House Price Index

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Boost for marginal buyers as summer sellers drop prices £5k

  % Change in month% Change Past YearAve house price
August HPI-2.2%-3.1%£222,762
July HPI0.6%-3.1%£227,864

Key points

  • Average asking prices fall by 2.2% (£5,102) as summer sellers price more realistically
  • Rightmove sees record traffic month as ‘marginal’ buyers search hard for property that meets their restricted loan parameters and the ‘creditworthy’ trawl for limited supply of quality homes
  • Sentiment continues to improve as 75% of home movers don’t expect prices to fall in the next 12 months
  • New sellers in August 48% below pre-credit crunch numbers as tight mortgage lending criteria continues to restrict transactions and stifle property coming to market

View Index comparison

index-comparison-table

Rightmove: compiled from asking prices of properties as they come on the market via Rightmove's member estate agents over the previous month, covering over 90% the market. Not seasonally adjusted. (Seasonally adjusted figure used for the Halifax from Nov 2003, as no unadjusted figure has been published.)

Halifax: based on mortgage approvals of loans agreed by Halifax Bank of Scotland over the previous month, seasonally adjusted.

Nationwide: based on mortgage approvals of loans agreed by Nationwide Building Society over the previous month, seasonally adjusted.

Rightmove measures asking prices and does not seasonally adjust its figures, while Nationwide and Halifax both report data based on mortgage offers, seasonally adjusted. The index offered by the CLG (Department of Communities and Local Government) measures prices at completion stage, not seasonally adjusted.

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