7th June 2005
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FT House Price Index – May 2005
House prices fell by 0.4% during May. This constitutes the largest fall since May 2000. Similarly the annual change in the FT House Price Index of 6.4% is the lowest recorded since the start of 1999.
The FT House Price Index is calculated by Acadametrics and foreshadows the Land Registry; the only complete measure of domestic property prices in England and Wales.
We estimate the FT House Price Index, on a seasonally adjusted basis,
as follows:
|
|
House
Price |
Index |
Monthly
Change % |
Annual
Change % |
|
May 2005 |
£186,584 |
178.9 |
-0.4 |
6.4 |
|
April 2005 |
£187,255 |
179.6 |
-0.2 |
7.9 |
|
March 2005 |
£187,601 |
179.9 |
-0.3 |
9.1 |
|
February 2005 |
£188,194 |
180.5 |
0.6 |
10.6 |
|
January 2005 |
£187,125 |
179.5 |
0.4 |
11.0 |
|
December 2004 |
£186,325 |
178.7 |
0.7 |
11.5 |
The FT House Price Index depicts the underlying trend in House Prices. This continues to show a steady decline in the annual rate of house price inflation since the peak of June 2004. The average monthly rate of house price growth during 2005 is around zero. This compares to an average of 0.5% in Q4 2004 and 1.2% in Q3 2004.
FT House Price Index results to Dec 04 are based
on Land Registry published data, smoothed, seasonally adjusted but not mix adjusted,
revised with updated LR results as available. From Jan 05 to current month, FT
House Price Index monthly forecasts of updated LR house price results are
shown.
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Also see www.ft.com/houseprices |