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FT House Price Index – March 2004
The FT House Price Index, calculated by Acadametrics, rose by 0.4% in March to an annual rate of 15.1%. This continues the steady upward trend in the annual rate since August last year. However monthly increases are showing signs of a slow down with March demonstrating the lowest increase since May 2003. We expect the annual rate to remain strong in April and May but likely to fall, thereafter, as the strong monthly rises of last summer fall out of the index.
We expect the Land Registry quarterly figures to rise, from the 12½% annual increase in the fourth quarter of 2003, to around 14 ½% in the first quarter of 2004.The FT House Price Index was the first index last year to record the upturn in the annual rate now seen in most indices.
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 % |
|
March 2004 |
£171,341 |
164.3 |
0.4 |
15.1 |
|
February 2004 |
£170,595 |
163.6 |
0.5 |
14.4 |
|
January 2004 |
£169,670 |
162.7
|
1.1
|
13.7
|
|
December 2003 |
£167,857 |
161.0 |
1.6 |
13.4 |
|
November 2003 |
£165,293 |
158.5 |
1.7 |
12.5 |
|
October 2003 |
£162,465 |
155.8 |
2.2 |
11.9 |
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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updated 2nd
April 2004 |