Press release: 12 April 2006
Today, the Internet looks set to change our lives yet again and this time in the way house price movements are monitored, thanks to a ground-breaking new Asking Price Index from Home.co.uk. The new figures are derived from the largest collection of asking prices yet amassed, from across the web, and calculated by the leading house price economists, Calnea Analytics, with unparalleled precision.
By releasing these previously unavailable figures, Home.co.uk has provided consumers and institutions alike with more independent and transparent analysis of the UK property market. In the first monthly release of the Asking Price Index, Home.co.uk reveals some painful truths about the overall performance of the property sector. The national figures clearly indicate that house prices show no sign of recovery and the much touted "soft landing" has yet to be found.
Further in-depth analysis highlights some stark regional differences across England and Wales. Southern England shows a weaker market with asking prices in the South East (Home Counties) suffering near continuous falls over the last 18 months. By contrast, the regional indices for the North of England and Wales show stronger markets that have held onto the gains from the 2003/4 property boom.
This picture is at variance with the more up-beat opinions promulgated by most of the major market commentators, many of whom have large vested interests in the UK property market. On the other hand, adherents to economic theory such as The Economist may no longer be baffled as to why their expert predictions of price falls have failed to materialise.
The independent analysis provided by the Home.co.uk Asking Price Index has been heralded as a welcome addition to an area dominated by hype and distortion. Selwyn Lim, spokesman for Calnea Analytics, points out, "The £3 trillion property market is a key component of the overall UK economy and hence analysis and comment deserves the utmost diligence and independence."
Indeed, it's a sobering thought that, whilst the cost of housing is the single most important factor affecting the economic prosperity of the majority of UK residents, there has been almost no independent analysis of UK house prices and, until now, none for asking prices. Greater market transparency will serve to better inform the investor and further enable Government and the Bank of England to eliminate the 'boom-bust' cycle.
Home.co.uk has spent the last ten years becoming the best aggregator of online property data in order to create the most comprehensive UK property search. "Thanks to our ever growing Search Index, finding property for sale online is easier than ever before." Comments Doug Shephard, Business Development Director for Home.co.uk, "We've always known that the figures we had collated contained vital information about the state of the UK housing market but it required the leading statistical and econometric expertise found at Calnea Analytics to extract it. Everyone involved is justifiably proud of the results."
The Home.co.uk technological progression has followed a similar course to the first generation Internet enablers like Google, Alexa, Wikipedia in collating and presenting information published on the web in a searchable and freely available form. Home.co.uk differs in that it focused its efforts on gathering data on a single market sector. The analysis of the data, through partnership with Calnea Analytics, to produce a House Price Index is a natural extension of these activities. For more information visit www.home.co.uk/asking_price_index.
Notes for Editors
Over the last 24 years, Home.co.uk has become established as a dynamic, innovative and ethical service. By providing the UK's most comprehensive Property Search and Estate Agents directory coupled with detailed House Price analysis, Home.co.uk delivers the real power of the Internet to inform and empower estate agents, homebuyers, renters, landlords and sellers in across the UK.
Phone: 0845 373 3580
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