Tuesday, March 11, 2008

Where do the statistics come from?

Property market: How much is your house really worth?

Since we will probably get even more statistics than usual about house prices falling or not it is worth understanding what the statistics mean and where they come from. "Land Registry www.landreg.gov.uk is based on a large sample of completed sales so is regarded as the best. But as house purchases routinely take three months to complete, it is slow to appear so is not helpful if the market is volatile or just on the turn. Rightmove www.rightmove.co.uk is new and based on asking prices, so pushy estate agents and greedy vendors can make the market appear more bullish than it is. But it gives a thorough snapshot of what sellers hope to get- even if they fail."

Posted by happyrenterz @ 10:46 AM (450 views)
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2 thoughts on “Where do the statistics come from?

  • A house is like anything in this world. It is worth what someone else is prepared to pay you for it.

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  • So even the populars are now asking the questions –
    (a) what is the land registry and how does it affect hse prices?
    (b) the role that greedy EA’s and vendors set in keeping the value of property high
    (c) is the picture we see now the real one? (if it takes 3 months for completion)
    (d) does this mean I won’t be a property millionaire by sitting on my a**e in my £300,000 studio flat in Camden.

    And so on. Its a classic illustration of how greed and collusion can obscure the view. Time to open you eyes!

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