The old cliche about statistics may be cruel but the government has perhaps left itself open to its use after announcing that its UK House Price Index has been designated an official ‘national statistic.’
This designation has come about as a result of the recognition by the Office for Statistics Regulation - an independent regulator - that the UK HPI provides the highest levels of “trustworthiness, quality and value.”
A statement from the ONS and HM Land Registry says 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 says 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.
The latest version of the UK HPI was launched in June 2016 as a collaboration between ONS, the Registry, The Land & Property Services, Northern Ireland Statistics and Research Agency, and Registers of Scotland.
“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” says Graham Farrant, chief executive and chief land registrar at HM Land Registry.
The next UK HPI figures are published later today.