House prices information: the sources and different approaches
Are prices going up? Or down? Or are they static?
The various sets of house prices information data can appear conflicting. On analysis the different results do reflect trends. They simply report on house prices at different times.
"House prices" can refer to :: "asking prices" :: "agreed sale prices" ::"approved mortgage loans" :: "completed sale prices"
For the latest market news and an overview of reports on house prices from the major sources see House price news
House prices information: links to the main UK sources are available here
You can access the major information sites publishing house prices from one place. Direct links to each are on the right.
Making sense of contradictory house prices information and statistics
The statistics produced by different bodies are based on different times in the selling/buying cycle.
- Rightmove shows sellers' asking prices. With over half UK properties for sale, it's a broad base
- Hometrack reports agreed sale prices although a limited sample based on around 3,500 estate agents
- Nationwide and Halifax publish comprehensive national and regional reports based mortgage loan approvals
- The ODPM, Office of Deputy Prime Minister prices based on completed loans. Analyses multiple aspects of the market
- Land Registry publish the actual sale prices. Different reports available, national, local, or for a fee ownership and price
Methods used to calculate. What the figures show
- Asking prices. These figures indicate sellers' expectations
- These may be based on over optimistic agents' valuations
- The gap between asking prices and agreed sale prices can be considerable
- Any upward movement in asking prices may reflect sellers' expectations, not the level of demand or prices being paid
- Agreed sale prices. Hometrack gathers details on prices agreed between seller and buyer
- The sample is based on a limited number of agents, (around 3,500). These are not the final selling price. Reductions may be negotiated later
- Reports also indicate how long homes are on the market before a sale is agreed
- Mortgage lenders. Nationwide and Halifax. Lenders' house prices are based on a month's loan approvals from some weeks earlier
- These may be less than the agreed sale price. Approved loans may not always be taken up. Agreed prices may be renegotiated. Neither takes account of cash sales
- Both weight their calculations to avoid short term results influencing long term trends. Details on each site
- Actual sale figures from Land Registry. Land Registry is a government body recording all property sale completions in England and Wales. These are the most accurate and complete record of sale prices
- They're published quarterly around 6 weeks after the quarter date
- The Office of the Deputy Prime Minister publishes a mass of housing data based on completed mortgage loans each month accounting for some 25% of the total. These reports are unlikely to help with detailed values in your local area
- Professional bodies, Royal Insitution of Chartered Surveyors and National Association of Estate Agents publish information on the housing market, based on reports from members
