Monday, February 26, 2007

House prices soaring again

Another irresponsible headline from the Express

House prices are rising at their fastest rate in almost three years. The average property is gaining £500 a week.

Posted by david @ 11:14 PM (528 views)
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7 thoughts on “House prices soaring again

  • It’s worth repeating that average selling price can go up, even if the selling price of EVERY individual house goes down.

    Impossible? No. Just paradoxical. It depends on the type of house being sold. For example…

    Suppose one year, 10 houses are sold, 9 for £100, 1 for £10,000,000. Average price approx £1,000,000

    Next year they are all put on the market for 10% less. But only the expensive house is sold. Average selling price – £9,000,000

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  • I always love it when the media dresses up opinion as fact. This is my favourite statement among these:

    “first-time buyers … are eager to get on to the property ladder before they are priced out completely.”

    “House prices are expensive” is a fact.
    “First time buyers should hurry up to make sure that they are not priced out” is a value judgement.

    Yet both are dressed up as facts. Irresponsible nonsense.

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  • “More than 40 per cent of the country saw rises though these were highest in London and the South-east, according to property analyst Hometrack.” – So what happended to the other 60% of the country – I live in the Southeast, and all my local estate agents tell me prices have reamined static for the last 6 months at least.

    “The number of properties registered for sale with estate agents this month grew by 14 per cent ” – This is great news – people trying to sell before HIPS come in, or maybe people starting to feel the pinch – “but there was a 23 per cent increase in people looking to buy.” How much of this includes the 14 per cent of those trying to sell.

    With the Introduction of HIPS, Easter coming up, the unusually warm weather, people suddenly feeling richer as they often don’t pay council tax in Feb & March I am not surprised by these claims – all the headlines I am now reading are exactly the same as what influenced me to buy back in 1990, however this time I am not being tempted – So will happily continue to rent and see what happens over the next 4 to 5 years. No stamp duty, no maintenance, no decorating, no worries about interest rate rises, no comitment. 🙂

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  • On the plus side, if DE readers are jumping in to property, when the sht hits the fan they probably wont be able to afford a copy of the DE – wouldn’t that be a nice come-back for them.

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  • dohousescrashinthewoods says:

    It might even save them future heartache by not being able to read this pulp! 😉

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  • I hope this “RAG” gets sued and put out of business when it all goes wrong for hyping things up….

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  • I have a great idea why not purchase a few of these stupid “RAGS” and hold on to them. Then when it all goes South. Then we can resell them on EBAY or something as an amusing collectors item

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