House prices fall 1.9% YoY in May (hometrack report)

PasturesNew

"Hometrack calculated house prices fell by an annual 1.9 percent this month, its biggest fall since November 2005. Compared with the previous month, prices fell by 0.5 percent after a 0.6 percent fall in April. The figures are not adjusted to take seasonal factors into account.

"The current trends in the survey indicate that pricing looks set to remain under downward pressure over the coming months," said Richard Donnell, Hometrack's director of research."

http://uk.reuters.com/article/domesticNews/idUKL2319703620080525

mitchaa

Have never heard of hometrack and i think its a bit silly publishing a report stating house prices have fallen in May when at the moment we are only on the 26th of the month.

No doubt there will be another drop but the only thing im taking any notice of are the official LR figures which due to its nature are still showing +YOY

merlinthehappypig

mitchaa wrote: »

Have never heard of hometrack............ No doubt there will be another drop but the only thing im taking any notice of are the official LR figures which due to its nature are still showing +YOY

If you have never heard of Hometrack then perhaps you might not be as well informed about the state of the market as you think.

The average price from the official LR figures is just as open to question as any other reports because of the false recording of selling prices on new builds with gifted deposits. Their 'nature' you mention is, of course, the fact that they are also months out of date, so it's not surprising that they are still showing a YOY rise.

No single report from any source taken in isolation can be relied upon. Frankly IMO, at present, Propertybee is the single most reliable indicator of where prices are headed, both regionally and nationally, because it shows what sellers are having to do to sell.

artherfouxache

mitchaa wrote: »

No doubt there will be another drop but the only thing im taking any notice of are the official LR figures which due to its nature are still showing +YOY

Unfortunately you are not alone. I suspect it is when these figures are released (Land Reg. YoY) is when the panic to sell will set in, as sellers become desperate to get out of the housing market.

MoM figures quoted by various sources have been akin to fortune tellers crystal ball for the YoY figures..........only there's nothing mystical about it........


.

Generali

I just had a look on their website to see if the new report is up (it's not).

I read the last one and they were saying that %age of asking price acheived has dropped from 96% to 93% - surveys like Rightmove will be underestimating falls as a result.

AFAIK, gifted deposits on new builds won't skew the LR figures because they only count resales in the stats. Gifted deposits on 2nd hand houses will skew the figures but my guess is that they are few in number.

meanmachine_2

mitchaa wrote: »

Have never heard of hometrack

Then educate yourself.

Don't flaunt your ignorance like it's a badge of honour.

I use hometrack as my buy signal. When Hometrack records three months of price rises, that's my cue to seriously consider buying again.

Carry on using LR figures if you like. I suspect you also drive an Austin Allegro and eat spam fritters for tea.

PasturesNew

mitchaa wrote: »

Have never heard of hometrack and i think its a bit silly publishing a report stating house prices have fallen in May when at the moment we are only on the 26th of the month.

No doubt there will be another drop but the only thing im taking any notice of are the official LR figures which due to its nature are still showing +YOY

You need to get out more. They publish a report monthly that has its slot in the overall scheme of things.

PasturesNew

meanmachine wrote: »

I suspect you ... eat spam fritters for tea.

Don't diss spam fritters!
I'm seriously tempted to try these again, they were a popular school dinner in my day!

mitchaa

PasturesNew wrote: »

You need to get out more.

With all due respect, i'm not the 1 that has 5700 odd posts on this forum within the space of 10 months.

Perhaps you should venture outside now and again;)

merlinthehappypig

Generali wrote: »

AFAIK, gifted deposits on new builds won't skew the LR figures because they only count resales in the stats. Gifted deposits on 2nd hand houses will skew the figures but my guess is that they are few in number.

As new build sold prices can be found on the LR site and others that use the same data I'd always assumed that they would naturally be counted in the data.

Several of the recent 'crash' programmes on TV have been complaining that the false prices with the LR will have skewed the average price as well.

I'm not questioning what you say - it just seems a bit daft for the LR to publish an average price if they don't include all sales.

mitchaa

meanmachine wrote: »

Then educate yourself.

Don't flaunt your ignorance like it's a badge of honour.

I use hometrack as my buy signal. When Hometrack records three months of price rises, that's my cue to seriously consider buying again.

Carry on using LR figures if you like. I suspect you also drive an Austin Allegro and eat spam fritters for tea.

Good for you, but why do i want to educate myself with hometrack on the current state of property? I couldn't give a monkeys. I intend to live in my home:rolleyes:

Yes i will continue to use LR figures as the others have so much variables that they are hardly believable. Tell you what, as a test to this, tell me how much the nationwide tell us an average British home is worth and then log onto halifax and do the same. I think you'll find they are worlds apart so which do you believe?

All a lot of nonsense anyway, my home has increased by a considerable amount in the 10 months ive had hold of it:D