Call For Single House Price Index To End Confusion

 

The National Statistician of the UK is recommending the introduction of a single official house price index to put an end to conflicting figures and market reports.

Jil Matheson says she is responding to concerns about the scope and comparability of housing statistics under the present system.

Having conducted a consultation during the summer, Ms. Matheson has recommended there should be one headline official house price index plus a regular statistical report.

The Department for Communities and Local Government (DCLG) and the Land Registry have been consulted to contribute to the proposed scheme.

At present, confusion can arise because both Nationwide and Halifax produce indices based on mortgage approvals, while LSL/Academatrics, along with the Land Registry and DCLG select completed transactions as the basis for analysis.

Further to this, data from different providers can be published almost a month apart and regional coverage varies, with some UK indices excluding Scotland.   

Ms Matheson commented: “There is a great deal of interest in and importance placed on changes in the value of our houses by all sections of society. I want to be sure that official statistics producers are providing the right statistics on house prices to support decision making by us all.”

 

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