prices rise in july

Generali

BiggaThanBen wrote: »

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 ...

Usually most sales are for second hand properties and for this reason the LR is very good although quite slow. Are you saying that of 100 properties sold in your area only 2 were second hand? That sounds very unusual.

carolt wrote: »

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.....

Well they measure something different to other indices. The Halifax and Nationwide indices only include purchases with mortgages taken out through themselves which is a weakness. Rightmove measure asking prices which is very weak if you ask me.

My feeling is that if you look across the indices you will get a feeling for what is going on but that none of them is going to allow you to say, the value of the average house in the UK changed by x.x% in the last 30 days. For a start, houses aren't fungible in the way that shares in a company are so it makes it very tough to create a decent index.

ad44downey

carolt wrote: »

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

Exactly, a typical government con. Who are they trying to kid

BiggaThanBen

Generali wrote: »

Usually most sales are for second hand properties and for this reason the LR is very good although quite slow. Are you saying that of 100 properties sold in your area only 2 were second hand? That sounds very unusual.

What makes you think so ?

Source acknowledgement: Information produced by Land Registry.
..
It covers the period from 01/01/2000 to 31/07/2008.

Only two properties were sold before since 2000 ..

neverdespairgirl

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...

Not at all.

My parents bought a house in 2002. It was not on the records as having been sold before. Not exactly a new build, though, it was built in the early 14th century. It just hadn't been sold since land registration came in.