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Times: Today's L R Figures Are A Load Of B*ll**ks

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From Times Online
June 11, 2007
Government figures lag the reality
Andrew Ellson explains why
we should be sceptical of today's data
showing renewed strength in the housing market
The Government’s latest figures on house prices appear to suggest that the market is actually accelerating rather than cooling off. This is in contrast to expert predictions and the most recent surveys from the Halifax and Nationwide both of which indicate that the pace of house price growth is slowing....../
But the reality is that house price growth is now slowing and we can expect the Government’s survey to reflect this over the coming months...../
So today’s Government figures add little new to the debate about what is happening to the housing market. It is very unlikely that house price growth has actually started accelerating again. In fact, outside of London, price growth is likely to stall completely as the four quarter-point increases in interest rates of the last year finally take affect. The same thing happened in 2004 when the Bank of England last raised rates.

The BoE say new mortgage applications are dropping sharply which does add credence to the Time's view.

Edited by Realistbear

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