SOME of our readers may have read with interest the recent reports issued by The Halifax that house prices within the Stroud district have risen by 15 per cent over the past year which is the largest increase outside of London and the south east.

This pushes the average property price within our area from £245,540 to £282,305.

Yet some may ask how can this be and where does this data come from?

There are several organisations which provide house price figures, though each use different methodology to compile this data.

The Land Registry, records all completed property sales in England and Wales, since April 2000 and this information is freely available within the public domain.

They record the price at the end of the transaction and provide a more reliable figured from which many housing price index’s generate figures.

However the data is only as good as the accuracy of the start point assuming like for like and this is not always the case.

For example within the profession we often see properties which sell for over inflated prices and others which are truly bargains.

For this reason they do for example exclude repossession properties and local authority housing sold at a discount

The Department for Communities and Local Government (DCLG) via the Office for National Statistics provide a government monthly index based on data supplied by the Council of Mortgage Lenders.

Though its very nature exclude any cash sales.

Maybe this is a good thing, given that many Russian purchasers of top end London properties are cash only!

As property prices in London and the southeast are highest this does influence the figures.

Where this does stand out from transactions weighted figures is that it does show the total amount of money spent.

Both the Halifax and Nationwide provide data each month for the whole UK based on a sample of its own loans.

The prices measured are those agreed at the point when the mortgage is approved, not at the later point when the sale is completed.

This can be different as prices can be freshly re-negotiated at any point up until exchange of contracts.

As they both use different data samples it means that some months we have seen the Nationwide conclude that house prices are dropping whilst the Halifax have said quite the opposite and vice versa.

Again this excludes any cash purchases.

The Royal Institute of Chartered Surveyors also produce statistics based on its members experiences within the market.

Basically do members feel that house prices in their own areas have been rising or falling in the preceding three months.

Rightmove also produce a monthly house price surveys.

Though this is based on asking prices which is often higher than the price actually achieved.

Each methodology is only as accurate as the data used and as demonstrated this does differ.

In conclusion vendors should be realistic and accept that statistics is not always clear in terms of black and white.

For a free valuation of your own property, please do call me on 01453 751647.