Rat and Mouse
Wed
10
Aug
Calculating house price by working back from yield

Remember that it costs nothing to put your house on the market so an ambitious asking price costs you nothing - directly. There are over 850,000 today and last month, according to HMRC just 73,000 sold across the UK. Sellers by nature are optimistic - they only have a 6% chance of finding a buyer in the first month and at present only a 30% chance of selling if they leave their house on the market for a year!

It’s the same with indices from lenders like Halifax & Nationwide. Their monthly report is based on the mortgage advances they have made. The biggest is the Halifax and they have a 20% market share. With around 40% of the few sales that are happening at present ‘cash’ deals (ie. with no mortgage involved) the mighty Halifax survey is sometimes based on fewer than 7,000 sales across the whole country!

And excellent piece by market commentator Henry Pryor looks at some of the short-comings of the popular indices, and suggests a cleverer way of working out what a house might be "worth".

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