Monthly UK House Prices Fall, But Which Areas Benefited Most During the Pandemic?
- By Sam van de Schootbrugge
- 2 min read
Nationwide announced today that average house prices in January fell 0.3% on the month. The news comes two weeks after Rightmove released its January figures showing a 0.9% MoM fall in asking prices (Charts 1 and 2). Nationwide is the timeliest source of actual house prices, with their data based on Nationwide mortgage applications. Halifax is due to release its data at the end of this week.
According to the latest data, average UK house prices now stand at £229,750, down 0.3% MoM but up 6.4% YoY. Nationwide’s house price estimates have historically followed the more accurate, but less timely, Land Registry data closely (Chart 3). Correlation between YoY changes in both series since 2010 is 0.87.
This article is only available to Macro Hive subscribers. Sign-up to receive world-class macro analysis with a daily curated newsletter, podcast, original content from award-winning researchers, cross market strategy, equity insights, trade ideas, crypto flow frameworks, academic paper summaries, explanation and analysis of market-moving events, community investor chat room, and more.