House prices rise

payless

Hidden amogst the gloom
http://news.bbc.co.uk/1/hi/business/7445324.stm

UK house prices rose by 0.7% in April

Dan:_4

A lot of members on here will feel happier to ignore that bit.

mr.broderick

Dan: wrote: »

A lot of members on here will feel happier to ignore that bit.

Yeah head in the sand stuff, why not ?

Lotus-eater

mr.broderick wrote: »

Yeah head in the sand stuff, why not ?

Works both ways :rotfl:

If this is the bottom of the market though, I will eat my hat....

puddy

ive just said on another thread that a lot of these reports seem to contain completely contradictory things throughout and i for one cant seem to understand them. so they said in this one, that prices had gone down 6% in the last 5 months, 1% in the 3 months prior to april, gone up .7% in april, that house prices 'growth' was previously 5.2% but then last year was only 4.9% (indicating a rise???)

someone help me!!!!

plus, why would prices be going up at the moment anyway???

steadysaver

These must be the famous "green shoots" we have been hearing about from Pickles et al.

Now if only he could find his watering can..... :rolleyes:

hostman

The article makes no sense, because in the next paragraph it says " The survey showed that UK house prices fell by 1% in the three months to April.".

Also, an explanation on their calculations:

In January of each year the index weights are revised to reflect the pattern of property transactions during the previous 3 years. The mix-adjusted average prices for the rest of the year are then determined using these new weights. Consequently whilst house prices within the year are comparable – they are all based on the same weights - house prices between years cannot be compared because last year’s weights and this year’s weights are different. The index itself is constructed on a chain-linked basis, which enables year-on-year comparisons to be made. This means that the year-on-year change in the index for April, say, is effectively the change in the average price from April 2007 to January 2008 (using the weights for 2007) combined with the change in the average price from January 2008 to April 2008 using the weights for 2008. Therefore, the year-on-year change in the index is not the same as the year-on-year change in the mix-adjusted average price.
4. The Communities and Local Government index is currently showing similar year-on-year house price growth to other indices available from commercial sources when the time intervals are taken into account. The difference will be affected by differences in weighting. The Communities and Local Government index uses expenditure weights, whereas other indices use transaction weights. Consequently, the Communities and Local Government index is influenced by house price growth rates in the higher priced areas (which are currently in the South) where house prices - and therefore total expenditure on house buying - is highest. Similarly, regional rates of change in house prices determined by the Communities and Local Government are more influenced by the market for the higher priced properties (i.e. the demand for detached houses).
5. The Communities and Local Government house price index figures in this issue are based on completions during the month of April. Other recent indicators have been based on asking prices in May or prices based on mortgages approved during May. Therefore the Communities and Local Government figures are not directly comparable with these other indicators.

Lotus-eater

jenner wrote: »

ive just said on another thread that a lot of these reports seem to contain completely contradictory things throughout and i for one cant seem to understand them. so they said in this one, that prices had gone down 6% in the last 5 months, 1% in the 3 months prior to april, gone up .7% in april, that house prices 'growth' was previously 5.2% but then last year was only 4.9% (indicating a rise???)

someone help me!!!!

Yep, my head was reeling a bit as well

I tend to ignore anyone in estate agenting. Everyone else I just take with a pinch of salt :rotfl:

Paul_N_4

You mean there are actually people out there that still believe what this government tells them. :rolleyes:

m00m00

DCLG is lagged quite badly

it will catch up with sentiment

mr.broderick

m00m00 wrote: »

DCLG is lagged quite badly

it will catch up with sentiment

:rotfl: Co:rotfl: uple more of these and we will see sentiment change, like i've always said...so much pent up demand..;)