prices rise in july

lethal0r

Published by the Communities and Local Government department (DCLG), it shows that prices in July were 0.3% lower than a year ago. That was despite a surprise 1% rise in prices during the course of July.

http://news.bbc.co.uk/1/hi/business/7618660.stm

How can this be so different from the Halifax & Nationwide data? I asked this once before but people said it was like comparing apples to oranges etc... Except its not though is it, its more like comparing Bramley apples to Braeburn apples - they should be at least quite similar.

beingjdc

Not seasonally adjusted, not in sync time-wise, and doesn't include repossessions or auctions.

WTF?_2

Also not included - new builds (no first sales).

BiggaThanBen

!!!!!!? wrote: »

Also not included - new builds (no first sales).

How do they know if it was new build or not then:
http://www.houseprices.co.uk/e.php?q=Cleves+Court%2C+25%2C+London+Road%2C+Hadleigh%2C+Benfleet%2C+Essex%2C+SS7+2RA&n=10

^^^ marked as a new build and recorded in land registry :-/

lethal0r

That was despite a surprise 1% rise in prices during the course of July.

The DCLG survey, based on completed sales, shows that prices have now dropped for the ninth month in a row

how can both be possible??

beingjdc

Presumably since they keep a record of all sales, they have a record of last time it sold. If it's never sold before, it's a new build...

BiggaThanBen

beingjdc wrote: »

Presumably since they keep a record of all sales, they have a record of last time it sold. If it's never sold before, it's a new build...

do you really think so ?

beingjdc

A new build or, I dunno, a stone cottage that's been abandoned since before records began...

Generali

BiggaThanBen wrote: »

How do they know if it was new build or not then:
http://www.houseprices.co.uk/e.php?q=Cleves+Court%2C+25%2C+London+Road%2C+Hadleigh%2C+Benfleet%2C+Essex%2C+SS7+2RA&n=10

^^^ marked as a new build and recorded in land registry :-/

New builds sales are recorded by the land registry but are not included in the land registry house price index. They compare the current and previous selling price of each individual property.

The DCLG figures are created using a sample of the numbers from the land registry I believe. I also believe that the way the sample is created means that figures can't be compared between years.

BiggaThanBen

Generali wrote: »

New builds sales are recorded by the land registry but are not included in the land registry house price index. They compare the current and previous selling price of each individual property.

I see now ..

Regarding the methodology, - I tracked all recent sales in my postcode in the last several months (about a hundred of properties in total), only one or two were recorded before, does it mean the index value for my area was built just on these two sales !? It is useless then ...

carolt

So - if the Land Registry leaves out auctions, repossessions and new builds - that removes most of the most 'motivated' sellers.

So it's hardly a surprise that their figures don't represent the reality on the street at the moment.

Just amazed they have enough sales left to draw any meaningful conclusions at all.....