Are you confused by all of the different house prices figures?
Read the latest Expert View by our Sales Manager Tim Bourne, who sheds some light on the sometimes confusing house price indices published by the Government and mortgage lenders.
"The Halifax, Nationwide, Hometrack, the UK House Price Index (HPI), Rightmove…the list seems endless.
"It can be confusing, especially when there are conflicting figures as happened recently with the Nationwide and Halifax when one lender showed a slowdown in house price increases while the other reported a rise.
"The various indices tend to be judged on different criteria with statistics taken at different stages of the chain.
"For example, the UK House Price Index (HPI) uses house sales data from the HM Land Registry and is calculated by the Office of National Statistics.
"The Halifax House Price Index is based on mortgage transaction data while one of the best well known industry indices is based on asking prices.
"They are all good barometers in their own way and it is right that homeowners and househunters are informed about property values but it is also worth remembering that property prices can be very localised.
"National, regional and even citywide prices can vary, so wider trends may not necessarily apply at a local level where the picture may be very different.
"Perhaps, the most important factor is to get the right valuation for a property in the local market.
"This is where local knowledge, local contacts and local expertise really prove their worth.
"A local expert from the Portsmouth Property Association will have the best local knowledge, have highly trained and professional staff and a strong relationship with the local community.
"A PPA estate agent should know the local market inside out and be able to give an accurate and realistic valuation for a property depending on its own individual circumstances and the wider market conditions.
"Members of PPA also deliver expert bespoke services across the property board – whether it is conveyancing, surveys or mortgage advice; all with the benefit of years of experience.
"So, by all means, study the house price indices as a starting point and then speak to a local expert who will be able to give a much more detailed insight into your own personal position."
Visit the Portsmouth Property Association (PPA) at http://portsmouthproperty.co.uk/ to find out more.
You can also speak to Tim or one of our expert sales professionals about a free market appraisal for your property and for advice about the housing market in general.