Housing
Quarterly house price focus: Quarter 4 of 2005 - Mixed-adjusted house price indices and average house prices

Quarterly house price focus: Quarter 4 of 2005 - Mixed-adjusted house price indices and average house prices

Published 1 March 2006
Type(s) Research and statistics
Site Housing
Price Free

Summary

The format and content of this report was changed in November 2003 to reflect the launch of the new ODPM monthly house price index. This new index has a base of February 2002=100, so all the indices in this report (annual, quarterly and monthly) are based to Feb 2002=100.

  • The content of this report contains:
  • The main focus on data for Government Office Regions, though figures for the additional Standard Statistical Regions (North, North West, East Anglia and South East) are still included:
  • Each page of indices (in Part B) features annual, quarterly and monthly indices (and year-on-year inflation rates):
  • In Part C the tables cover mix-adjusted average prices:
  • Part D covers annual and quarterly trends in mix-adjusted average prices by type of dwelling (and by region).

The data within Part B and C are in the "Live Tables" section of our Website.

Part A: Summary Tables
An overview of key trends in house prices and housing affordability

Part B: Mix-adjusted house price indices and inflation rates
The mix-adjusted (or weighted) house price series is based on completions for house purchase that involved the taking out of a mortgage. The mix of properties (dwelling type, size and location) changes from one period to the next. Consequently a house price series that removes the effect of these changes is a better measure of true house price movement than an index based on the simple average price, which will reflect the property mix for that specific period. The index excludes:

  • sitting tenant purchases (eg "right-to-buy") 
  • cash purchases (about 25 per cent of all purchases)
  • re-mortgages and further loans

Part C: Mix-adjusted average house prices
These are the mix-adjusted average prices underpinning the indices in Part B. As the expenditure weights used in the mix-adjustment process change at the start of each calendar year, the mix-adjusted prices are not comparable between calendar years, and yearly comparisons should be made from the indices.

Note that the series of indices (in Part B) and average prices (in Part C) for new dwellings should be treated with caution - especially at the regional level. This is because of small relatively small numbers of new dwellings - and because the prices of new homes tend to be more volatile than for existing homes, often because of differences in the hidden extras that are included in one development but not in others.

Part D: Mix-adjusted house price indices and prices by dwelling type
 This section looks at the trends in mix-adjusted average house prices by type of dwelling. Since certain dwelling types are not particularly common in some regions (eg detached homes in London), a monthly series could be unreliable and misleading. So only quarterly and annual figures are shown.

General notes
 None of the series are seasonally adjusted.

A wider range of housing market data can be found in the annual Housing Statistics, available through HMSO bookshops. Further housing market tables can also be accessed through the ODPM website:

Live tables on housing market and house prices

Enquiry point:  

Office of the Deputy Prime Minister
Housing Data and Statistics, ASD
1/E2 Eland House
Bressenden Place
LONDON 
SW1E  5DU 

Tel:  020 7944 3325 

E-mail: hprices.rsls@communities.gsi.gov.uk

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