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From 24th October, we’re replacing the Hometrack House Price Survey with the new UK House Price City Index, tracking house prices across 20 UK cities, plus regions.
Why the change?
The Monthly National Housing Survey is based on the answers to 11 questions we have been asking agents and surveyors for the last 14 years. When we started in 2000, data on the housing market and the underlying trends was hard to obtain and since then we have collected data from over 3.5m agents.
The changing availability of market data means it is possible to analyse trends based on real data rather than surveys and, perhaps more importantly, drill this data down to a more localised level. This approach of using data and insight to deliver answers to help businesses make better decisions is what Hometrack does day to day in the UK, Australia and Europe.
What is the UK House Price City Index?
Hometrack has been producing localised house price indices for the last 12 years based on recorded sales and mortgage valuations. These localized indices are a key component of our automated valuation model which is used by four of the top 5 lenders in the UK. This series of highly granular indices has remained proprietary to Hometrack and unpublished to date.
We’ve now decided to publish a set of indices using the same underlying data and methodology for 20 UK Cities. Alongside these City series we will be making available monthly house price indices for the UK, English Government Regions, Wales, Scotland and Northern Ireland via our website.
Hometrack’s Monthly UK House Price City Index will offer a detailed yet digestible analysis on monthly changes in house prices for 20 key cities across the UK enabling a narrative and discussion on the market at a sub-regional level. Cities are the focus of economic and demographic change in the UK and globally. The recent independence debate in Scotland and its impact on Government means greater focus on cities and city regions as a policy base. Cities create platform analysis of other important metrics such as housing affordability, new supply and the rental market.
What makes it unique?
The Hometrack UK City House Price Indices are unique in that:
City house price inflation is running at 5.3%. The sharp slowdown in London house price growth over the last year has reversed with an increase in the annual rate over the last month rising from 2.3% to 2.8%.
City house price growth is proving resilient with average prices up 5% in 2017H1. Birmingham is the fastest growing city while 4 low growth cities are registering house price falls in real terms.
City house price growth is slower than a year ago but average prices increased 3.5% in last 3 months. There is material upside for house prices outside southern England. In London the rate of growth has dropped from 13% to 3% in the last 12 months.
City house price growth is running at 5.3%, down from 8.7% in April 2016. Eleven cities have a faster rate of growth than 12 months ago. Manchester is the fastest growing city while price inflation in London is at its lowest level for 5 years.