Table Of Content
This is the highest annual rise since this series began in 2006 and was up from 8.8% in February 2024. The average private rent in Great Britain was £1,246 in March 2024, which is £104 (9.1%) higher than 12 months ago. 3) Due to a 30- to 45-day lag time from loan origination to Enterprise funding, FHFA receives data on new fundings for one additional month following the last month of the quarter. These fundings contain many loans originating in that most recent quarter, and especially the last month of the quarter.
Rent-To-Price Ratio
Ceredigion showed the highest annual percentage change, rising by 3.5% to £248,000 in the 12 months to February 2024. In contrast, Newport showed the lowest annual percentage change, decreasing by 7.5% to £220,000 in the 12 months to February 2024. This new release uses the Price Index of Private Rents (PIPR) to provide more insight into the UK private rental sector and includes headline UK HPI statistics.
Property status
Housing prices in your area Interactive tool | Released 17 April 2024 Find house prices and private rental prices for local authority areas across Great Britain. Since the Price Index of Private Rents (PIPR) measures rent price changes of the entire privately-rented stock, changes in new-let annual inflation from supply and demand pressures take time to be reflected in PIPR. The rise in Scotland’s annual inflation rate in recent months is more reflective of Scotland’s average house price falling this time last year, rather than increasing in recent months. This is known as a base effect, as explained in our Beware base effects blog. Scotland's average house price fell in winter 2022 to 2023, reaching a low point in February 2023. Scotland's average house price returned to mid-2022 price levels by mid-2023 and has since remained comparatively stable.
Private rent and house price data
Actual transactions prices are used to compute an Index reflecting the market trends. 2) Fannie Mae and Freddie Mac (the Enterprises) purchase seasoned loans, providing new information about prior quarters. With the release of the 2012Q2 data a small but notable revision was made to how the HPI is calculated. The revision impacts the all transactions index (HOFHOPI) at the state and national level for the full history of the series (back to 1975Q1). The House Price Index is also used to establish conforming mortgage loan limits, which are based on the annual Q3 change in HPI.
Releases
Freddie Mac House Price Index Increased in February; Up 5.9% Year-over-year - Calculated Risk
Freddie Mac House Price Index Increased in February; Up 5.9% Year-over-year.
Posted: Tue, 02 Apr 2024 07:00:00 GMT [source]
View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI. The March 2024 UK HPI will be published at 9.30am on Wednesday 22 May 2024. For months, Ukrainian military officials have complained that political paralysis in the U.S. Congress had created critical munitions shortages in the war against Russia. Ukrainian troops on the front lines have had to ration shells, and morale has suffered. A sizable amount is set aside to replenish U.S. defense stockpiles, and billions more would be used to purchase U.S. defense systems, which Ukrainian officials say are badly needed.
The Cost of Living (Tenant Protection) Scotland Act capped in-tenancy rent price increases at 0% (and up to 3% in certain circumstances) from September 2022 until 31 March 2023. Between 1 April 2023 and 31 March 2024, this rent price-increase cap was 3% (and up to 6% in certain circumstances). From 1 April 2024, temporary changes to the rent adjudication system restricts rent increases for existing tenants who apply for rent adjudication. A non-seasonally adjusted series is one that includes seasonal or calendar effects. House Price Indices (HPIs) have been produced in the UK since around 1973, initially by mortgage providers and more recently by government bodies.
Geographies with low number of sales transactions should be analysed in the context of their longer-term trends rather than focusing on monthly movements. PIPR replaced the Index of Private Housing Rental Prices (IPHRP) and Private Rental Market Summary Statistics (PRMS) in March 2024. PIPR produces rent prices that are comparable over time (unlike PRMS) and publishes at increased geographic granularity than IPHRP.
Fannie Mae is a government-sponsored enterprise (GSE) that is listed on the public market yet operates under a congressional charter. It does this by purchasing and guaranteeing mortgages from the actual lenders, such as credit unions, and local and national banks—Fannie Mae cannot originate loans directly. In Wales, semi-detached houses had the highest annual inflation out of all property types, decreasing by 0.4% in the 12 months to February 2024 to £206,000. Terraced houses showed the lowest annual inflation, falling by 2.5% in the 12 months to February 2024, to an average price of £164,000.
For years in which decennial census data are available, the share from the relevant census is used. For intervening years, a state’s share is the weighted average of the relevant shares in the prior and subsequent censuses, where the weights are changed by ten percentage points each year. For example, California’s share of the housing stock for 1982 is calculated as 0.8 times its share in the 1980 census plus 0.2 times its share in the 1990 census. For 1983, the Pacific Division’s share is 0.7 times its 1980 share plus 0.3 times its 1990 share. The FHFA HPI covers far more transactions than the Commerce Department survey. The CQHPI covers sales of new homes and homes for sale, based on a sample of about 14,000 transactions annually, gathered through monthly surveys.
In February 2024, the most expensive area to purchase a property was Monmouthshire, where the average cost was £333,000. In contrast, the cheapest area to purchase a property was Blaenau Gwent, where the average cost was £127,000. Comparing the provisional UK HPI volume estimate for December 2022 with the provisional UK HPI estimate for December 2023, the volume of transactions decreased by 44.3% in Wales and decreased by 42.3% in the UK.
Please review the copyright information in the series notes before sharing. FHFA uses the revised Metropolitan Statistical Areas (MSAs) and Divisions as defined by the Office of Management and Budget (OMB) in the latest year. Comparing the provisional UK HPI volume estimate for December 2022 with the provisional UK HPI estimate for December 2023, volume transactions decreased by 44.3% in Wales.
Beginning with release of the August 2008 data the OFHEO indexes have been renamed. Since OFHEO is now part of the Federal Housing Finance Agency (FHFA), the series are now referred to as the FHFA Home Price Indexes. FHFA requires that an MSA (or Metropolitan Division) must have at least 1,000 total transactions before it may be published. Additionally, an MSA or Division must have had at least 10 transactions in any given quarter for that quarterly value to be published. In an Economic Letter written by the San Francisco Federal Reserve, Economists there proposed to measure the fundamental value of housing using the price-rent ratio.
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