Halifax House Price Index y/y shows the change in the price of homes and properties in the given three months compared to the same period of the previous year. The index is calculated based on long-term data from Halifax Bank of Scotland (HBOS), one of the UK's largest mortgage lenders. Monthly price data statistic goes back to 1983.
This long-term data is used to calculate a "standardized" house price and measure its changes. The three months based calculation allows smoothing out excessive volatility and short-term fluctuations.
The index growth can have a positive effect on the GDP quotes.