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FT House Price Index – November 2004
The November FT House Price Index, calculated by Acadametrics to foreshadow the Land Registry results, continues to show a steady fall in annual house price inflation. The annual change in house prices of 12.5% is the lowest since November last year. The seasonally adjusted monthly rate of house price inflation declined in November to 0.2%, the lowest since May 2003, suggesting that the slight flurry in house prices over the summer has now ended.
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 % |
|
November 2004 |
£186,014 |
178.4 |
0.2 |
12.5 |
|
October 2004 |
£185,614 |
178.0 |
0.8 |
14.3 |
|
September 2004 |
£184,211 |
176.7 |
0.9 |
15.8 |
|
August 2004 |
£182,487 |
175.0 |
1.4 |
16.9 |
|
July 2004 |
£179,938 |
172.6 |
1.4 |
17.7 |
|
June 2004 |
£177,484 |
170.2 |
1.2 |
17.8 |
With most indices tending to oscillate from one month to another when the market is turning, the FT House Price Index has been able to depict an underlying trend of steady decline in the annual rate of house price inflation since June. This is despite the fact that monthly increases strengthened from May and reached their peak in August as the month on month increases never matched the rises of the equivalent months last year. The Land Registry and the FT House Price Index have recorded no falls in house prices in the year to date.
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Also see www.ft.com/houseprices |