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House Price Indexand Key Statistics

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House Price Index

The e.surv E&W HPI is based on every residential property transaction in England and Wales, and is designed to provide a true measure of house price inflation.

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 e.surv HPI (England and Wales)) and Your Move Acadata Scotland HPI (now Walker Fraser Steele HPI (Scotland)). The Principality HPI for Wales was also launched in 2017.

Whilst the Land Registry (LR) is the only source of the final prices at which residential property is sold (including properties bought with cash- which are excluded from mortgage-based data), the problem exists that only c.38% of sales are reported in a timely fashion to the LR. These “emerging” data are insufficient to be definitive, which meant that LR data were long regarded as too “untimely” to be useful. Acadata resolved this problem using a custom-built “index of indices” methodology developed by Dr Stephen Satchell at the University of Cambridge and Dr George Christodoulakis, then at City University. The model provides the emerging % Monthly change to the average house price for both the current month and the month ahead. These are used in our e.surv E&W HPI initial release issued shortly after each month end.

Key Statistics

December Key e.surv HPI (England and Wales) Statistics

Index
317.6

Average House Price
£326,762

Monthly Change
1.4%

Annual Change
7.8%

Main Points

The Year ends on a high, up 7.8%

  • Prices have increased by 51% over the last ten years
  • The South West sees the highest increase in prices over the last year
  • Stamp duty holiday continues to support the market

November Key Walker Fraser Steele HPI (Scotland) Statistics

Index
259.5

Average House Price
£198,157

Monthly Change
3.1%

Annual Change
6.7%

Main Points

Transactions at highest level for seven years

  • House prices up by 3.1% in the month – largest increase since March 2015
  • 22 local authorities reach record average house prices in the month – itself a record
  • 29 of the 32 authorities see prices rise over month and year