Jackanory stories

lypsey

It makes me so angry that the likes of Halifax , Nationwide , Rightmove all ramp this market and finally when the land Registry ( which are the only people I believe) doesn't get a mention in the press

http://uk.biz.yahoo.com/070208/323/gyhrc.html

It states "The average house price dropped to 207,573 stg from 211,453 stg, a 1.8 pct drop.
In Greater London, prices fell to 321,971 stg from 330,838 stg, a 2.6 pct drop."

How is it that these figures are so different.

The crash is surely begining

Doozergirl

But the only bit you managed to miss out says

"On a year-on-year basis, prices were up, by 8.5 pct however. In the last quarter of 2005, the average house cost 191,327 stg."

Looks like Nationwide and Halifax aren't the only ones saying want they want people to believe. :rolleyes:

lypsey

Yes that correct Doozergirl
But don't you think it strange that over the last quarter Halifax etc quoted rise of approx (guessing here) 4.5% rise over the quarter in London and LR says 2.6 drop

That is a massive difference of nearly 7%.???

RHemmings

It is a very large difference. I think it's large enough that it's plausible that at least one of the figures has been fudged. And if that's happened, I would think that it would more likely be the Haliwide figure that's wrong.

Enron, anyone?

lypsey

There entire business depends on the housing Market , it does not take a lot to work out .

Don't forget that December mortgage approvals was the lowest since 2001 , so surely house prices will continue downwards

Doozergirl

Are they comparing exactly the same information? Completions in the last quarter?

What do the others say as far as year on year goes?

lypsey

Doozergirl
When you say "are they" I assume you are talking about the LR. These are completely factual details they receive on the completed sale of ALL house/flats (I think from the solicitors who do the conveancing)

bloomsberg78

It's frustrating that the mainstream media sometimes do not seem to give a ballanced view. The BBC is still only running with the HPI report for Jan, theres no mention of the decreases in Q4 reported by the Land Registry.

Everyday, people are making big decisions on borrowing massive amounts of money, and whilst it's always recommended that you should always do your own research before making in large purchase, some people don't and rely on what they read and hear in the Media and if every report they read is telling them that HP's are going up then you can see why people are borrowing up to 5x their salaries.

And it's only making matters worse......


Here's the link for any sceptics.
http://uk.biz.yahoo.com/070208/323/gyhrc.html

Doozergirl

When I say "are they" I should have said "are you" because you have used a made up figure of 4.5%. Could you perhaps tell me what the figure actually is, who that figure is being presented by and whether the figure regards completions during Q4 of last year. The "fudged" figures at the moment are purely your own.

I have no idea why you're asking me to explain a 7% difference when the only figures I can see are quoted from the LR

I can't believe the point of this thread was you telling us about the media making things up!

lypsey

I will spell it out for you (it is a lot worse than i thought) . I have checked the monthly Rightmove figures. They are in London as follows
October up 2.1%
November up 2.8%
December up 2.9 %
Total 7.8%

Doozer therefore those micky mouse figures produced by Rightmove are according to the LR - completely and utterly fictional. There are many many people making MASSIVE financial decisions on Rightmove figures (and halifax , Nationwide etc) and as you can now hopefully see that is why I am very upset
If this market crashes as I suspect it will they should be prosecuted by someone for completely misleading figures
I wonder wether anyone reading this has a background in law and can tell me wether this might be possible

RHemmings

Rightmove has asking prices, Haliwide has mortgage figures. LR has the actual sale prices.

None of the indexes are perfect, as some properties don't seem to make it onto the LR, and the prices for many newbuild properties are inflated by cashback schemes and other inducements.

Normally you'd expect the various measures of how the market is performing to track each other quite closely. If the figures are as far apart as quoted, then something is certainly up. I don't claim to know what that something is.