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FT House Price Index – February 2004
The FT House Price Index, calculated by Acadametrics, rose by 1.3% in February to an annual rate of 15.7%, continuing the upward trend of recent months. Monthly increases – and this Index is seasonally adjusted - have been stable around 1½% for some months, producing a steady upward movement in the annual rate
We expect the HM Land Registry to demonstrate a similar upward trend in the first quarter from 12½% in the fourth quarter. The FT House Price Index - in line with the Land Registry – was the first to record the upturn in the annual rate now seen in most indices. The annual rate of the FT House Price Index has been rising steadily since the low point in the summer whilst most other indices did not see the upturn until much later in the year.
Applying our monthly percentage changes, we estimate the FT House Price Index, on a seasonally adjusted basis, as follows:
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|
House
Price |
Index |
Monthly
Change % |
Annual
Change % |
|
February 2004 |
£172,486 |
165.4 |
1.3 |
15.7 |
|
January 2004 |
£170,210 |
163.2
|
1.3
|
14.0
|
|
December 2003 |
£167,977 |
161.1 |
1.6 |
13.5 |
|
November 2003 |
£165,276 |
158.5 |
1.7 |
12.5 |
|
October 2003 |
£162,542 |
155.9 |
2.2 |
11.9 |
|
September
2003 |
£159,065 |
152.5 |
1.9 |
10.6 |
There is a much greater degree of optimism in the housing market this month with all sources publishing quite buoyant figures for February. The FT House Price Index has demonstrated a greater degree of stability in recent months compared to the more volatile figures from the major lenders. On an annual basis, Halifax and Nationwide continue to record results above the FT House Price Index with ODPM and Rightmove lower. Hometrack’s results are much lower still.
For further
information see www.ft.com/houseprices.
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3rd March 2004 |