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The Law of Averages

Posted by: katalysis

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Of late, the London centric media have once again been running with headlines screaming that average house prices across the country are on the up. Even Auntie Beeb has got in on the act. Look beyond the headlines, however, and it becomes plain that the “average” is being skewed by a combination of very low volumes and a disproportionate number involving high value properties in yes, you’ve guessed it, London and the South East! The latest Land Registry stats show sales volumes down as much as 46% for properties selling between £50,000 and £500,000 but up 20% for those between £800,000 and a £1,000,000 and a whopping 29% for those over £2,000,000. In March this year only 313 sales were recorded for the whole of England and Wales in the £100,001 - £150,000 bracket (where the Wolverhampton “average” is) yet there were 129 at over the £2,000,000 mark. Conclusion? The market clearly isn’t functioning for the “average” person!
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