If you’re looking to buy or sell a house, chances are you’re going to want to keep up to date with the latest property news.
In a world of mobile notifications, email updates and social media – its never been easier to keep an eye on what’s happening in the housing market.
Even large online newspapers have a property section to cater to home movers.
However, should you really buy into every headline you read?
Recently Nationwide released a statement saying their records have seen the ‘biggest monthly drop since 2012.’
Their research then goes on to state that house price growth is down and that the average property price is down to £214,745.
Our MD, Peter Barlow, has decided to speak out about Nationwide’s latest findings and tell you why you can’t believe everything you read.
“I can’t remember how many times I’ve been asked to comment on headlines like this one – but it’s a lot. What I can tell you is that every single time my comment has been the same. I detest headlines like this.
Especially from such an established institute as Nationwide?
It’s because I think they serve no purpose other than to get their name in the headlines. The data they are reporting on is not representative of the UK as a whole and they don’t ever look to soften their attention seeking narrative.
Based on their data, house prices have fallen by 0.5% when comparing July 2018 to August 2018. So is that everywhere and what does that mean for buyers and sellers locally?
Based on our data, of houses we have exchanged contracts for sale on in July and August 2018, prices have actually increased by 7.46%. That is a massive increase and would scare potential buyers half to death, if it were true!
The reality is this, average house price calculations are massively influenced by what types of properties have sold that month.
In August 2018, we actually exchanged on a higher number of larger properties with higher values than we did in July, therefore increasing the average price of properties we have sold.
Looking at the National picture, we know that the London market, with extortionate prices, has really slowed down and yes, prices are actually falling.
The impact of this is to negate the positives we are seeing Up North and give a very false picture for our local home movers.
The only true way to find out what is happening to house prices is to talk to your local estate agents.
Yes, you should speak to more than one and find out what they have sold recently and ask them to carry out a full market appraisal of your property.”
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