On Thursday 23 November 2017, the Office for Statistics Regulation (OSR) confirmed the UK House Price Index (HPI) will be awarded National Statistics status if 8 requirements are addressed, and evidence provided by March 2018.
View the full report: UK and Northern Ireland House Price Indices (Phase 2) – HM Land Registry and partners.
The UK HPI shows monthly changes to residential property values across the UK. These statistics are key indicators that provide important insights into the wider economy and society. Produced collaboratively as a statistical output, the index is published by HM Land Registry (HMLR), on GOV.UK on behalf of the UK HPI Working Group that consists of HMLR, the Office for National Statistics, Registers of Scotland and Land and Property Services Northern Ireland.
OSR assessment process
The assessment has been conducted in 2 phases:
the first phase focused on the consultation with users, during the creation of a single definitive index for house prices with full UK coverage. In July 2015, OSR published their assessment report; this supported the efforts of the contributors and recommended work proceed on the index
the second phase considered the UK and Northern Ireland House Price Indices together and recommended that the combined UK HPI is accredited with National Statistics status subject to the Working Group providing evidence that 8 key requirements have been met
The Working Group welcomes the report findings, which are overall very positive. OSR recognises the considerable public value the indices provides and its importance to a variety of organisations, individuals and government departments.
The OSR Regulatory team said,
We commend HM Land Registry and partners for their ongoing development of published data tables and interactive data tool.
The report confirms that users appreciate the single official measure and the impartial commentary presented in the statistics. It also acknowledges the extensive data quality assurance work that has been undertaken. More details about this work will be published in our Quality Assurance of Administrative Data documentation (QAAD) later in November.
There are several aspects of the UK HPI that OSR considers to be particularly positive, these include:
While the report highlights many positive aspects, OSR has identified 8 requirements that need to be addressed before National Statistics status can be awarded. A full response to each requirement, together with details of the Quality Assurance of Administrative Data documentation is available.
The Working group will continue to develop the UK HPI in response to users feedback to ensure users achieve maximum value.