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Debate House Prices
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ONS- HPI April 2012 + 0.2% MoM + 0.3% YoY
Comments
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HAMISH_MCTAVISH wrote: »Please tell me you're joking?
It's surely not possible you've been on house price boards this long yet still don't understand the key indices being discussed?
No please explain Hamish.
I am not an economic expert and I suppose I take it for what it says when Nationwide, Halifax and Land Registry say the average UK house price is £160,000 ish0 -
Graham_Devon wrote: »Oh you incredibly silly boy Hamish.
Do you realise what happens when you take 5% off £90,000?
Do you realise what happens when you add 1.7% to £350,000?
Which is the bigger number? Do you know what an average is? Which has more weight? The bigger, or smaller number?
You stupid....stupid boy.
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Graham_Devon wrote: »Oh you incredibly silly boy Hamish.
Do you realise what happens when you take 5% off £90,000?
Do you realise what happens when you add 1.7% to £350,000?
Actually, it's 5% off 140K... So £7K
And 1.7% on 360K..... So £6.1KWhich is the bigger number?
The North East, and 7K versus 6.1K for London.
Do you know what an average is?
Yes.Which has more weight? The bigger, or smaller number?
The bigger one..... The North East.:DYou stupid....stupid boy.
:rotfl::rotfl::rotfl::rotfl:
Oh dear Graham....
I see there's been an outbreak of "Foot in mouth" disease in Devon.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Wait, what?
It's a measurement of percentage, everything is measured in percentages, the underlying value makes no difference when we measure things in percentages.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
HAMISH_MCTAVISH wrote: »Actually, it's 5% off 140K... So £7K
Oh dear Graham....
I see there's been an outbreak of "Foot in mouth" disease in Devon.
Hamish, dear chap. I'm sort of reluctant to burst this happy little bubble you live in.
But, and I say this with hesitation.....the average North East house price is £99,000 according to the land reg for Feb 2012.
The average for London is £354,000 according to the land reg for Feb 2012.
You have added 40k to the price of North East properties, and then proceeded to wet yourself in excitement over the belief I've dropped a clanger.
£99,000 - 5% = £4,950
£355,000 + 1.7% = £6,018
As I say, you are an incredibly silly boy.0 -
Wait, what?
It's a measurement of percentage, everything is measured in percentages, the underlying value makes no difference when we measure things in percentages.
When Hamish makes out that the North East is skewing the average PRICE, not London, then it makes a difference.
We he did. And it does.
He's a silly boy. And anyway, what you suddenly objecting for? Only 2 minutes previously you were pretending you didn't have a clue what was being said
0 -
Still basically flat then, although up a fraction in nominal terms rather than down a fraction (both are the same IMHO but a few basis points are important to some).
As inflation falls and nominal house prices remain flat, real falls are slowing. Perhaps that points towards real falls ending, perhaps falling inflation will put pressure on nominal prices. Time will tell.0 -
shortchanged wrote: »No please explain Hamish.
None of those indices provide an average house price.
Nationwide and Halifax use hedonic regression to quantify the average price of a "typical house", not the average house price.
Land Registry used to provide an average house price based on simple averages, but switched some years ago to a similar index to Haliwide but using repeat sales regression rather than hedonic regression.
Anyway, they all measure something, but not the same thing.
They are all useful, but they all tell you something different about the market.
Which is why it's pointless to compare Rightmove, which measures an average asking price of all houses, with say Halifax which measures the average price of a fictional "typical house" created for their index. It's like comparing apples with oranges.
If you want to compare Rightmove with something, there are two indices which do provide an average house price. ONS (formerly DCLG) and Acadametrics.
And whilst their methodology is slightly different, you're at least comparing apples with apples.... Even if it is a Golden Delicious versus a Granny Smith. “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
OK thanks Hamish.
So of those figures on display from the ONS and Halliwide etc, which is actually a true average figure?
Because as I said before, if it is the ONS figure then doesn't that just support the argument that house prices are hugely overpriced in relation to earnings?0 -
Graham_Devon wrote: »Hamish, dear chap. I'm sort of reluctant to burst this happy little bubble you live in.
But, and I say this with hesitation.....the average North East house price is £99,000 according to the land reg for Feb 2012.
The average for London is £354,000 according to the land reg for Feb 2012.
You have added 40k to the price of North East properties, and then proceeded to wet yourself in excitement over the belief I've dropped a clanger.
£99,000 - 5% = £4,950
£355,000 + 1.7% = £6,018
Wow....
You just keep digging yourself into a deeper hole.
It's lovely that you've quoted LR data.
Perhaps you now see the flaw in your plan, given we're discussing ONS data? :rotfl:
Clue.... ONS data shows the North East at circa 140K, and London at circa 360K.As I say, you are an incredibly silly boy.
:rotfl:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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