Index Rightmove

Rightmove is the largest web site and Internet portal offering property in the UK and covers 90% of all real estate agencies in the UK.

The index is based on average asking prices published on the site of Rightmove estate UK on sale over the past month and the percentage change during the month and throughout the year.

The index covers the territory of England and Wales.

Data is taken every second Sunday of each month – it could be four or five weeks, it all depends on how many weeks fell in the calendar. For example, data for March take the second Sunday of March.

Data are based on prices for new property added to the list on the Web site Rightmove in the last month – usually about 30,000 – 40,000 properties in a week, or about 120,000 per month.

The data for the index started to collect since the beginning of August 2001, reports began to form, beginning in August 2002.

The index does not take into account seasonal fluctuations.

The data for forming the index are handled as follows:

Deals in property prices, with prices that deviate from the average in any direction are removed from the calculation to avoid distortion of prices. The exception may be several thousand objects. These are mixed and they exclude other distortions – for example, if too large number of apartments in the UK were sold in the current month compared to houses. The data obtained are used to calculate average national prices.

The Rightmove index is formed from actual real estate prices, which really on the market at the moment. Involved data that covers 90% of the market – recent and monthly updated actual housing prices is a real indicator that reflects the state of the property market in the UK.

However, skepticism about the index is based on the fact that the index is based on the offer price – the price of the transaction upon completion of the process of obtaining credit, registering in the Land registry may be different.

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