I have always been a little reluctant to post house price data from the DCLG's survey of mortgage lenders. The data is normally two months behind either the Nationwide or the Halifax surveys. It also publishes data from completions rather than mortgage applications. Since it can take up to two months between agreeing a house price and completing, the DCLG's data often reflects what was happening to the housing market four or five months ago rather than what is happening right now.In any event, I have published the most recent data, which is for last September. This data shows that housing prices have fallen only 5.7 percent from the peak last year. The Nationwide is showing something much bleaker. The November data pointed to a price decline of about 19 percent from the peak.
5 comments:
DCLG is a waste of time, Forgetaboutit
DCLG is a waste of time, Forgetaboutit
I think maybe the omision of 'cashbacks' and other special offers in reported data (to Land Registry) on purchases mean this index is distorted upwards presently, as well as being a few months behind the Halifax and Nationwide.
B. in C.
What about comparing the Nationwide with the DCLG?
UK houses would be over-priced at 75% knock off peak price. Let's be real here: most UK neighbourhoods are filthy, crime-ridden, have terrible health and other services, and poor job prospects. The high prices are only sustained by loose credit policies. Not by value.
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