Nationwide’s latest figures, plus mistake revelation for September’s
The UK House Price Index has been revised for September 2017 and Q3 2017 due to a minor error in the weighting applied to the calculations in September/Q3. The revisions are small – increasing the annual percentage change for September by 0.3 percentage points. These revisions only impact the UK monthly and quarterly all properties series; there are no changes to any other indices, including the regional data. Analysts who use this data in their own systems are advised to download the whole series and refresh their databases.
It could happen to any of us. What about October’s figures? They show a monthly rise of 0.2%, leaving annual gains in house prices at 2.5%, up from 2.3%. What does it all mean? According to comment, low interest rates and good employment data are the factors keeping annual house price growth in the 2-4% range. Clouds on the horizon include decreased demand as a fewer EU citizens moving to the UK, a factor likely to specifically hit London. Get your own copy of the report here.