Wednesday, Nov 08, 2006

Absolutely Bonkers!!

BBC News: House prices 'now top 200,000'

The average house in England and Wales now costs more than 200,000, according to the Land Registry.

Posted by kpjcomp @ 10:28 AM (467 views)
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13 Comments

1. millard said...

I thought that the Land registry stated that the average house price was now 169,569 http://www.landreg.gov.uk/assets/library/documents/hpir1006.pdf

although looking at another report by them it puts it over 200k http://www.landregistry.gov.uk/assets/library/documents/rppr_q3_2006.pdf
I know one is quarterly and the other monthly, but it doesn't explain the difference as both are supposed to be on completed sales, what am I missing???

Wednesday, November 8, 2006 10:47AM Report Comment
 

2. millard said...

I should learn to read to the end of an article before asking questions!

"The Land Registry recently launched a new monthly house price index which indicated that in October the average house price in England and Wales was only 169,569.

A spokeswoman for the Land Registry said that the two reports were not comparable.

While the quarterly report records the average price of all house sales, the new survey only measures the prices of properties that have been sold at least twice - repeat sales - since April 2000.

It is also seasonally adjusted, whereas the quarterly report is not. "

Wednesday, November 8, 2006 10:51AM Report Comment
 

3. paul said...

The innocent ignorance of the BBC media graduates does make me laugh.

To think that they can whoop and bray about runaway house prices one day then bleat and whine about the BofE raising interest rates the next and still be taken seriously.

Wednesday, November 8, 2006 11:03AM Report Comment
 

4. kpjcomp said...

Well with House prices still running away & King not chuffed about the CPI not including it.
0.5% increase tommrow then?, King did say a 0.25% increase was not a done deal.

Wednesday, November 8, 2006 11:24AM Report Comment
 

5. george monsoon said...

REALITY CHECK:-

My partner and I are on a reasonable wage for our area.
Based on joint income, we can borrow a maximum of 130 thousand pounds. Unfortunately, we cannot afford to pay back a mortgage on that amount, so our top limit is 110 thousand at current interest rates (and that puts us on bread and water)

If the Average property is 200 thousand pounds, where do I find the other 90 thousand?
before I get some comments suggesting that I buy cheaper, the cheapest property in my area is 95 thousand pounds, which is a delapidated one up, (yes one bedroom!) two down terrace, that needs a new roof, new windows, damp course, new plumbing and new wiring.

with the advent of the "news" in this article, it only backs up my belief that current interest rates are so low, they are continuing to fuel the bubble.

Rant over..


Wednesday, November 8, 2006 12:00PM Report Comment
 

6. Sam said...

kpjcomp,

Not sure if the city would like the BoE being rebellious and unpredictable and a 0.5 increase wont have an immediate dent on inflation which is supposed to be the BoE's main worry.

Also I think this is boiling frog process in action. where the people will still be able to fudge figures until the last possible moment then it may follow what's happening down under, and by then it will be too late.

Wednesday, November 8, 2006 12:07PM Report Comment
 

7. The Haunted said...

Bearing in mind that the report is based on repeat sales since April 2000, isn't this headline completely incorrect? In fact, I would go as far as to say, the article is intentionally misleading.


Wednesday, November 8, 2006 12:29PM Report Comment
 

8. harold said...

kpjcomp

Nice thought, however King's comment was attempt to keep the MPC independent-looking, not a hint at .5% IMHO. My guess = 0.25% (rise!).

Wednesday, November 8, 2006 02:48PM Report Comment
 

9. george monsoon said...

any comments about my earlier post?

Wednesday, November 8, 2006 02:57PM Report Comment
 

10. kpjcomp said...

Sam: Interesting point about being unpredictable, but that's whole point, the BOE needs to be seen to be unpredictable to have a cooling effect, a 0.5% might shake things up!! & as for inflation as we saw back in August a 0.25% increase certainly has no effect.

Harold: Yeah, my comment was more tongue in cheek really, 0.25% seems more likely.

George: I've no idea were you could find 90K, appart from putting 50 on lotto a hoping for the best. :)

Wednesday, November 8, 2006 04:13PM Report Comment
 

11. monty said...

George, are you not doing apples and oranges?

You're comparing "a reasonable wage" in your area against the national average house price. There's not much point to that comparison because, I presume, you're not trying to buy the national average house. You're trying to buy an affordable house in your area. Perhaps a local average is more relevant? findaproperty.com used to do that kind of thing. They may still do.

Wednesday, November 8, 2006 04:32PM Report Comment
 

12. Nohpc said...

George Monsoon. Sorry mate but from what you have said I don't think you will be able to buy a house even if there is a houseprice crash. Interest rates will be higher so you will have to live on bread and water anyway. Save for a few more years then you will have a better deposit. If you are lucky there might be a house price crash before you decide to buy.

Thursday, November 9, 2006 02:42AM Report Comment
 

13. george monsoon said...

Hohpc

I am not alone. In fact I am so far from being alone in this one, that I am probably in a majority, where house buying is concerned. There WILL be a houseprice crash, and given the level of dept in this country its going to be a biggie. I just have to wait until the Sheeple wake up to reality in about two interest rate rises time....

Thursday, November 9, 2006 11:44AM Report Comment
 

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