House Prices are Rising?

By September 7, 2010Articles

Are we losing the plot here? On Friday of last week, we reported that:

According to the Nationwide:

“In August prices fell by 0.9%, following a smaller, 0.5% decline in July. The average UK house price is now around £166,500.
Prices fell 0.9% last month, following a 0.5% decline in July, Nationwide said, adding that it was the first time that prices had fallen for two consecutive months since February 2009.”

One week later and it’s time for the Halifax view of the housing market.

According to the Halifax:

UK house prices edged up 0.2p% in August, confounding expectations of a fall as a strengthening economic recovery helped support demand. The latest monthly increase follows a rise of 0.7% in July and reverses most of the falls seen during the previous three months. The average home now costs £167,953, a 9% increase on the low reached in April last year, but still 16% below the August 2007 peak

Confused? Yes, so are we.

Perhaps we should look to the Bank of England for clarification?

According to the Bank of England:

Bank of England data showed that only 48,722 mortgages were approved for house purchase during July, a level that economists consider to be consistent with house price falls.

A case of ‘you pay your money and take your choice’ perhaps.

Or maybe it something to do with ‘lies, damned lies and statistics?’

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