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Why You Shouldn’t Believe Everything You Read in the Press!
Isn’t it just typical – when you start your day, you open up your email (or Facebook or LinkedIn profiles) to see the latest tit-bits of information that will help you with topics for discussion with your networking later in the week and you see one article headline that tickles your interest, only to find another article further down your list that appears to contradict the first one!
Today was just such a day for me. What makes this particularly interesting is that they both use the same statistic to explain the headline;
Just scan for the Rightmove data. And then the second article;
Both articles quote a 0.9% drop in asking prices in the UK for July from Rightmove data, but one article states the ‘Market’ is ‘robust’ while the other blames ‘referendum uncertainty’ as the cause for the drop. The latter article then goes on to say that the drop is ‘within usual expectations’ for the time of year.
My point is that the ‘Media’ will make headlines whatever underlying statistic is used. Everyone can look at a piece of information and argue one way or another based on their own values and belief systems.
Can they both be right? Well, Yes ….. and No.
As one famous philosopher said, “Whether you think you can or you think you cannot; you are right”.
Sometimes, ‘lazy journalism’ has a lot to answer for. A drop in house prices of 0.9% isn’t significant in statistical analysis, it isn’t even a ‘blip’, but the media still want to make a story. By the very nature of that statistic, ‘average’ is not the same for wherever you choose to do your due diligence. The area you choose will be driven by local factors, not national averages. By definition, there is a positive for every negative where an average is used.
The trick is to find the positive, and leverage it to your advantage. Do some homework, don’t be led by the media, and get your power team in place, and start your journey.
For our own views on the Property Outlook this year, you might want to read our article