UK households perceive that value of their home rose
This is according to the latest House Price Sentiment Index (HPSI) from Knight Frank and IHS Markit.
August’s reading was the thirteenth consecutive month that the index has been in positive territory, following the post-referendum low in July 2016.
The perceived rate of growth was slightly higher than in July, which suggests that households perceive the rate of house price growth has risen compared with the previous month.
Some 16.2% of the 1,500 households surveyed across the UK said that the value of their home had risen over the last month, while 7.0% said that prices had fallen. This resulted in an HPSI reading of 54.6.
On a slightly longer three-month rolling basis, the index stands at 54.0, just below the overall average for 2017 of 55.7.
Any figure over 50 indicates that prices are rising, and the higher the figure, the stronger the increase. Any figure below 50 indicates that prices are falling.
Households in ten of the 11 regions covered by the index perceived that the value of their property rose over the past month, with households in the North East (48.1) the exception.
Households in the South East (61.2) reported the biggest rise over the course of the month, followed by those in the East of England (58.9).
In London, there was a softening in sentiment to 55.5 from 57.7 the previous month, mirroring the slowdown in the capital reported by other housing market indicators. ■