Index Nationwide

Nationwide (Nationwide) – the largest in the UK, the community builders and one of the largest mortgage lenders.

The index shows the average price, which was formed as a result of the concluded transaction of sale of UK property by obtaining a mortgage from Nationwide ( Nationwide) and changes in price during the month and throughout the year. The quarterly survey reflects the regional data for all regions of the UK.

The index covers the whole of great Britain.

The creators of the index claim that it covers a calendar month, but since it is published before the end of the month, Nationwide doesn’t report, what dates it covers, citing a commercial secret.

The data underlying the index are based on transactions involving mortgages that are under negotiation in Nationwide and has already received the conclusions of the evaluators. Nationwide claims that he is using about 10% of all real estate transactions in the UK in recent years.

To generate the index started to be collected quarterly figures on real estate transactions in the UK since 1952, and since 1991 started to process the data about the monthly sales. In 1993, with the formation of the index was the change of methodology.

The index takes into account seasonal fluctuations.

The index is formed as follows:

Certain types of transactions are removed from the dataset, including transactions under the scheme “buy-to-let” and “right-to-buy” are also very small and very large homes (there is a special limit for each type of houses), then prices are mixed and averaged in order to achieve the concept of a “typical house”. The system operates with such factors as the location and number of bedrooms, and relates them to the price at which the property was sold. This model is estimated, how much on average should cost the property data characteristics.

Nationwide says its index can handle even a small number of transactions.

Although the method used Nationwide, is very similar to the Halifax method, but Nationwide data updated after the 1993 population census 1991 and the method has been improved. Nationwide argues that the system is more stable to the reduction of the sample size, it better identifies and tracks the residential property prices in the UK.

Skeptics, however, believe that although Nationwide, and Halifax, uses the method of “typical house”, the data can still be distorted in the case when in the month there was a small amount of transactions and also because of the geographical bias of Nationwide in the southern part of the country.

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