Insurance News Archive

'Juggled' figures creating distorted view of housing market

Written by Jenny Smith

An expert has warned against the danger of misinterpreting "juggled" statistics which make the state of the housing market appear stronger than it is.

David Amstell, founder of online property website Briffy.com, says that while figures can "make things look quite good", the reality is that if just a few values rise, it can create the distorted view that the whole market is recovering.

Responding to the National Association of Estate Agent's (NAEA's) statistics, which show that the average vendor is now selling over 30 per cent more properties than 12 months ago, he counters: "They weren't selling any houses last year."

"It is very dangerous - percentages are very open to interpretation. The fact is there aren't that many houses being sold," he insists.

Mr Amstell adds that although the NAEA reports that there are four buyers for every house, people are not willing to sell when prices are low so it is not helping the market.

29 Jun 2009