How meaningful are the % drop stats?

archie9uk

Are values of different types of properties likely to fall to the same extent, or different extents? Average percentage falls in value are interesting stats, but it is surely meaningless to just say "my property will have fallen in value by x% because that is the regional average". Are certain types of properties fairing better than others (flats vs houses vs bungalows), certain types of location (urban vs rural), certain ends of the market (one bed flat vs 6 bed manor house)??

Cleaver

archie9uk wrote: »

Are values of different types of properties likely to fall to the same extent, or different extents? Average percentage falls in value are interesting stats, but it is surely meaningless to just say "my property will have fallen in value by x% because that is the regional average". Are certain types of properties fairing better than others (flats vs houses vs bungalows), certain types of location (urban vs rural), certain ends of the market (one bed flat vs 6 bed manor house)??

As a very, very basic rule of thumb: cr*p properties that people aren't keen on buying will drop further than decent properties that people want to buy.

I know this sounds obvious, but what I mean is that I would imagine a good, old-fashioned, non-trendy, two bed, solid built, spacious terrace house near good transport links will hold it's value slightly better than a new build, boxey flat that was hugely over valued in the first place and is opposite a Aldi and waste land.

I wouldn't personally say that certain property types hold their value better than others (i.e. flats vs houses), it's all about whether you live in a quality property, whatever that entails.

Robert_Sterling_3

Taking an average reduces what might be pages and pages of text to a single number.
It is concise but misses out on detail.