We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
ONS- HPI April 2012 + 0.2% MoM + 0.3% YoY
Comments
-
Only stupid people take any notice of these indicies anyway.
Totally meaningless and not worth arguing about."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
Only stupid people take any notice of these indicies anyway.
Totally meaningless and not worth arguing about.
Ever thought of finding a forum more suited to your interests?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
HAMISH_MCTAVISH wrote: »Seriously?
"Russell Quirk, of online estate agent eMoov".....
Is that the best you can do?
So back to reality....
If this dude Russell doesn't know what he is talking about then why would that world famous broadcaster the BBC bother to quote him.
There are plenty of other estate agents out there.
An estate agent tells it like it is and you dont like it :rotfl:Maidstone Prices - average reductions at 8.5% (£19,668) Feb 2012 - We thought the dudes were not allowed to drop prices?0 -
HAMISH_MCTAVISH wrote: »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.
:rotfl:
As I stated, I refuse to look at an index based on CML data. What's hard to understand?!
In any case, theres hardly anything in it, £700 infact. But you'd find that London still has more weight purely because of the larger homes.
What I do find hard to believe is that the ONS figures have London at that price point, but the North East nearly 50% more expensive than all other indexes.0 -
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.
It's like watching a car crash in slow motion.0 -
shortchanged wrote: »OK thanks Hamish.
No problem.So of those figures on display from the ONS and Halliwide etc, which is actually a true average figure?
The ONS. And Acadametrics. And Rightmove.
Although with slightly different methodology, they're close to each other and measure a very similar thing.
Whereas Land Registry, Halifax and Nationwide are also close to each other, and measure a similar thing, but the thing they measure is very different to the first three.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?
Yes and No.
If your contention is that house prices are overvalued in relation to the historical earnings multiple, you have to view a dataset with a long history to establish that one way or the other.
The advantage of Halifax and Nationwide is that they measure the same thing, in the same way, over a very long time. Back to the 1950's in one case.
So when the Halifax say that the long term average for house prices is 4 times male, mean, salary and today house prices are at 4.4 times male, mean, salary, then you have a relevant measure of today's prices versus the historical average for house prices.
So the prices of today are roughly 10% higher than the historical average, by comparison to male, mean, salary.
That doesn't take into account other factors though..... Such as the rise of dual income households, the housing shortage, and lower structural interest rates.
So in terms of the percentage of disposable income used to service a mortgage, the cost of house buying today is actually markedly lower than the long term average.
It is a complicated thing, and perhaps the last few posts explain to some extent why the short soundbites so often posted here provide a very misleading picture.“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 -
It's like watching a car crash in slow motion.
It certainly is....
Graham has excelled himself today.
“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 -
Graham_Devon wrote: »In any case, theres hardly anything in it, £700 infact. But you'd find that London still has more weight purely because of the larger homes.
.
:rotfl:
This really is the gift that keeps on giving.
Well done Graham, you've cheered me up no end today.:D“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 -
So house prices on the up.
Time for an increase in IRs then.0 -
funny, i was just saying to someone the other day that we needed another HP index.FACT.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards