Blog Post

What is happening to property prices? Comparing apples and pears

Dewi Dewi Jones Apr 29, 2023, 11:30 AM

Average UK property prices and annual price growth are published by various organisations. However, the figures are different for each and can cause confusion. This is because the data is calculated in slightly different ways.

Rightmove average prices are the highest, but their index is based on the asking prices of newly listed properties (around 100,000 each month), not on sales prices. In comparison, the ONS UK HPI index uses final sales prices, including for cash and mortgage sales, recorded by the Land Registry. It includes around 80,000-100,000 sales per month.

Halifax and Nationwide use their own mortgage applications at approval stage (around 12,000-15,000 per month). The average price quoted by Nationwide is usually the lowest. The differences in the source of the data, as well as the statistical calculations that make up each index, explains their variations.

Comparing the indexes against each other is like comparing apples with pears. However, despite the variation in methodologies, the overall trend direction noted by each organisation is similar. It is this overall trend which is important when considering what is happening in the current market. Source: Dataloft, Nationwide, Halifax, ONS UK HPI, Rightmove.

Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"Great experience with Peter Anthony! Yaseen Hassan was professional, responsive, and incredibly helpful"

- Samuel Benedict

"I deeply appreciate Peter Anthony Estate, especially Abbey, who works here."

- Delar

"If you need an Estate Agent who is going to really go the extra mile, Dewi is THAT person."

- James

"Abbey was very nice and explanatory in all she was saying and Gill is quick to respond"

- Tope

"A great company and great experience."

- Andrew

"nothing written"

- Nadeeka Edirisinghalage

"Dewi kept us up to date & was very understanding of my Mum's situation. I would highly recommend selling with this company."

- Jane

"Sean was really lovely on our inspection. Quick, easy and efficient. Thank you!"

- Roberta