Wednesday, October 31, 2007

Long Term Trend

Slight pickup but the trend is down for house prices

House prices picked up slightly last month, however, the headline figure for annual house price inflation fell as strong figures from a year ago dropped out of the calculation. Prices were up by 8.7 per cent in the year to September, compared with a 9.4 per cent year-on-year rise the previous month.

Posted by peter @ 10:22 AM (252 views)
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2 thoughts on “Long Term Trend

  • I’m not totally familiar with how this index is created, but I would imagine the lack of sale of properties under £300-400k and
    a sudden flurry of £300k + sales in the last 2 months has distorted the figures here. As property is not a homogenous product, I
    cannot see what indecies or land registry figures tell us, when there can be no like-for-like comparisons made. This, as is
    usually the case with jouranlists who are crap at maths, only leads to knee jerk headlines which mislead the general public, intentionally
    or not.

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  • Ihopeitgoeswithabang says:

    Still want to use the words “up on last year”
    Well using a 12 month time scale there is always going to be an up for many months to come.
    However that would be no consolation to someone who pays 250k for a property now and finds in 9 months its worth 235k. Plus the costs of buying and selling.
    Because the only thing that they will see is a down.

    Well on the bright side in about 8 to 9 months time nobody will be able to include the words “up on last year” anymore. I look forward to that day.

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