Property has become such an obsession in the UK that it hardly needs an introduction. According to the Council of Mortgage Lenders, around 70% of the population are homeowners - so that's a lot of people with a vested interest in house prices.

But, of course, house prices can go down as well as up, and the only things that are really important are if you can afford your mortgage comfortably and if you are happy in your current home. Provided you are not intending to move house, as long as you can tick those boxes, it makes little difference what your home is worth.

But this is not always the case. For other people, like first-time buyers, homeowners looking to downsize, retire and release equity, or wanting to stay put but remortgage, house prices are relevant. Even then, house prices are a fragile measure and in some economic environments can change almost day to day, depending on confidence related to world events. House price indices only give an arbitrary average while, similarly, what your home is valued at and the price you are actually offered for it are also different considerations.

To learn more about the house buying and selling process, read our CashQuestions Guide to Property.

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