Tracking U.K. house prices is something that has been undertaken by a large number of banks and other institutions ensconced in the financial world, but a timely and comprehensive measure is still unavailable.
That may be about to change.
The Office for National Statistics last year took over publication of the Government’s monthly house price index from the Department for Communities and Local Government. That index has been under review with a view to compile one that gives a more useful level of information to Britons across the country, whether they are first-time buyers, downsizers, renters or investors.
“The housing market affects everyone in the U.K. in some way,” said national statistician Jil Matheson. “Good quality statistics are essential for making informed decisions on housing, from central government planning to private individuals deciding whether to move, rent or buy.”
The key problems with the Government’s current incarnation is that it doesn’t give enough information at a local level, and isn’t timely enough to be of real use to the public, the ONS said.
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