Entries (RSS)How useful are house price indices?
In my article on Monday I noted that Assetz had suggested distressed sales had reached a low and had potentially now bottomed out.
However, one important point to bear in mind is that even if this is correct, house price indices will continue to fall over the coming months. This is because indices are looking at historical data which may be up to 3 months old.
Therefore, for anyone looking at house price indices and deciding to buy once the indices are rising, the chances are you will have already missed the boat, particularly if you are looking at a distressed purchase.
By the time general house price indices have increased you are definitely much too late for a distressed property. since these prices will have been at a low many months earlier.
Property indices are a useful tool in gauging the trend in the market, but they are a not a be all and end all. Make sure you look at all available data- prices being achieved at auctions, how many lots do not reach reserve, how much stock developers have available etc.
The more research you do and the better your information, the more informed you can be in making a decision.
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September 9th, 2010 at 6:06 am
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