The Rightmove House Price Index – The Facts
The Rightmove House Price Index is released on the third Monday of every month, reporting the average asking price of new properties listed for sale in England and Wales.
Since launching in 2002 the House Price Index has grown to become a major voice in reflecting current trends within the UK property market. As well as the average asking price based on around 90% of new properties coming to market, Rightmove is in a unique position to be able to report indicators such as average time on market, stock per branch and weekly run-rate of new listings.
The average asking price is calculated for all new listings brought to market within the monthly reporting period. Rightmove do not seasonally adjust, so the data reported in the index reflects the traditional seasonal fluctuations of the UK housing market. For example the average asking price in February has been higher month-on-month than January in every year of the House Price Index, reflecting the increased optimism that New Year sellers tend to have in bringing their property to market.
The performance of a local property market can differ greatly from location to location, so the monthly change in the national average asking price may not reflect what’s happening in your own area. Rightmove always advise that you seek the advice of a local estate agent or lettings agent to get an expert of view on your local property market. However, there are certain trends and insights that can be picked up from the House Price Index that may be worth factoring in as part of your own research, especially in conjunction with Rightmove’s sold prices section which reveals exactly how much properties are being purchased for.
