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Posted on March 1, 2016 by Grant & Co
Categorised in: Uncategorised
This often quoted phrase springs to mind when trying to make sense of “average house price” data recently released;
The UK average house price in October 2015 was either £186,000 (5.6% annual growth) or £293,000 (6.2% annual growth) according to Land Registry or Rightmove respectively. Halifax quote £205,000, Office for National Statistics £218,000 and Nationwide £197,000. So, you might need to pay £186,000 or alternatively £293,000 for the same house, depending on who you listen to?
Clearly there is a basket of data used to compile these figures but I’m not sure how relevant or helpful they are as they would seem to bare little relevance to the prices we see or indeed to reflect actual price movements that we experience, if indeed we are able to make any tangible measure?
If we can read anything into this, perhaps it reflects a more confident and sustainably improving property sector, and hopefully leaving behind the boom to bust era?