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Buying Plan Step 1 extra: Brief summary of current house prices reports
Back to main page Step 1 Researching the market
Use national house prices reports as a guide to trends
House price statistics can appear contradictory. They only provide a snapshot of the market at one particular point in the selling/buying cycle.
Rightmove quotes asking prices, not the price at which homes sell. It's valuable to show trends in the current market, but should be looked at in conjunction with other data.
Nationwide & Halifax based on sale prices of homes for which they approve mortgages in the previous month.
Hometrack reports are based on prides agreed by agents between sellers and buyers. They may be open to renegotiation. As with Rightmove they're a useful guide to current trends.
Always research your local market to negotiate better
These reports help form a picture of market trends over time. But this data cannot replace local research. There are usually large regional variations in house prices.
Local research over enough time is always the most important factor in negotiating on price with agents.
Rightmove.co.uk 
This site gives a quick indication of the market's reaction to changes in interest rates/market conditions. It reflects current sellers' asking prices. The site also comments on how long homes are taking to sell. If sellers are finding it harder to find buyers, they will have to ask less.
Bear in mind not all sellers will react immediately when prices fall. Their homes may be overpriced.
Nationwide Reports past sales. These will be of less relevance now the financial circumstances have changed.
Halifax Reports past sales. These will be of less relevance now the financial circumstances have changed.
Hometrack Reports on sale prices agreed between sellers and buyers, as reported by the selling agents. Also comments on how long homes are taking to sell. Worth watching to see how the market is reacting to the changed financial situation.
Land Registry is the most complete and accurate record as it records every sale price in England and Wales, but lags behind the market as reports are quarterly. See links to Land Registry prices
Back to main page Step 1 Researching the market
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*Based on monthly reports from Halifax, Nationwide, Rightmove, Hometrack.
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Some sellers who ask too much may run out of selling time
It's worth remembering some sellers may fail to react to reducing prices.
If they ask too much they could run out of selling time and have to be very realistic on price.
Watch for price reductions, homes that seem to be sticking.
Negotiate better: start your research early
Give yourself maximum negotiating power.
Build your market knowledge early, well before buying a home.
When finding a house to buy you'll be in a strong position to:
Pitch your offer at the right level
Target the lowest price
Negotiate better with agents
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Scotland. Property law differs
Property purchase is by sealed bid. General advice, research, planning a purchase should be helpful. The sections on negotiation won't apply.