Index Halifax

1. The index of the Financial group Halifax

Halifax (Halifax) is a part of financial giant LloydsBankingGroup – the UK’s largest mortgage lender.

The index shows the average price of purchase agreements of real estate based on real estate transactions concluded in the UK for mortgage lending from the Bank Halifax, as well as the percentage change in property prices in the UK for month and year. Quarterly Halifax index shows regional data on real estate transactions in the UK when obtaining a mortgage Bank Halifax.

The Halifax index is based on data received from transactions for the sale of real estate from all over the UK and formed a full calendar month: from 1st day of the month to the last day of the month.

First Halifax started publishing data on real estate transactions in the UK in January 1983, but the index was introduced in April 1984. The index takes into account seasonal price fluctuations.

How is formed the index? Halifax is processing data about real estate transactions in the UK such as follows: it “standartisied” the numbers in such a way that maps the set of house prices every month, using the notion of a “Typical house” – the house that contains a set of specific criteria, such as number of rooms, availability of Central heating, whether there is a garden and uses it for pricing. This method of pricing is called “Hedonic method” . For the formation of the index on annual changes in prices, are real estate prices in the UK for the last three months and compared with prices in the same period last year.

Why it makes sense to trust this index-an index has established itself as the index of the UK’s largest mortgage financial institution for about 30 years using these data.

But there are some skeptical points that cannot be ignored – in the case when the share of Halifax accounts for a small number of transactions is large enough, the probability of error of the index. It is also necessary to consider the geographical factor – historically Halifax more transactions committing on the North of the UK, so its notion of a “typical house” may not really fit the average “typical home” in the UK.

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