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Official House Price Index Revealed in March
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Details of how one official Government-approved house price index will be created are to be published in March, after the Office for National Statistics (ONS) says they have received a “very good response”1 on the matter.
Official House Price Index Revealed in March
The ONS explains: “The consultation regarding the development of a new, single definitive house price index closed on 12th December 2014. There was a very good response to the consultation and thanks are passed to those who either responded directly to the consultation, or attended one of the user sessions. A formal response to the consultation will be published within 12 weeks of the closing date.”1
Without a single Government-approved index, the agency industry has found the issue irritating for a long time.
However, the ONS released its own index, revealing that house prices have risen by 10% in the year to December, but this is down 0.4% on the annual figures of the previous month.1
House price inflation was 10.4% in England, 3.1% in Wales, 4.4% in Scotland, and 11.7% in Northern Ireland, according to the ONS.1
The yearly increases in England were fuelled by rises of 15.3% in London, 11.9% in the east of England, and 10.8% in the South East.1
Excluding London and the South East, property prices rose by 7.1% in the UK in the year to November 2014.1
In November, first time buyers paid 11% more on average than in the same month the previous year. For existing homeowners, prices rose by 9.5% in the same period.1
1 http://www.estateagenttoday.co.uk/1843-new-official-price-index-details-in-march
