Just 7 houses sold in the whole of chester in may

geoffky

Now that is dire and how can estate agents survive with that amount of sales? chester is a big city and the figures have shocked me..

http://www.houseladder.co.uk/House_Prices/Data_CHESTER_L5306

Graham_Devon

Wow, that's some serious drop.



I clicked on the link thinking "well they probably sold in low numbers or something anyway" then realised thats not the case at all.

Can anything explain this?

Just shows how these ultra low numbers are affecting the prices though, as some people could, if they wanted to, claim house prices are rising on the back of this really poor data, same as Merthy Tydvil.

Graham_Devon

Actually, damn good site....just tried Manchester out of sheer curiosity.....same there in terms of drops...

So I tried Milton Keynes, same there in terms of drops.



All this does for me is back up the theory that house prices actually are not falling, but such low amounts of houses selling really skews the data we are comparing it too (i.e. 10x as many houses being sold the year before).

Maz

Great and useful site! Thanks for that! Just confirms what I thought about the recent press articles local to me about the resurging market have been complete horse s!!t

PasturesNew

Don't forget - LR lags behind as it takes solicitors some time to fill in the forms and send them off and for the data to be updated and available. Better to compare 3 months back, or even 6.

Maz

PasturesNew wrote: »

Don't forget - LR lags behind as it takes solicitors some time to fill in the forms and send them off and for the data to be updated and available. Better to compare 3 months back, or even 6.

Thanks for that PN. When I said 'recent', I'm talking about from March/
April onwards.

GDB2222

Have a look at London N2: http://www.houseladder.co.uk/House_Prices/HouseSoldPrices.aspx?SearchType=S&SortBy=SoldDate&OrderType=DESC&NoPerPage=10&Search=True&Street=&Town=&Postcode=&LastMonths=-1&PBuild=-1&Location=n2&SCD=0

Average price has almost trebled in the last 3 months.

The explanation is that there are some very, very expensive roads, such as Bishop's Avenue, plus a lot of pretty ordinary roads. Small numbers of sales => big swings in the averages.

shakerbaby

Graham_Devon wrote: »

Actually, damn good site....just tried Manchester out of sheer curiosity.....same there in terms of drops...

So I tried Milton Keynes, same there in terms of drops.



All this does for me is back up the theory that house prices actually are not falling, but such low amounts of houses selling really skews the data we are comparing it too (i.e. 10x as many houses being sold the year before).

Scarey scarey charts for the Bulls. I have just tried Maidstone, which is pure Sibley ground...

:eek:

Graham_Devon

Looking forward to a bull posting up an area where they have increased.

They do it often enough when prices are falling and tell us in their very local area prices went up 1% etc.

Merthr Tydvil was used for 2 months running as showing house prices were rising locally, trouble was, again, sales were down in single figures. But apparently this doesnt matter, all that matters is the rises.

Well to me it does matter, when sales rise, prices WILL fall again. Were bottoming out now because no sales are happening.

All this shows is that house prices are rising at the moment simply because of the low sales and one house can buck the trend on such extreme lows.

Apparently areas in wales such as cardiff as supposed to show green shoots blossoming into full on flower beds.

Masomnia

I'm not going to go through every postcode I know to find one where it rose, but if we are to be bullish, then lok to how weak the correlation is between the number of sales and the average price. Yes they both fell, but the sales fell much more steeply than the average price.

I guess it comes down to the intrinsic value of property, the fact that you can live in it. Maybe the rules of supply and demand, scarcity and so on aren't as applicable as other commodities.

adr0ck

this website doesn't seem to know where anything is

it has towns in different counties all over the place

does anyone know if the people who do this website actually know where chester is?