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House prices in surprise pick-up, but consumers not so sure 02 November 2011
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House prices appeared to pick up a surprise 0.4% in October, Nationwide has reported, bringing them 0.8% higher than they were a year go, to average £165,650. The claim of a slight rise was wrapped around in the usual smoke and mirror mysteries of 'seasonal adjustment'. The nature of the rise was challenged by those who spotted that in fact Nationwide appeared to be reporting a house dip in average prices, from £166,256 for September. (See one of our sharp-eyed bloggers, Rantrave, below.) So, was it a 0.4% fall or a 0.4% rise? A spokeswoman for Nationwide said this morning: "The monthly index is seasonally adjusted, however the average price isn’t and this accounts for the differing figures." Nope, we don't understand that either. However, for those with degrees in advanced mathematics, speciality in statistical analysis, all is explained (?) here: http://www.nationwide.co.uk/ Nationwide also said that house prices were very patchy, with the more affluent areas around the country performing better than more hard-pressed areas, where transactions have fallen. |
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more...House prices in surprise pick-up, but consumers not so sure
House prices appeared to pick up a surprise 0.4% in October, Nationwide has reported, bringing them 0.8% higher than they were a year go, to average £165,650.The claim of a slight rise was wrap
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