Agent blasts report that shows 7.1% increase in house prices
Thursday 11th November 2010, 11:30AM GMT.
PROPERTY prices increased by 7.1% over the last year, latest figures have revealed.
But the Policy Council report was labelled misleading by a leading estate agent, who said referring to average or median property prices was of little value.
‘We don’t ask the motor industry the price of an average car or the median price – it’s just ridiculous,’ said Lovell and Partners director Chris Lovell.
‘Are you talking Aston Martins, Rolls Royce, Bentley or Skoda?’
There were 250 transactions from July to September – 10% more than in the third quarter of 2009 and 1% up on the second quarter of 2010.
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Director Chris Lovell is right. ‘Average median’ prices for real estate are used in North America too and it is absolute rubbish to do so. Chris Lovell’s comparison with that of a car and the motor industry is excellent and serves as a red flag to denote that a change in the system urgently needs to be made.
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I asked an Estate Agent once about the use of these average figures as hardly any streets in Guernsey have rows of identical houses as per Coronation Street,whereby if No 16 sold for £165,000 last week then No 19 should sell for about £155,000 next week
She said there was no such thing as an average house in Guernsey but there was such a thing as an average price
I’m not sure if that helped me or not
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Ray – there will always be an “average” or median on Guernsey as they are nothing more than statistical calculations based on sales figures and prices. The argument is whether these figures are of any real use to anyone which (for the reasons given by your good self, Expat80 and Chris Lovell) they clearly aren’t.
I do wonder whether all this figure actually achieves is to cause people to up the price of their property in line with the “average” price, and in the process prevent more and more people from being able to climb onto the housing ladder.
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