The UK house price index (UK HPI) has been well respected for a significant period of time. It has now been recognised as a National Statistic by the Office for Statistics Regulation.
Deemed as providing accurate information, the industry regulator has viewed UK HPI as providing exemplary levels of ‘quality, value and trustworthiness’.
Mike Hardie, Head of Prices for ONS, said: “This announcement is a testament to the hard work of ONS and its partners, the UK HPI has become the gold standard in measuring UK house prices. We are building on this success by leading on plans to develop new and innovative ways to collect and analyse housing data.”
“The improved UK HPI was launched in June 2016 as a collaboration between ONS, HM Land Registry, The Land & Property Services, Northern Ireland Statistics and Research Agency and Registers of Scotland. Since the launch, we have produced 27 monthly releases, published five guidance documents, two annual articles and held four user events.
Graham Farrant, Chief Executive and Chief Land Registrar for HM Land Registry, said: “This is excellent news – it is our first National Statistic and reflects recognition of the integrity of our data.
“The UK HPI uses housing market data to provide a transparent view of the housing market. This ensures the UK HPI data is robust and statistically relevant for the variety of industries that use it and it aligns with our ambition to be world’s leading land registry for speed, simplicity and an open approach to data.”
The UK HPI is the only housing market analysis that includes all transactions in the UK housing market with the regional average prices also mentioned in the statistics with variances in property types and how they were purchased.
The depth in analysis is the reason they are used holistically by home buyers, the housing market and the government.
Providing an overview in its entirety as opposed to a piecemeal, fragmented approach is important to many that rely on the data. Now that it has the prestigious badge of National Statistic, UK HPI stock is only going to grow.
How useful do you find the UK Home Price Index? Does their analysis encourage movement in the housing market?