Tuesday, June 10, 2008

Lagging house price index slow to catch up with reality

UK house prices show slight rise as first time buyers pay less - DCLG

The latest UK house price index statistics produced by Communities and Local Government were released on Tuesday 10 June 2008. The UK average house price grew by 4.9 per cent in the year to April 2008, down from 5.2 per cent in the year to March 2008. Between March and April there was a rise of 0.7 per cent in the prices index of properties bought compared with a larger rise of 1.0 per cent over the same period last year, resulting in a decrease in the annual rate. The rise in UK prices between March and April 2008 can be attributed to increases in average prices for terraced houses (1.3 per cent), detached and semi-detached houses (0.8 per cent each) and bungalows (0.1 per cent). The rise is offset by a decrease in average prices for flats (0.3 per cent).

Posted by converted lurker @ 05:09 PM (1155 views)
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11 thoughts on “Lagging house price index slow to catch up with reality

  • This makes no sense. How can they possibly contrive to come up with a monthly increase given the way every single other survey is tanking??

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  • converted lurker says:

    Just adding the link to the pdf doc, at foot of article, it explains their ‘methodology’. You’re not suggesting these government figures, controlled by a cabinet member obsessed with keeping prices high have been doctored are you??????

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  • Conspiracy – let them eat cake.

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  • Prepare for tomorrow’s Daily Express – HOUSE PRICES BACK UP AGAIN

    Altrnatively some papers might run with a story about bungling government officials being out of touch with reality?

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  • “UK house prices show slight rise as first time buyers pay less – DCLG”

    So, let me get this right. According to the DCLG, houses are increasing in value but FTBs are paying less money for them? What magic is this?

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  • justwatching says:

    Ha, fookin Ha!

    Flats have gone down by an average of 0.3% between March & April. Yeah right. I’ve got a 10″ nob, does anyone believe me?

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  • mark wadsworth says:

    DCLG are total incompetent liars.

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  • To be fair, I think the DCLG figures are being mis-represented. These figures are based on completions in the month of April, so its bit of a lagging indicator. The DCLG notes also warn against using these figures for a month by month comparison.

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  • Island Of Sanity says:

    I am not sure what “Department of Communities and Local Government” is doing publishing house price indices. Aren’t there enough house prices indices already ? Is there nothing to be done to improve services to the community that they can focus on ? To top up that, the index is useless anyway – as they only say in their release. If an index cannot be used for making like for like comparison – what is the point of having it ? So the numbers the calculate this year for house prices can be completely different from last year and they still call it an “index” ?

    Everyone who is involved in researching to calculate this index should be redeployed to do something more useful

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  • converted lurker says:

    nubbers they are what the title suggested; a lagging indicator. It’ll take DCLG 6-8 months to get to where the N-wide are

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  • The usual lag quoted is more like 3 months, and 3 months ago the Nationwide/Halifax were showing consistent monthly falls. I can’t see any way this report makes sense in the context of what’s being reported elsewhere.

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