What is house price index
According to The Financial Times Lexicon, House price index is a measure of the prices at which dwellings are bought and sold over time. Rightmoves index highlights changes in house prices both annually and monthly, providing an in depth view on the current state of the property market in England and Wales. The index focuses on property asking prices listed on their website and like Nationwide and Halifax only focuses on property for sale right now by measuring asking prices, it does not reflect what buyers actually pay.
Key Points January
- Active start to 2016 which looks surprisingly good news for first-time buyers.
- Price of property coming to market up 0.5% (+£1,509), the second highest Christmas/New Year period rise since 2007.
- First snapshot of 2016 sees demand surge with Rightmove visits up 21% in first working week of 2016 compared to same period in 2015.
- Welcome and unexpected surprise for first-time buyers with more fresh property choice and price standstill:6.6% year-on-year jump in number of newly-marketed properties in their favoured market sector to highest New Year level since 2007.
- First-time buyer prices have hardly risen (+0.1%, +£209) suggesting impending stamp duty levy could be having a calming influence sooner than expected.
For the full House price index visit Rightmove or click here to download the January 2015 HPI