Price increases and Property Bee

artisan_2

I have been looking at houses in Renfrewshire for a few months and the little change that has been reflected (evidenced using Property Bee) has been on the downward trend.
Most house over £250k have not moved in price, those others that have are reduced by no more than 10%.

All the news feeds are telling us of HPI - but this has not been evidenced by me on Rightmove/GSPC/ etc

Has anyone seen actual evidence in other areas, say using Property Bee, of the increases or are these figures all based on average sale prices?

System

Oh for the love of god, 99% of the time, prices would not continue to rise after they've been listed even during a boom.

Again.

My point is, if you're basing your HPC on property price changes AFTER they've been listed, your HPC will last forever.

Capistan

What????????

HAMISH_MCTAVISH

artisan wrote: »

I have been looking at houses in Renfrewshire for a few months and the little change that has been reflected (evidenced using Property Bee) has been on the downward trend.
Most house over £250k have not moved in price, those others that have are reduced by no more than 10%.

All the news feeds are telling us of HPI - but this has not been evidenced by me on Rightmove/GSPC/ etc

Has anyone seen actual evidence in other areas, say using Property Bee, of the increases or are these figures all based on average sale prices?

Both GSPC and RoS publish actual sold price indices, that are mix adjusted to prevent bias from different house types selling in a recession.

However both of those reports lag the market by between 6 weeks and 3 months.

The Haliwide indices show mortgage based data only, ie, they determine house price by their own internal sales data and obviously exclude cash purchasers. But they are far more current measures of the market, and are quite accurate for the average non cash buyer, who is paying via a mortgage through conventional sales channels.

Watching asking prices is of far less relevance or accuracy than any of the indices, as asking prices do not reflect achieved prices. Rightmove publish an asking price index, and it has showed little change (around a third) compared to any of the achieved price indices, be they mortgage data based or registered sales based.

So in a nutshell, watching asking prices via GSPC or Rightmove is almost completely irrelevant to actual achieved prices. People almost always price houses high (in England) or low (for offers over in Scotland) for marketing purposes.

The difference between asking price and actual sold price is unknown until the indices come out, and they will tell you what is going on in the market with far more accuracy than propertybee etc can ever do.

lostinrates

actually, I'm pretty sure some people have posted some rogue price hikes. Some are probably areas recovering,or areas where owners might have had lower offers than they are willing to accept and want the price put up to recieve a higher lower offer I suppose. But some - a couple-have been posted here, I'm pretty sure.

artisan_2

I understand what you are all saying, I was just asking if the increases had filtered through to Property Bee as of yet?

JWF

As Property Bee only lists the relative change in the asking price for individual property, and asking prices rarely, if ever, get increased (regardless of whether the vendor priced high or low in the first place), Property Bee will normally only show you that the asking price has been reduced. If you take this as evidence of HPC then you'll find evidence everytime you look.

More appropriate measures which could be found using Property Bee could be the average reduction in asking price between marketing and sale, or the % of properties which show a reduced asking price. Even these are skewed/affected by a million and one other factors so probably aren't particularly robust anyway.

HAMISH_MCTAVISH

artisan wrote: »

I understand what you are all saying, I was just asking if the increases had filtered through to Property Bee as of yet?

Why do you assume actual sold prices would be reflected by property bee?

All we have seen is that the gap between achieved price and asking price has changed now that prices are rising. Thats all we really saw on the way down when prices were falling too....

The rightmove index, which shows asking prices, barely changed compared to the far larger changes in the actual sold price indices. From memory, around 6% for asking compared to the 20% in achieved price.