Latest house price indices for February - what you need to know to avoid confusion!
Thanks to our trusty friend Motley Fool [1], we can relaese the following figures:
‘Nationwide reported a 0.5% dip in house prices this month, bringing the annual rate of house price growth down from 4.2% to 2.7%. That means prices fell by an average of £38.45 a day in February, pulling the average price of a property in the UK down from £180,473 to £179,358.
No! says property website Rightmove.co.uk. This site, which advertises property for more than 90% of Britain’s estate agents, claims there was a 3.2% jump in asking prices in February and a 5.8% increase over the past year - and that average property asking price is more than £7,000 higher than last month, at £237,836.
But remember, that’s the asking price. Perhaps sellers’ expectations are still out of kilter with the slowing market?
Not according to the Land Registry, the government body which lists the actual prices paid for property in the UK. It hasn’t yet published its February figures, but announced earlier this month that prices rose by 0.9% in January.
Whilst this might seem all a bit confusing and contradictory I think it is Land Registry results that should be followed most
Then again, Halifax reported prices remained completely static in January, and the Royal Institution of Chartered Surveyors said that 35% more surveyors reported a fall than a rise in house prices. ‘
Whilst this might seem all a bit confusing and contradictory I think it is Land Registry results that should be followed most
after all this is a legal record of price paid.
In that case prices are up and currently there is nothing to worry about.
In reality, if you do your research, set a price limit and stick to it, you should never end up in trouble. Remember, we’re always on the end of a phone to help advise on property including purchase prices.
