House Prices Are Up Again…
Every month The Halifax produces a report called the House Price Index, which tracks the value of property from month to month.
Their house price information is derived from Nationwide lending data for properties at the post survey approval stage. They have the longest unbroken run of house price data – it stretches back to 1952 on a quarterly basis and from 1991 on a monthly basis.
So it gives a fairly accurate picture of the value of property, not just in Surrey and Hampshire, but throughout the UK.
From their website : Nationwide house prices are mix adjusted – i.e. they track a representative house price over time rather than the simple average price. They do not use the simple average price because it is too easily influenced by a change in the mix (i.e. proportion of different property types, locations etc) of houses.
Although it remains similar to the Halifax method they substantially updated their system in 1993 following the publication of the 1991 census data. These improvements mean that their system is more robust to lower sample sizes because it better identifies and tracks our representative house price.
All this is great news for people looking to get a remortgage in the Camberley area
Highlights for 2013-2014
- UK house prices increased by 0.6% in February and were 9.4% higher than February 2013
- Prices are around 3% below 2007 peak
You can get the full report here
So if you are still renting, now is the time to get that deposit together and give us a call at our Frimley High Street Office
Michael
