House prices fell a further 1.7% in April after their 1.9% drop in March, according to the Halifax this week.
The lender’s figures continue to contrast sharply with those from Nationwide which last week said prices declined by only 0.4% in April, after a surprise 0.9% jump in March.
The Halifax data shows prices have now plummeted by 22.5% from their reported peak in August 2007, and that today’s average house price of £154,716 is the lowest in five years.
Halifax v. Nationwide: take your pick
08 May 2009
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Comments
the truth is really who can we believe........after last year do we honestly believe in the banks and lenders?? it boils down to area by area gut feeling and good old basic estate agency.
Yeah land registry is more comprehensive if you want historic data based on completed sales but not so good for what is happening her and now which halifax/nationwide do as their data is based on mortgage approvals which are often a month or six before completion. Thus land registry show a fall of 9% year on year because their data is way behind the market compared with 15 - 17% widely reproted by the building socieites. The government also use data based on completed sales, how convenient??
Well well well, the second comment sounds very familiar.
Fact is Halifax use Colleys and they are the worst at the moment downvaluing anything harder than any other company!
If you want to know what really happened look at the Land Registry index. It doesn't predict the future, nor does it say what is happening right now, but it is hugely more accurate than all the others. The reason is because not only is the sample size massively greater than that of Hfax and Nwide, but it also uses a more advanced form of index creation called Repeat-sales regression.