A House Prices Index measures the price of residential housing. In the UK there is no official HPI instead various banks building societies property websites and the government maintain an Index. Below is a description of the mail indices:
- Rightmove: compiled from asking prices of properties as they come on the market via Rightmove’s member estate agents over the previous month. Not seasonally adjusted.
- Halifax: based on mortgage approvals of loans agreed by Halifax Bank of Scotland over the previous month seasonally adjusted.
- Nationwide: based on mortgage approvals of loans agreed by Nationwide Building Society over the previous month seasonally adjusted.
- DCLG (Department of Communities and Local Government): measures prices at completion stage not seasonally adjusted.
- Land Registry: uses sales data collected on all residential housing transactions whether for cash or with a mortgage and is the only index based on repeat sales. It includes figures at national regional county and London borough level.
Synonym = HPI