The UK’s official house price measure becomes a National Statistic
The UK House Price Index (UK HPI) has been designated as a National Statistic by the Office for Statistics Regulation. The independent regulator has judged that the statistics provide the highest levels of ‘trustworthiness, quality and value’.
The UK HPI is the most comprehensive and only official measure of UK house prices, helping to inform Government, the housing industry and buyers on the state of the sector. It’s the only indicator to include complete coverage of all transactions in the UK housing market and includes average prices across UK regions, differences in property types and the method of purchase.
Mike Hardie Head of Prices for ONS: “This has become the gold standard in measuring UK house prices and we are building on this success by developing new 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.
The measure uses housing market data to provide a transparent and robust view relevant to a variety of industries.
Related article: House price growth falls to five-year low