On July 21, Shanghai Yiju Real Estate Research Institute issued the reference price system for transaction of second-hand housing. The report said that in 2021, there was a big change in the national real estate market, that is, some cities implemented the “reference price for transaction of second-hand housing” system, which formally included the price of used housing into the regulatory system.
The system of “reference price for transaction of second-hand housing” can also be understood as the guiding price or price limit system. The report points out that the implementation of the reference price system of second-hand housing is directly related to the false high price of second-hand housing and speculation of housing prices.
This time, the report issued by the Institute of housing change selects the house price index of 70 large and medium-sized cities in China to analyze the cold and hot degree of the second-hand housing price. At present, there is no uniform standard for the cold and hot definition of the second-hand housing price. However, from the specific policies of some cities in China, such as Suzhou and Wuhan, the annual increase of the price of second-hand housing is no more than 5%. Therefore, the “house price index has increased more than 5% year on year” as “the house price is too hot”.
According to the data released by the National Bureau of statistics, in June, 25 cities with a year-on-year increase of over 5% of the second-hand housing price index in 70 cities in the country are located in the “hot housing price” range. Among them, the hottest 10 cities include Guangzhou, Xuzhou, Shanghai, Beijing, Ningbo, Shenzhen, Hangzhou, Yinchuan, Jinhua and Quanzhou. The report suggests that such cities should accelerate the promotion and improvement of the second-hand housing transaction reference price system.
Up to now, there are four cities in China, namely Shenzhen, Ningbo, Chengdu and Xi’an, which have implemented the second-hand housing reference price system.
Among them, Shenzhen took the lead in promoting the reference price system for second-hand housing transactions in the country in February this year. Then Ningbo, Chengdu and Xi’an followed up.
The above report points out that Shenzhen, as the first city in China to implement the reference price system for second-hand housing transactions, has great control and policy effect.
How does the second-hand housing transaction reference price system work? Official data monitored by the Institute of Yiju show that in January, the transaction price of second-hand housing in Shenzhen reached a record high, namely 72436 yuan / m2. With the promotion of the second-hand housing transaction reference price system, house prices fall or cool down has become a trend. By June, the transaction price of its second-hand housing was 61500 yuan / m2, falling 10936 yuan / m2, and the price decreased by 15%. Similar trend is also reflected in Shenzhen specific areas. Taking Nanshan District, which has been used to trade in second-hand houses more hot and has high house prices, has a transaction price of 105055 yuan / m2 in January, while in June, it fell to 87871 yuan / m2, falling by 17184 yuan / m2, or 16% in June.
Reprint indicated source：Spark Global Limited information