Reader poll: Are house prices falling?

It seems there’s a significant divergence of opinions regarding the direction of house prices, with a notable portion of Estate Agent Today readers expressing concerns about falling prices. Here are some key points from the survey and subsequent commentary:

  1. Survey Results: According to the survey conducted by Estate Agent Today, 21% of respondents believe that house prices are falling nationally, while 19% reported seeing price declines regionally in their area. Another 10% felt prices were falling elsewhere, with only 50% stating that prices were not falling.
  2. House Price Indices: While indices like Nationwide and Halifax initially showed growth in average values early in the year, more recent reports have indicated declines on a monthly basis, particularly after a mortgage price war ceased.
  3. Industry Debate: The survey findings coincide with a podcast where industry commentators Russell Quirk and Charlie Lamdin debated the direction of house prices. Lamdin criticized Quirk’s analysis, particularly regarding his interpretation of house price indices and reliance on corporate lender PR.
  4. Differing Perspectives: Lamdin expressed skepticism about optimistic price projections and emphasized the need for transparency in reporting house prices. He argued that perpetual price pumping propaganda may contribute to agents struggling and urged for more realistic pricing.
  5. Transparency in Reporting: Lamdin highlighted his BestAgent Public House Price Index as a solution for providing greater transparency in reporting house prices. This index aims to report exchange prices as they occur, empowering agents with accurate data to confront overvaluers.

Overall, the debate reflects the uncertainty and differing viewpoints within the industry regarding the trajectory of house prices and the importance of transparent reporting.

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