New official House price index

Inflation savingsYesterday saw the launch of the new and improved UK House price index.

 

 

 

Produced monthly by the Office of National Statistics (ONS) the new format will now include a breakdown of first time buyers and new build homes, and will consist of five reports a UK summary, and four separate reports for England, Wales, Scotland and Northern Ireland.

The index data comes from a range of sources such as Land Registry, ONS, Registers of Scotland, Land and Property Services and the Valuations Office Agency. Figures published will be calculated using a geometric average and mixed adjusted to factor in the different property types likely to sell in different periods throughout the year.

Today’s release looks at results for April 2016 and shows an annual increase of 8.2% taking the average property value across the UK up to £209,054. London experienced the greatest increase in its average property value with a movement of 14.5% compared to 1.7% in Wales and 9.1% in England. UK property sales have also continued to grow rising 8.3% since the beginning of 2016.

To view the latest House price index click here.

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Posted by: Laura Ellis Categories: Economy, House Prices, Industry News, Latest News, Property Market, Uncategorized Tags: , , , Comments Off on New official House price index

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