The Nationwide Building Society announced their November house price index this morning. It shows a rise in home values of 0.4% compared to October and an annual figure that is up 1.6% on this time last year. The typical UK home is now worth £165, 798.
Or is it?
The Rightmove house price index says that it’s £232,144, albeit that their index demonstrates asking prices rather than sold prices. (But what a reality gap that is!).
And the Halifax, in contrast to Nationwide, have published stats showing that prices are DOWN 1.8% year on year.
As we’ve said before, house price indexes should be viewed with huge scepticism. There are seven different sources that publish their view on property values regularly now and they are all different. Contradictory in fact.
So here’s the thing. Because each individual announcement is confused by the next, we have researched all of them and aggregated their results to come up with one ‘poll of polls’.
On that basis, in November, house prices dropped 0.6%. Annually, they are down a smidgeon under 1%.
Check back here each month for the Emoov House Price Poll of Polls. It’s the most accurate index in the UK.