Rightmove launches predictive property price index

Property website, Rightmove, is backed by four of the country’s seven largest estate agency businesses: Countrywide Assured, Connells, Royal & Sun Alliance and HBOS.

The Report’s Asking Price Trend is based on asking prices of properties marketed by Rightmove’s 2,900 member estate agents. This makes the Report totally different from other house price indexes as it will act as an indicator of where the housing market is going, rather than a historic ‘snapshot’ of what has happened in the past.

Rightmove covers some 30 per cent of all estate agents and showcases a stock of about 140,000 properties throughout England and Wales. The Report is therefore based on the largest sample of data of any survey (apart from the Land Registry, which covers all transactions on a historical basis).

The Report issued next week will include new instructions up to the previous weekend, so it will be bang up-to-date. It will provide average prices, percentage change over one month and over 12 months, and a breakdown by geographic region and by property type (using the same split as the Land Registry).