You may have seen some excitable headlines recently about house prices. Much of the media, being ever more reliant on advertising income from the property industry to offset falling sales, like to push headlines about house price growth.
They want, and need, ever more of those property supplements and barely disguised adverts stating “x town is up and coming”. I’m sure you’ve all seen them. Look at online adverts on many news sites – both local and national. Many are from property developers.
Over the past week the least reliable source of house prices saw much coverage when it released the latest numbers. That being Rightmove which measures asking prices and NOT sale prices. Some papers somehow mix up the two.
The Times confused the two, to give one example:
How many chuffing times..? pic.twitter.com/8IZ6Pj3huV
— Henry Pryor (@HenryPryor) February 17, 2020
When it comes to sale prices the best source of information is the Land Registry which records every transaction in the UK.
And that gets us onto news out that according to Land Registry data used by LSL house prices in Greenwich borough are still falling. On the month they were down 2.1 per cent and 0.3 per cent annually. London as a whole saw a two per cent rise on the year. Lewisham was up 0.8 per cent annually (though down 0.9 per cent on the month) and Bexley up 0.5 per cent on the year (0.5 per cent monthly).
Funnily enough this data has not been covered anywhere close to Rightmove across much of the media.