The LSL/Acadametrics house price index was published today and showed that the market is going nowhere fast! Based on transactions for residential properties in England and Wales, the index showed no change over the year to March. (That’s why the chart barely shows a bar for the latest month!). The national average house price has been between £221,000 and £224,000 for over a year. Two years ago, the average was £202,000.
LSL/Acadametrics House Price Index (annual % change)
LSL Prop./Acad. House Price Index (annual % change), monthly, UK from Timetric
A month-on-month comparison shows a small drop of -0.1% in house prices between February and March this year but that came after two mini m/m rises in each of January and February.
Multiple institutions’ measure of house prices
LSL Property Services/Acadametrics HP Comps from Timetric
Most of the measures are showing broadly the same trend but are, in detail, a bit different. Remember to zoom in on our charts – by clicking and dragging – to see the last few months in more detail. Halifax and Hometrack are the weaker two at the moment.
Volatility in the housing market means that the monthly percentage change figures are far from reliable. In the last six months or so, the recorded fluctuations of house prices in one month have ranged between +3% and -3%. All in all house prices have remained relatively static!
The London Effect
The latest figures are a reminder that there is not a single market across the country. Since the beginning of 2011, house prices outside London have fallen a bit over the year, yet including London, prices are up slightly.