Google trump property price prediction experts with their Insights tool.
June 13th, 2011
Useful info revealed by The Bank of England today. They have discovered that property relevant Google search data can provide an accurate and pretty immediate prediction of where house prices are going. The key is the collection and analysis of this data over various time periods from a simply massive and relevant sample.
It has been demonstrated that changes in the number of searches for specific terms directly relates to subsequent changes in the property market place. There’s research from The US where it was found that a modest one percentage point increase in search frequency about “real estate agents” preceded an extra 67,700 house sales in the average US state.
Anyone can access Google Insights. Type in a relevant property related search term, adjust the filter dates and location and draw your own conclusions from the results.
A useful additional resource to consult along with the usual suspects – The Nationwide, Halifax, The Council of Mortgage Lenders, R.IC.S and The Land registry!
Labels: house price statistics
