House prices up 1 percent in June - Halifax

wotsthat

chewmylegoff wrote: »

is that right? i thought the reason for the delay was that you had three months from completion to send the relevant form to LR, and then they have to bother to enter the details into their database.

I think so. I always thought Land Reg worked to a 5 day deadline to get updates on the registry.

I can't see anything about service levels though on their site.

Land_Registry

I have read the previous posts with interest and hope that the following item addresses some of the issues/concerns being raised.

There are essentially two aspects to how the 'price' data is handled by Land Registry.

As mentioned by others the speed with which such an application is lodged can vary considerably depending on a wide variety of factors. Applicants are normally required to lodge their application within 2 months.

However our Price Paid Information (PPI) data is invariably entered as soon as we receive the application to register the purchase. Whilst the completion of the application may be delayed thereafter, often as it is not in order, this does not delay the capture of the PPI data.

The data is then extracted on the last working day of the month - at the present time we do not have the facility to provide a daily feed of PPI info.

An entry is often made on the land register to reflect the 'consideration' or purchase price paid. This is then available to view as part of the land register online (£4) or a hard copy can be obtained by postal application (£8)

The data is then used to prepare the House Price Index (HPI) - we do not make the data available to anybody else prior to the date that our HPI is released.

We provide online guidance on how the price paid entry is made - see Practice Guide 7. Information relating to the HPI and other related guidance can be viewed online at Public »Your information rights» Public data and associated links

HAMISH_MCTAVISH

Interesting.

So Land Registry, can you answer a question?

How long is the lag between land registry HPI release, and the sales data from which it is taken?

So the May HPI index is released in June, for example.

So which time period would that cover in terms of house sale completions? Would it be May completions, or earlier completions, or a mix of completions between say March and May depending on how quickly the land registry received the data?

And when the data is received late, does this explain the revisions of earlier months in the HPI series?

DervProf

nollag2006 wrote: »

Wonderful news

Halifax, Land Registry, Rightmove, Zoopla, Mouseprice, etc etc all postive, with the honourable exception of the Nationwide which showed a one off miniscule dip.

Looks like I may have to start adding the change in inidices to my siggy now.

Thanks for the info.

I'll pass this "Wonderful news" onto my friend who has her house up for sale. It's been on the market for about 6 weeks and she had one viewing (but no offer). She's instructed the EA to drop the price by £20K to just under £450K (a nearby, similar property recently sold for around that price). I'll tell her to not be tempted to lower the price any further, as prices are increasing, and it can only be a matter of waiting a short while for her property to seem like a bargain. Maybe she could increase the asking price.

nollag2006

Equally, you could tell her to sell it right this minute for £350k.

According to some of your cheery bear chums on here, prices will be down 50% by Christmas 2009.

Get out now while she still has time.

DervProf

nollag2006 wrote: »

Equally, you could tell her to sell it right this minute for £350k.

According to some of your cheery bear chums on here, prices will be down 50% by Christmas 2009.

Get out now while she still has time.

Around 2006, I did tell her that prices look like they could fall by 25 - 35%. She laughed and dismissed my prediction.

My prediction about the current sale of her house is that she will certainly not get people queuing up to put in offers, and that if she wants a reasonably quick sale (within a few months), around £430K should be the marketing price, and to expect a sale price of around £420K. Her EA had other ideas and advised £470K. She was only a bit suprised when she only had one viewing, and agreed with me that the initial asking price was too high.

We are talking about a 5 bedroom victorian semi-detached in a very decent area.

nollag2006

Which town is the property in? How long has it been on?

You've stated it is a 5 bedroom victorian semi-detached in a very decent area that was / is on at £470k, and has been on for a couple of months and has recently been reduced to £450k. Is this bit (at least) true?

Mr._Pricklepants

It's funny to see how our more bearish members seem to have huge privacy issues when asked to provide proof of all those 'crashing' properties round their way.
Jimmy was the funniest, with all the 50K penthouses on his estate, but never could provide a link, not even to a similar property nearby.

Where's Jimmy by the way? Haven't seen him for a while. Haven't seem crash-bang-wallop either. Probably coincidence.

IveSeenTheLight

DervProf wrote: »

Your guess is wrong. I am able to link to the property on rightmove, but I'd rather keep my friend's location private on a public forum such as this.

Surely if it's on rightmove it's already in the public domain.
Indeed, you may be helping your friend by expanding the marketing potential.

It may only need one viewer to help your friend achieve their sale.

You do want to help your friend don;t you?

DervProf

Mr._Pricklepants wrote: »

It's funny to see how our more bearish members seem to have huge privacy issues when asked to provide proof of all those 'crashing' properties round their way.
Jimmy was the funniest, with all the 50K penthouses on his estate, but never could provide a link, not even to a similar property nearby.

Where's Jimmy by the way? Haven't seen him for a while. Haven't seem crash-bang-wallop either. Probably coincidence.

I did not mention anything about "crashing" properties.

It is nollag that seems to have some weird belief that a property can't come onto the market and not sell within a few weeks (in the current economic climate), then the vendor reduces the price, albeit by a smallish percentage of the asking price.

What I have said is the truth (apart from the fact that it is a 6 bedroom property, not 5 as I first stated). nollag seems quite riled by what I have (truthfully) posted, so much so that it's getting personal.

How sad.