House Price Index

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Price jump as agents scramble for stock

  % Change in month% Change Past YearAve house price
Feb HPI3.2%6.1%£229,398
Jan HPI0.4%4.1%£222,261

Key points

  • Scarce new sellers bump up asking prices by 3.2%, an average increase of £7,137 with London setting a new record of £427,987
  • Monthly rise reminiscent of boom-times; there has been no higher rise since April 2007 when we saw a 3.7% increase
  • January sees record search activity on rightmove.co.uk, up 29% on same period last year
  • The economic fundamentals cannot support further price increases of this magnitude

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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