publication date: Aug 27, 2013

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author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

What to Know About House Prices

From an agent perspective, the credit crunch has been bad news from a volume perspective, but from the perspective of people needing a local expert to help guide them, it has been a real boost. 

National, regional and even city average house prices for properties have become almost useless to anyone buying or selling a home. As such, it is essential for agents to publish and promote their own statistics to local media and consumers to help boost your business, especially as the market picks up. 

Every month, I write for my local newspaper, the Nottingham Evening Post, and go on BBC Radio Nottingham every six weeks to talk about what’s happening in the local market. 

We start with the Land Registry England and Wales data, then narrow it down to the East Midlands, Nottinghamshire and Nottingham City. After discussing whether prices are going up or down, we focus on a couple of key areas and compare their property prices to Land Registry averages, recommend good value properties as well as ‘wow’ properties available at the premium end. 

Typically, I don’t use month on month price comparisons, but compare year on year price changes to what’s happening with inflation and then compare today’s prices versus the highs of 2007 and the lows of 2009. 

This gives local people a real sense of whether now is a good time to buy, sell, invest or rent a property and as a ‘local expert’ they are more likely to turn to you for help. 

For more information about property price statistics and what drives prices up and down, sign up to our Property Information Portal and if you want help becoming your local property expert, we can run a training course which can be bespoke to your residential property business - contact us for more information.

Here are some of the key documents/research papers we use to analyse the property market and price statistics (NOTE: you will need to sign up to Property Information Portal to access these):-

• Hometrack
• Land Registry
• Acadametrics
• For Sale Sign Analysis

 
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