The FT House Price Index series has been updated with the most recent monthly data available from the Land Registry.
The FT House Price Index comprises the published Land Registry house price data, smoothed and seasonally and mix adjusted by Acadametrics, combined with an “Index of Indices” model in order to account for transactions not yet reported to the Land Registry. The FT House Price Index uniquely uses all of the Land Registry data including cash purchases. It is designed to provide the most factual record available of domestic property prices in England and Wales and a true guide to house price inflation.
We calculate the FT House Price Index, on a seasonally and mix adjusted basis, as follows:
| Month | House price | Index | Monthly change % | Annual change % |
|---|---|---|---|---|
| September 2009 | £205,338 | 209.1 | 0.6 | -5.6 |
| August 2009 | £204,023 | 207.7 | 0.6 | -7.7 |
| July 2009 | £202,806 | 206.5 | 0.5 | -9.6 |
| June 2009 | £201,790 | 205.4 | 0.6 | -11.3 |
| May 2009 | £200,500 | 204.1 | 0.3 | -12.6 |
| April 2009 | £199,953 | 203.6 | -0.4 | -13.4 |
| March 2009 | £200,714 | 204.3 | -0.8 | -13.2 |
How the index is calculated
Figures for the most recent months are produced using the latest information from the Land Registry’s database of monthly property transactions and a statistical model to collate information from other published house price figures.
The FT index weights information from the Halifax, Nationwide and Office of the Deputy Prime Minister according to their past reliability in predicting Land Registry figures. The outcome from the modelling process is smoothed to avoid the erratic month to month fluctuations observed in some other indices.
The FT’s mix-adjusted index (FTHPI MA) does allow for the relative changes in prices in the regions and among the four property types — detached, semi-detached, terraced and flats/maisonettes — that the Land Registry collects.
While the original FT index, which will still be published, “forecasts” the eventual Land Registry data, the mix-adjusted index more accurately reflects what is really happening to national house prices.
To find out the Land Registry price of your home, or any other UK address, go to http://www.nethouseprices.com/index.php
| Source | Prices* | Annual Month | Oct 08 | Nov 08 | Dec 08 | Jan 09 | Feb 09 | Mar 09 | Apr 09 | May 09 | Jun 09 | Jul 09 | Aug 09 | Sep 09 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FTHPI | F | A | -7.3 | -9.2 | -10.8 | -11.7 | -12.7 | -13.2 | -13.4 | -12.6 | -11.3 | -9.6 | -7.7 | -5.6 |
| M | -1.8 | -2.2 | -1.7 | -0.8 | -0.8 | -0.8 | -0.4 | 0.3 | 0.6 | 0.5 | 0.6 | 0.6 | ||
| CLG | F | A | -7.3 | -8.6 | -10.4 | -11.8 | -12.4 | -13.8 | -13.7 | -12.9 | -10.7 | -8.4 | - | - |
| M | -2.4 | -1.9 | -2.2 | 0.1 | -2.7 | -1.5 | 0.4 | -0.2 | 1.6 | 2.7 | - | - | ||
| LR Index | F | A | -10.0 | -11.9 | -13.8 | -14.8 | -16.3 | -16.0 | -16.2 | -15.7 | -13.7 | -11.5 | -9.4 | - |
| M | -1.4 | -2.0 | -2.6 | -0.6 | -2.0 | -0.6 | -0.2 | 0.0 | 0.3 | 1.8 | -0.1 | - | ||
| Nationwide | M | A | -14.6 | -13.9 | -15.9 | -16.6 | -17.6 | -15.7 | -15.0 | -11.3 | -9.3 | -6.2 | -2.7 | 0.0 |
| M | -1.4 | -0.1 | -2.6 | -1.1 | -1.8 | 1.2 | -0.3 | 1.3 | 1.0 | 1.4 | 1.4 | 0.9 | ||
| Halifax | M | A | -13.7 | -14.9 | -16.2 | -17.2 | -17.7 | -17.5 | -17.7 | -16.3 | -15.0 | -12.1 | -10.1 | -7.4 |
| M | -2.3 | -2.7 | -1.6 | 2.0 | -2.3 | -1.9 | -1.8 | 2.6 | -0.4 | 1.2 | 0.8 | 1.6 | ||
| Rightmove | A | A | -4.9 | -7.1 | -6.3 | -7.3 | -9.1 | -9.0 | -7.3 | -6.2 | -5.5 | -3.1 | -3.1 | -1.5 |
| M | 1.0 | -2.9 | -2.3 | -1.9 | 1.2 | 0.9 | 1.8 | 2.4 | -0.4 | 0.6 | -2.2 | 0.6 | ||
| Hometrack | A | A | -7.3 | -8.1 | -8.7 | -9.4 | -10.0 | -10.3 | -10.1 | -9.6 | -8.7 | -7.7 | -6.7 | -5.6 |
| M | -1.3 | -1.1 | -0.9 | -1.0 | -0.8 | -0.6 | -0.3 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 |
Last updated October 9 2009
Explanatory notes
Sep 09 initial FTHPI ”forecast” index based upon the ”index of indices” model. The FTHPI ”forecast” index is accuracy monitored.
Aug 09 FTHPI ”updated” index based upon the c.70% of factual Aug transactions reported in Aug/Sep to replace the Aug FTHPI ”forecast” index, as published in the Aug FTHPI.
Jul 09 FTHPI ”updated” index based upon the c.90% of factual Jul transactions reported in Jul/Aug/Sep to replace the Jul FTHPI ”updated” index, as published in the Aug FTHPI.
Jun 09 FTHPI ”final” index based upon the c.95% of factual Jun transactions reported in Jun/Jul/Aug/Sep to replace the Jun FTHPI ”updated” index, as published in the Aug FTHPI. The FTHPI ”final” index comprises the virtually complete Land Registry published house price data for England and Wales, smoothed, seasonally and mix adjusted.
Land Registry House Price Index using a repeat sales sample of LR data and repeat sales methodology launched Oct 06. The back data shown above are updated in accordance with the revisions included in the latest news release. Source acknowledgement: information produced by Land Registry. © Crown copyright material reproduced with the permission of Land Registry.
based upon a sample of mortgage completion prices, CLG monthly data are mix adjusted but not seasonally adjusted, and are for England and Wales.
based upon a sample of agreed prices (Nationwide) and of mortgage offer prices (Halifax), for the U.K., seasonally and hedonically mix adjusted.
based upon a survey of estate agents’ estimated local prices (Hometrack) and on an index of internet asking prices (Rightmove) for England and Wales, not seasonally adjusted.
* F= Final, M=at Mortgage Offer, A=Asking
For further details contact information@acadametrics.co.uk
