Differences between the main house price indices
This page details the differences in the main house price indices.
Reporting each quarter, this index (consisting at its core as simple averages per postcode) reports the actual prices paid at completion. There is no seasonal adjustment. This is the definitive source of historical house price data.
Office of the Deputy Prime Minister is now called Communities and Local Government This index measure prices at completion stage over the previous month. ODPM monthly data not seasonally adjusted.
Financial Times House Price Index
The FT (Mixed Adjusted) index weights information from the Halifax, Nationwide and Office of the Deputy Prime Minister according to their past reliability in predicting Land Registry figures. The output is smoothed to avoid the erratic month to month fluctuations observed in some other indices.
This index is based on mortgage approvals of loans agreed by Halifax Bank of Scotland (HBOS) over the previous month. It is seasonally adjusted.
This index is based on mortgage approvals of loans agreed by Nationwide Building Society over the previous month. It is seasonally adjusted.
This index is compiled from the asking prices of properties as they come on the market via Rightmove's member estate agents over the previous month. The index covers half the market. It is not seasonally adjusted.
Issues (please see main forum thread on House Prices : We belive that the index is based on initial price rather than the average price at any one time. We have also detected many grossly overvalued properties that may be skewing the index (eg http://www.rightmove.co.uk/viewdetails-4452976.rsp?pa_n=1&tr_t=buy).
- RICS (Royal Institute of Chartered Surveyors)