House Price Index

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Summer asking prices melt by £4k

  % Change in month% Change Past YearAve house price
August HPI-1.7%4.3%£232,241
July HPI-0.6%3.7%£236,332

Key points

  • Newly marketed property down by over £4,091 (1.7%) as over-supply coincides with holidaying buyers — but search activity on Rightmove sets a new daily record
  • Available stock per agent rises for sixth consecutive month; the highest August for fresh property for three years — 29,220 a week compared with 20,675 last year (+41.3%)
  • Falling prices are good news for the 6 out of 10 renters who would like to buy but state they cannot afford to
  • Anticipated interest rate rises could lead to more repossessions - though this would improve buyer affordability by exerting further downward price pressure

View Index comparison

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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House Price Index