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LSL Acad HPI 

In 2003, Acadata pioneered use of Land Registry (LR) data for a mainstream house price index, launched by the Financial Times as the FTHPI. In 2010 LSL Property Services plc assumed the preparation costs from Acadata, rebranding the index as the LSL Property Services/Acadata HPI; now LSL Acad E&W HPI, Your Move Acad Scotland HPI; also Acad Wales HPI launched 2011.

Using a 2002/3 purpose built “index of indices” forecasting methodology developed by Dr Stephen Satchell at the University of Cambridge and Dr George Christodoulakis, then at City University, Acadata resolved the problem that only c.38% of sales are promptly reported to LR; an insufficient sample to be definitive. For finality, our LSL Acad HPI “forecast” is updated monthly until every transaction is included. Effectively, an October LSL Acad E&W HPI “final” result, published with the December LSL Acad HPI “forecast” is definitive.

Is this untimely? Not compared with the highly reputed USA S&P Case-Shiller HPI for which e.g. the October 2012 was published on 26th December. Since this Case-Shiller index provided an average of the August, September and October results, the results were effectively centred on September, meaning a 3 month lag. An October LSL Acad HPI “final” is averaged over September, October and November, centred on October and published 11th January; a 2½ month lag. For serious users, we believe that only Land Registry and Registers of Scotland (RoS) provide the factual data requisite for definitive HPIs and that a delay before the results are final is a worthwhile price to pay.

Indices seek to provide an accurate measure of house price inflation. But our “Comparison of Indices” published in our monthly LSL Acad E&W HPI News Release shows by how much they frequently differ. Our “A 'True Measure' of House Price Inflation?" paper shows how closely or otherwise our LSL Acad E&W HPI “forecast” and other principal indices anticipate a calculated benchmark. Indices also measure the level of house prices as well as their monthly and annual changes. Our "Which House Price Index?" paper explains.

As FTHPI, our index was chosen by the Chicago Mercantile Exchange, the world's largest derivative exchange, for a possible residential house price derivative, put on hold by the 2007 financial crisis. LSL Acad E&W HPI is released for publication on the Thursday before the second Friday of every month. Our Your Move Acad Scotland HPI and Acad Wales HPI follow for downloading from our website. The downloadable documents below include our latest News Release and full historic data series.



MAY KEY LSL Acad E&W HPI STATISTICS
 
Index
268.8
Average House Price
£277,178
Monthly Change
0.4%
Annual Change
4.5%
 
MAIN POINTS
  • House prices hit new highs in May despite slower growth

  • Average house prices in England and Wales at new high of £277,178 – fourth price record set this year

  • Monthly property price growth picks up to 0.4% – but still only a third of what it was a year ago

  • London knocked into fourth place in regional rankings of growth, and price rises accelerating in North

  • Home values in Kensington & Chelsea now 16% below autumn 2014 peak, as higher stamp duty bites

  • Home sales in May down 14% year-on-year, as lack of supply suppresses housing market activity
 

APRIL KEY YOUR MOVE Acad SCOTLAND HPI STATISTICS
 
Index
242.3
Average House Price
£184,970
Monthly Change
-1.6%
Annual Change
14.6%
 
MAIN POINTS
  • House prices drop £3,000 in April after pre-LBTT boost

  • Scottish house prices fell 1.6% in April – the largest monthly fall since 2009, after new LBTT introduced

  • Buyers rush through 83 £1m+ sales in March to beat higher tax, but no million pound homes sold in April

  • Islands weather monthly slowdown on the mainland – with Orkney, Eilean Siar and the Shetlands seeing biggest boost in values during month of April

  • April home sales up 18% month-on-month, and 4% higher than a year ago as result of stamp duty changes
 

APRIL KEY Acad WALES HPI STATISTICS
 
Index
251.9
Average House Price
£164,280
Monthly Change
-0.3%
Annual Change
2.9%
 
MAIN POINTS
  • Prices fall £512 in April, a decrease of -0.3%

  • Largest reduction of any England & Wales authority in Conway and Blaenau Gwent at -5.6%

  • Carmarthenshire has highest annual average price rise in England & Wales at +16.4%

  • Transactions fall -5.6% in April to 2,875
 

AVAILABLE HERE

LSL Acad E&W HPI May 15 published 11th June 15 News Release and accompanying:

Your Move Acad Scotland HPI April 15 published 17th June 15 News Release and accompanying:

Acad Wales HPI April 15 published 24th June 15 News Release and accompanying:

LSL Acad HPI Archive

Comparison of house price growth over the past 10 years

 

 

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