BBC Shows Re-runs of Old Property Shows From the Housing Boom

By: Nadeem_Walayat

It can be confusing watching UK broadcast TV housing market programming, as I am finding that the property shows being aired are more often repeats captured from the heights of the housing boom. Viewers could be confused into thinking that what they are watching is current programming as usually there is no clear indication of the date of the original filming.

For instance on one of the most recent shows of the BBC's 'Homes Under the Hammer', featuring a pair of Semi's in Bruce Gardens, Newcastle, that on checking the land registry records reveals that they were actually sold in May 2005 for £95,000 and £138,000. Therefore the programming is nearly 3 years old and having watched the show twice, I cannot see any mention of this date.

These properties were subsequently sold on in Nov 05 for £175,000 (138k) and in Aug 2006, for £162,000 (95k). However a similar semi detached property in the same road sold more recently for £150k in Oct 2007, therefore implying that the housing market in the area had declined from an earlier peak some time during the 2nd quarter or 2007.

Those that are quick can still catch the show online (1 day left online, 23days offline) at http://www.bbc.co.uk/iplayer/....

House Price Summary

Semi A - Auction Price £138k , May 2005 - Valued during the show at £175k, Sold Nov 2005 for £175k

Semi B - Auction Price £95k , May 2005 - Valued during the show at £162.5k, Sold Aug 2006 for £162k.

I hope the BBC don't intend on showing repeats of 1 to 3 years ago during the current housing bear market, or at least the programming / auction dates should be made clear so that viewers are aware that what they are watching is not recent programming.

The latest news on the housing market is from Rightmove which reported their indices showing average asking prices rising by 0.8% from February to March 2008.

The UK housing market remains on track to trend towards a 15% fall in average house prices over 2 years from August 2007 to August 2009 (Data:Halifax NSA). Banks hit by the credit crisis are unwilling to pass on the two base rate cuts to mortgage borrowers as they attempt to cut risk and improve their balance sheets.

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By Nadeem Walayat

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