A Comparison of House Price Indices - Summary Table
Comparison of the popular house price indices used in the UK residential market. View graphs of the house price indices
| Rightmove | Halifax | Nationwide | FT HPI-MA | DCLG (ODPM) | Land Registry LR-HPI | Land Registry (old version) | Hometrack | |
| Type of Index: | Asking Price Index | Sold Price Index | Sold Price Index | Combined Price Index | Sold Price Index | Repeat-sales index | Sold Price Index | Market Price Survey |
| Published by: | Rightmove.co.uk | Halifax | Nationwide | Financial Times, Academetrics | DCLG | Land Registry | Land Registry | Hometrack.co.uk |
| Methodology: | Mix Adjusted | Hedonic Regression | Hedonic Regression | combined index: forecast + Land Registry transactions | Hedonic Regression | Repeat-sales Regression (RSR) | Simple average, Transactional | Less than transparent, re-based in Sept 2005 when drifted too far. |
| Data Source: | asking price listing on Rightmove | Mortgage approvals for house purchase | Mortgage approvals for house purchase | Mix of predictors, LR transactions |
Mortgage completions, CML sample | Registered transactions, 100% of sales England and Wales | Registered transactions, 100% of sales England and Wales | Survey of Estate Agents |
| Sampled at: | first listed | mortgage approvals stage | mortgage approvals stage | timely, forecast: mortgage approvals; later, authoritative: sale registration |
completion | sale registration stage (but collated for HPI using the completion date) |
sale registration stage | loosely defined - but a general "market level" as estimated by estate agents. |
| Data Cleaning: | outlier removal, 2 times standard deviation | |||||||
| Sampling Lag:1 | -10 weeks | +4 weeks | +4 weeks | +4 forecast, +15 LR data |
+9 weeks | +15 weeks (+9 weeks3) |
+15 weeks | +4 weeks |
| Publishing Lag:1 | +6 weeks | +6 weeks | +6 weeks | |||||
| Seasonally adjusted: | no | yes | yes | yes | no | yes | no | no |
| Mix Adjusted: | yes | yes | yes | yes | yes | yes | no | no |
| Calibration:2 | Mean, Valuation | typical house (median) |
typical house (median) |
mean | mean | mean | mean | unclear |
| Measures: | Price of housing stock | Price of a 'Halifax' representative house | Price of a 'Nationwide' representative house | Price of an average transacted house | Price of an average transacted house | Price of an average transacted house | Price of housing stock | |
| Frequency: | monthly | monthly | monthly | monthly | monthly | monthly | monthly | monthly |
| Overall Quality: | ||||||||
| Notes: 1. The timeline represents different points in the process of buying a house and it's convenient to take zero as representing when a verbal offer is accepted. Sampling lag, point along timeline when the price data is sampled; publishing lag, point along timeline when it's published. 2. Different indices represent the value of a typical house in different ways, for example: a typically transacted house, median value, mean (simple average) value, and so on. 3. LR-HPI is based on sale registrations received (eventually) by LR but is collated for monthly HPI purposes using the sale completion date. |
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