Monday, October 22, 2007

Where do these numbers come from?

Event History

Not wishing to put the mockers on all this talk of the ensuing crash, believe me I am keeping my fingers crossed for a 30% drop over the next few years. Where exactly does Propertysnake get these numbers from - they go up and down faster than a tarts knickers as my Grandpa used to say? Should we believe them?

Posted by rubberneck @ 02:44 PM (1296 views)
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10 thoughts on “Where do these numbers come from?

  • I have noticed similar inaccuracies on PropertySnake, which I raised before. However, I do still think it is a good site – just bear in mind the figures are not 100% accurate. I think the problems with accuracy were exacerbated when certain property agents prevented their details being displayed.

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  • The best approach is to track the general trend – which is most definitely upwards!
    Also, recently, this has been a rather accentuated increase.

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  • It would be nice to know why that happens.
    Could it be something to do with the property being listed at more than one site?

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  • I’ve seen prices quoted incorrectly, up and down by the wrong %, etc. They must trawl property ID’s appended to each EAs URL but if the EA reloads the property under a different ID this would scupper the stats big time. Not sure how else they could follow these properties…

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  • Nacho99. “Could it be something to do with the property being listed at more than one site?”

    I think you’re probably right.
    Another problem I’ve noticed is with new-builds. The lower (supposedly reduced) price sometimes refers to a different style of property within the area. I think this explains the non-existent reduction at Barratt’s Falcon Wood development in Glenrothes.

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  • There are duplicates too.

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  • In my small country locality, there where just 2 discounted properties listed on property snake, over th last week it has jumped to 12. I have been keeping an eye on the estate agent’s window as I dash past about my business. Sale agreed postings on their little advert boards have been disapearing and several agents have no sales agreed. These small offices will be sacking their staff, before xmas. There are already unmaned desks.

    I think the the Snake uses a search crawler engine, or they have some realy dedicated staff. If so they will soon be able to employ sacked estate agents and there will be ample choice. Seen it all before in the early 90’s but not on the internet. Just like the disapearing travel agents, estate agent small branch office will be dropping dead like sprayed mosquitose.

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  • little professor says:

    I love the way the report calls it “Para-gone”!

    Anyway, they’ve been here before:
    “The lender, which specialises in buy-to-let, was forced to run down its business during the housing crash in the early 1990s, when it was called National Homeloans, before being revived as Paragon Mortgages in 1995.”

    And they’re still talking bullsh!t:
    http://www.knightfrank.com/news/directnews/Returns_still_soaring_due_to_increased_demand__0496.aspx

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  • With all the EA offices been cleared out and sold off, they’re be able space to put all the economic migrants that
    are apparently causing all this demand.

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  • Just went to the link at Frank Knight. These numbers in no way match the real rental returns quoted in every newspaper I have read. Moreover, the rise in rental yields and rent rises in absolute terms seems strange for two main reasons 1) Paragon e itself denies there is much risk of a fall in prices (so the COST of buying housing as a BLT has not yet changed) and 2) even if FTBers are staying out of the buying market, the stalling in the housing market has been for such a short period that rental RETURNS for buy-to-letters could not have gone up so quickly in response i.e. none of this has taken place for long enough for changes in FTBs’ rental contracts, and certainly not enough to compensate for rising interest rates.

    One other thing I maybe wrong on is the idea of false accounting, relates to deposit size…using parts of South West London as an example (where I rent and have looked at the housing market). If someone draws £75,000 of equity and buys a £300,000 house. The rent on that would be about £1,200pm, with interest payments alone of £1,125pm at around 6%. There is a per month loss of £75. What paragon e also leaves out is the opportunity cost of not putting the £75,000 deposit withdrawn into a savings account…assuming a 5% rate that is around £300pm. Total financial loss of around £400pm.

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