Monday, January 21, 2008

Real prices down year on year .. except in London.

January 2008 House Prices Report

Look at page 5.
There have been real (i.e. accounting for inflation of 4%) price drops year on year for everywhere but London.
Year on year price changes are:
North 0.8%, North West -0.2%, East Midlands 0.4%, East Anglia -0.5%, South East 3.9%, South West 2.4%, Wales -3.9%, West Midland 0.2%
London 11.9%.
And they try to blame the monthly 0.8% fall on HIPS (p.2) . But they didn't blame the rise on HIPS last month!

Posted by voiceofreason @ 09:25 AM (975 views)
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10 thoughts on “Real prices down year on year .. except in London.

  • Sadly none of that represents good news to anyone wanting to buy in London

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  • Can anyone explain to me why there is a marked upturn at the right hand side of the “asking price trend” graph on the front page? How can a drop in both the monthly and annual asking price increases make the line move upwards??

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  • Can’t download it – the file is damaged. Maybe tons of people trying! But I’m not surprised they blame HIPs – it’s either that or confess we’re entering a ravine. Since Rightmove rely on revenue from EAs registering with them….

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  • I just don’t see where people in london get their money from….prob not the UK

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  • it is the same as fat people, they blame thyroids, the dog,the weather, macdonalds, it must be my genes, it is human nature to balme someone, something other than admit the truth..

    The truth being house prices can no longer be afforded by mr and mrs average…

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  • @ Pelethar

    I don’t understand the rise at the end of the “asking price trend” graph either. Help someone ???

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  • Firstly, what rise last month? It fell last month. Secondly, they did mention the HIPs effect last month. And the last time there was a rise in October they did mention HIPs as a distorting factor there as well.

    I know a lot of you have this paranoid fantasy about indices’ hidden agendas but it’s generally worth actually reading them before reaching for the tinfoil hat.

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  • @ Steve and Pelethar

    they cannot draw graphs correctly.

    they only have data points for december and january and have invented the dip between the two.

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  • Its interesting that same areas are now negative year on year. For example Wales is down 3.9% year on year, The reality is that prices have already fallen at least 6% from the peak in the summer (or at least 10K). We still need another 50k or so fall and house prices will be a sensible multiple of the average wage in Wales!.

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