again and again to prove that the crash had already started.

And it was explained to you again and again etc. that you couldn't use LR figures in this way.

Now they are pointing up, and quoting them is "Distortions, spin and hype".

So what were you doing for the 3 months before the latest figure came out ?

The article seems to be refuting the latest LR figures by saying prices are NOT going up. That is what I have been saying for some time. All bovine excretia.

Edited August 30, 2006 by Realistbear

[Guest wrongmove]

The article seems to be refuting the latest LR figures by saying prices are NOT going up. That is what I have been saying for some time. All bovine excretia.

You quoted the LR figures as proof that prices were dropping on literally dozens of occasions. I and others told you the data for small areas over small periods of time was statisically meaningless. Anyone who can't remember can easily dig up your posts. Playing childish word games isn't going to change that. We are not as stupid as you like to think.

Now the figures show rises. They are still meaningless for small areas, up, down or sideways.

The point is, you used them repeatedly when they suited your case, despite many explanations of why they were meaningless. Now they don't suit your case, anyone who quotes them is guilty of "Distortions, spin and hype". By simple logic, for three months, by your very own definition (not just mine), you were guilty of "Distortions, spin and hype".

I know you will reply along the lines of "But the latest figure which shows rises are definitely wrong" etc, and conveiently ignore the real point, but it is not you who I am posting to, so I don't really care.

Whatever you reply - He with the noodly appendages will know the real truth !

[Realistbear]

You quoted the LR figures as proof that prices were dropping on literally dozens of occasions. I and others told you the data for small areas over small periods of time was statisically meaningless. Anyone who can't remember can easily dig up your posts. Playing childish word games isn't going to change that. We are not as stupid as you like to think.

Now the figures show rises. They are still meaningless for small areas, up, down or sideways.

The point is, you used them repeatedly when they suited your case, despite many explanations of why they were meaningless. Now they don't suit your case, anyone who quotes them is guilty of "Distortions, spin and hype". By simple logic, for three months, by your very own definition (not just mine), you were guilty of "Distortions, spin and hype".

I know you will reply along the lines of "But the latest figure which shows rises are definitely wrong" etc, and conveiently ignore the real point, but it is not you who I am posting to, so I don't really care.

Whatever you reply - He with the noodly appendages will know the real truth !

Is that a bear I see for your avatar or a Bull in disguise? --what happened to the Bullsh**ter?

I have not quoted the LR figures in this thread--see the article above it says prices are not going up and that THEY seem to be saying the LR data is nonsense--not me. Are you saying I wrote the article? If you disagree with it, send them an email but don't blmae me for what it says.

Yes, I have refered to the LR data from time to time and it is sometimes wild with huge increases in one Q after huge drops the Q before. So? Its not my opinion just LR data. The EAs in the article are simply refuting the spin that says prices are skyrocketing. I happened to agree, but then again I would as I am a genuine bear.

Edited August 30, 2006 by Realistbear

[brassfarthing]

Is that a bear I see for your avatar or a Bull in disguise? --what happened to the Bullsh**ter?

I have not quoted the LR figures in this thread--see the article above it says prices are not going up and that THEY seem to be saying the LR data is nonsense--not me. Are you saying I wrote the article? If you disagree with it, send them an email but don't blmae me for what it says.

Yes, I have refered to the LR data from time to time and it is sometimes wild with huge increases in one Q after huge drops the Q before. So? Its not my opinion just LR data. The EAs in the article are simply refuting the spin that says prices are skyrocketing. I happened to agree, but then again I would as I am a genuine bear.

You're missing the point -- or more likely, pretending to miss the point.

You are happy to trust figures and promote the reliabillity of sources when they show a drop, but you immediately rubbish them when they show an increase. That was the point.

Though surely your modus operandi is well known to all by now?

[Guest wrongmove]

Though surely your modus operandi is well known to all by now?

I think we can safely say that ! Just give him enough rope

[Guest wrongmove]

Yes, I have refered to the LR data from time to time

Well here are 27 examples of your list of LR data

http://www.housepricecrash.co.uk/forum/ind...mp;hl=&st=0

All I did was saerch under "Northumberland"

Edited August 30, 2006 by wrongmove

[Marina]

http://www.oldhamadvertiser.co.uk/news/s/2...om.html?rss=yes

Does boom mean gloom?

NEW national figures that show house prices in Oldham have rocketed by up to 21 per cent in value in the last year have been met with scepticism by local estate agents.

The latest report from the Land Registry shows staggering increases across the borough, with the average price for a detached house bought between April and June this year being £242,700 – up from £200,447 for the same period in 2005.

According to the report, the average house price in the borough soared 14.73 per cent to £115,223 last year, with the price of a semi detached increasing by 5.5 per cent to £135,028.

Advertisement

Terrace homes are also said to now cost an average of £85,874 – a substantial increase of 16.37 per cent.

Flats and maisonettes also increased 14.86 per cent to an average price of £132,128.

However, local estate agents claim the

figures are distorted and dangerous for the market

– creating the potential for gloom rather than boom.

Richard Powell, partner at Ryder and Dutton, said: "If you look at the same house last year and then this year, there will be an increase, but only three to five per cent. New developments have created variations within each market.

"If you take an older four-bedroom house and one from one of the new developments, both fall into the same sector but are not the same properties and have very different prices.

"The statistics are not a true picture unless you look behind the reasons; redevelopment, helped by HMR in part and new development that has improved stock."

Alan Kirkham of Alan Kirkham estate agents agreed.

"It’s been a reasonable year, but we have not seen any massive rises. Oldham never has big peaks and troughs like other areas of the country. A stable market without any booms or slumps is the only good news," he claimed.

IMO, this applies to the entire market. Distortions, spin and hype. The worm turns.

I don't want to be snotty but ... two estate agents give their (whether one likes it or not) informed opinion on a specific, local market.

You have to decide that 'IMO, this applies to the entire market.'

Why? Are you nuts? You get huge variations in a small region. Near me is a town called Maidenhead full of boring property and a fairly competitive market (generalisation here for just one town!). 3 miles away is a riverside village called Cookham. It is VERY sought after and, with a very limited supply of property on the market, it invariably sells quickly at high prices.

But you have to extrapolate two estate agents talking about their patch to 'apply to the whole market'.

I'm sorry but it is just wishful thinking and as good an example of spin as any you accuse VIs of.