London home value priced in SPY
The London average home value rose from £232,279 to £550,037. In SPY terms, it moved from 3,752 units to 987 units—a 74% decline.
- Average house price (UK HPI standard average)
- London government office region
- monthly
- 13 assets
- SPY units per average home
- 987SPY
- Through 2026-07
- Since 2003
- -73.7%
- Cost in SPY
- Home value
- +136.8%
- Full history
- SPY price
- +800.1%
- Full history
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| SPY units per average home | 3,752 | 987 | 987 | 4,980 |
Contains HM Land Registry data © Crown copyright and database right 2020. This data is licensed under the Open Government Licence v3.0. Licence terms.
How this is calculated
Home value in GBP ÷ SPY month average in GBPHousing value as published for the calendar month; asset and FX prices are arithmetic means of their available daily closes in the same calendar month.
Use split-adjusted close for literal share counts; exclude cash-distribution adjustments.
Measure definition
Frequently asked questions
12 answersWhat does London home value priced in SPY mean?
It is the published home-value measure for London government office region divided by the aligned SPY price. The result is the number of SPY units equal to that home value.
Why can the SPY units required fall while the home value rises?
The unit count falls when SPY appreciates faster than the local home-value measure. The two local-currency values can both rise while their ratio declines.
How are the housing and asset observations aligned?
Both inputs use the same calendar month. A page includes only periods with both a housing observation and a valid asset price.
Does the SPY series include reinvested income?
No. The calculation uses the documented price series for literal asset units and excludes dividend-reinvested total returns.
Where do the London housing and SPY data come from?
UK House Price Index (UK HPI) supplies the housing series for London government office region. The SPY series uses SPY from the asset source linked beside the chart. Both inputs are converted to GBP where required before the ratio is calculated.
How many observations are included?
272 aligned observations are shown from 2003-12-31 through 2026-07-31. All are marked complete.
Can the latest reading change after publication?
Yes. The previous 12 months are revised monthly as additional registered transactions arrive. Ad hoc revisions may update the full history for methodology, source-data, or processing changes. The page was derived from housing data fetched on 2026-09-18, and later source revisions can change the result.
What should I conclude from a falling asset-unit cost?
It means SPY appreciated faster than the published London home-value measure over that interval. It is a relative-price observation, not a claim about affordability, transaction costs, causality, or future performance.
How do currency moves affect the SPY comparison?
SPY is quoted in USD and converted into GBP for each observation. The resulting home-in-SPY ratio can therefore reflect both the asset-price move and the exchange-rate move.
Why might the housing observation lag or look smoother than the market price?
UK House Price Index (UK HPI) publishes a monthly housing measure based on its own collection and revision process. SPY market prices update more frequently, so the aligned chart can still show a smoother or slower-moving housing series.
Can this ratio be used as a portfolio performance benchmark?
Not on its own. It is a descriptive relative-price series, not a total-return or risk-adjusted benchmark. It excludes income, costs, financing, liquidity, volatility, and investability constraints.
How should I cite this observation?
Cite the PIER20 page and access date, then identify UK House Price Index (UK HPI) as the housing source and SPY as the asset series. State that the comparison runs through 2026-07-31 and uses monthly aligned observations.