Consensus | Consensus Range | Actual | Previous | |
---|---|---|---|---|
Month over Month | 0.1% | -0.1% to 0.1% | 0.2% | 0.4% |
Year over Year | 1.1% | 1.1% to 1.2% | 1.5% | 1.3% |
Highlights
However, the 3-monthly change eased further, from 0.3 percent to 0.0 percent, its weakest reading since the three months to October last year. This suggests that the underlying trend in prices is now only broadly flat. Market activity remains relatively subdued with high mortgage rates and affordability issues hampering demand but strong earnings growth and tight supply still providing some support. Nonetheless, overall, the housing market remains resilient.
More generally, today's update puts the UK RPI at minus 17 and the RPI-P at minus 19. UK economic activity is falling somewhat short of market forecasts.
Market Consensus Before Announcement
Definition
Description
Although the Nationwide data are calculated similar to the Halifax method Nationwide substantially updated their system in 1993 following the publication of the 1991 census data. These improvements mean that Nationwide's system is more robust to lower sample sizes because it better identifies and tracks representative house prices. Historically, the data go back to 1952 on a quarterly basis and 1991 on a monthly basis.
Over long periods the Halifax and Nationwide series of house prices tend to follow similar patterns. This stems from both Nationwide and Halifax using similar statistical techniques to produce their prices. Nationwide's average price differs because the representative property tracked is different in make up to that of Halifax.