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