Improving usability of HPI data
HM Land Registry have aimed to clarify the process of comparing house price indices to benefit users.
In its recent blog, HMLR highlight the introduction of the official UK House Price Index, which combines the data sources of numerous organisations and aims to improve the usability of the indices.
House prices indices were previously published by various government and private sector organisations often resulting in confusion for users. The UK HPI aims to address the inconsistencies, replacing the indices issued by the Office for National Statistics (ONS) and HMLR.
By combining data from these two sources, the UK HPI also takes information from the Registers of Scotland and utilises the methodology of the Land & Property Services Northern Ireland.
Monthly indices will continue to published by companies such as Rightmove, RICS and Nationwide. As HMLR recommend, a guide on the construction and differences between reports has been published by Matt Jennings of the ONS.
As well as aiming to guide users as to the most appropriate index for their needs, it also looks at the individual strengths of each companies’ report.