House Price Analytics, an interactive resource that puts all the latest UK house price data in one place for the first time will bring together data from main house price indices.
The free-to-download House Price Analytics app uses information from Rightmove, Zoopla, Halifax, Nationwide, LSL and eighteen years of house price data from HM Land Registry to enable home buyers and sellers to better understand house price figures in their respective context.
It looks to reveal the real reasons why some portals suggest the average asking price for a home in the UK is £252,418 when other indices state the average price of properties sold is £167,063.
House Price Analytics uncovers the facts behind the headlines. Developed jointly by UK property market experts, Agent Analytics, and Roambi, the business app that redesigns the way you experience data, House Price Analytics enables property market observers, homebuyers and sellers, and estate agents to make far more accurate and informed observations about the UK property market. By gathering all the main indices on one app, House Price Analytics reveals some major index misinterpretations:
The disparity between a house price portal’s suggested asking price and HM Land Registry’s reported sold price is currently 47.4% nationally. This suggests that the "real" asking price actually averages out at just £175,486, not the £252, 418 suggested by the portals. Home sellers would need to sell for at least 40% more than this if they are to get anywhere near the price the portals suggest.
The asking prices used by some house price portals in compiling their indices are ‘initial asking prices’ representing properties new-to-market the preceding month only. They do not take account of an average 28.7% price reduction during the period in which the property is marketed before a sale is achieved.
In addition to exposing property market misinterpretations, House Price Analytics empowers homebuyers and sellers to understand everything from seasonal fluctuations to average speed of sale with the wave of a finger. Easy to understand visualizations enable users to interact with charts of asking price/sold price movements between different time periods, based on index chosen.
Commenting on the innovation, Richard Rawlings, one of the UK’s most prominent property market commentators and the visionary behind House Price Analytics, said, "The use of data analytics to reveal misinterpretations in the reporting of house prices will prove to be an invaluable tool in the great UK property-price debate.
"For the first time, House Price Analytics gathers all of the information and data in one place, and the findings are already astounding. House Price Analytics gives users highly interactive visualisations of the various indices to provide far greater detail about average speed of sale, transactional volumes, percentage of asking price achieved, time on the market and much more so they can make accurate and informed decisions. We are proud to launch a tool that helps the consumer obtain a more intelligent view of the property market. It’s also free and fun to use!"
