Nationwide tells us prices fell at their fastest annual rate in nearly three years last month, yet house builder Taylor Wimpey today announced a rise in average selling prices and completions, while online estate agent Rightmove revealed revenue up 23pc to £57.9m and pre-tax profits of £38.9m, up from £28.7m.
How can all this be true at the same time? The answer is that the UK property market, measured this way and that, has become ingrained as a favourite index of our financial fortunes but doesn’t really exist in any meaningful way.
The average house price favoured by various indices is so misleading, given the highly regional nature of property, that it reflects very little that is real.
Property prices are determined .....
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