Taking forward the recommendations from the National Statistician’s review of UK house price statistics – November 2013 update
In July 2013, it was announced that following agreement across the four producers of official house price statistics.
- Land Registry
- Office for National Statistics
- Registers of Scotland
- Land & Property Services, Northern Ireland.
A joint project would be initiated to consider the development of a single definitive UK House Price Index (HPI) from which official providers can report on their own areas of responsibility in a way that can be directly compared. This collaborative approach would hopefully allow the publishing of consistent HPI data at a national, regional and sub-regional level across the UK.
Since July, work has focused on assessing the current sources of data used in the production of official house price statistics and the feasibility of combining these sources to produce a single, definitive HPI. Whilst good progress has been made, further work is now required to investigate sources of property attributes data that would be required to supplement the current data and to begin assessing the different methodologies that could potentially be used to produce a definitive index.
This additional analysis will take place during the next few months with the aim of identifying a suitable methodology and comprehensive source of property attributes data that could be used to produce the definitive HPI. Details regarding this analysis and any further developments will be made available in the first quarter of 2014.
If you have any questions regarding the proposed development and the analysis taking place, please use the following email address to contact us: hpi@ons.gsi.gov.uk
House Price Index
May 2014: 276.6(Jan 1995 = 100)
Avg. price £172,035 Change:Annual 6.7%
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