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CLG house price index
The Communities and Local Government have recently released details regarding its House Price Index and we have received this comment from the Royal Institute for Chartered Surveyors( RICS) and RICS chief economist Simon Rubinsohn, said “The latest house price statistics from CLG add to uncertainty about the current state of the residential market. The 0.7 per cent gain recorded in May on this series is stronger than the increase suggested by the Nationwide Building Society (for the same month) and contrasts with the declines reported by Halifax and the Land Registry. This divergence in part reflects the fact that the indices are gathering price data at different points in the house purchase process. However, relatively low transaction volumes may also be adding to the volatility of the individual series.
“The key indicators from the latest RICS Housing Market Survey all suggest the second half of the year will be softer in terms of pricing that the first half. New instructions are now outstripping buyer interest and this has been reflected in the RICS price expectations series turning negative. The regional dimension is likely to remain significant, however. Price expectations are still positive in London, South East, Scotland and East Midlands but strongly negative in Wales, East Anglia and much of Northern England.”
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