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House Price Indexand Key Statistics

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House Price Index

The e.surv Acadata 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 Acadata HPI (England and Wales)) and Your Move Acadata Scotland HPI (now Walker Fraser Steele Acadata 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 Acadata E&W HPI initial release issued shortly after each month end.

Key Statistics

August Key e.surv Acadata HPI (England and Wales) Statistics

Index
316.1

Average House Price
£328,434

Monthly Change
-1.4%

Annual Change
5.0%

Main points

Annual prices continue to soften in August  

  • London prices fall by modest amount on an annual basis
  • Flat prices fall by 7.9% annually in August
  • The North West continues with highest annual growth rate at 13.8%

July Key Walker Fraser Steele Acadata HPI (Scotland) Statistics

Index
272.3

Average House Price
£207,877

Monthly Change
2.9%

Annual Change
11.0%

Main Points

The average house price in Scotland reaches new record level

  • July sees largest increase in average price in a month since March 2015, up by £6,000
  • Lack of properties on the market helping to support values
  • 2021 has highest number of sales over £750k of last seven years