Press Release
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FT House Price Index – July 2004
The FT House Price Index, calculated by Acadametrics, rose by 1.1% in July to an annual rate of 17.3%.
The monthly rate of increase in the FT House Price Index, over the first seven months of 2004, has averaged 1%. This compares with an average of nearly 2% during the last six months of 2003 and confirms the underlying easing of monthly house price inflation first noted in our January release. The annual rate has started to fall this month, as anticipated, reflecting the strong monthly house price rises, which occurred during the late summer months of last year. Based upon its current trend the FT House Price Index suggests that the annual growth rate for 2004 will be around 13%.
We expect the Land Registry second quarter results, to be published this month, to show an increase in the annual growth rate from 14.1% in the first quarter to around 17.3% in the second quarter of 2004.
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 % |
|
July 2004 |
£179,236 |
171.9 |
1.1 |
17.3 |
|
June 2004 |
£177,327 |
170.1 |
1.2 |
17.8 |
|
May 2004 |
£175,281 |
168.1 |
0.9 |
17.5 |
|
April
2004 |
£173,727 |
166.6 |
0.9 |
16.8 |
|
March 2004 |
£172,184 |
165.1 |
1.1 |
15.6 |
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February 2004 |
£170,290 |
163.3 |
0.9 |
14.2 |
Whilst the ODPM House Price Index has been significantly more volatile than the FT House Price Index it has averaged around 1% over the first five months of the year.
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Also see www.ft.com/houseprices |