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House price index: April 2016

The Negotiator

House price index imageA new House Price Index (HPI) has been launched by the Office for National Statistics (ONS) which replaces the previous House Price Indices separately published by ONS and Land Registry.

It presents monthly reports on house price inflation, calculated using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland.

The new style report is more useful as it has all the statistics in one place and also now includes figures for cash-buyer sales and newbuilds.

HPI headline statistics for April 2016:
  • average price of a property in the UK was £209,054
  • annual price change for a property in the UK was 8.2 per cent
  • monthly price change for a property in the UK was 0.6 per cent
  • monthly index figure for the UK was 109.6 (January 2015 = 100)

The ONS says that continuing price pressures in the housing market have coincided with strong demand indicators relative to supply indicators in recent months. However following higher rates of Stamp Duty Land Tax and Land and Buildings Transaction Tax on additional properties in England, Wales, Northern Ireland and Scotland, there are indications of a cooling in the market in April 2016.

David Brown, CEO of Marsh & Parsons, likes the new report, “This new, combined house price index gives a more accurate picture than ever before given the inclusion of cash sales and new dwellings, along with average price calculations that are less liable to volatility.”

July 1, 2016

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