Tuesday, Oct 24, 2006

Land Registry launch Independent House Price Index

Politics.co.uk: Land Registry launch Independent House Price Index

This month (31 October 2006) Land Registry launches the first official, independent House Price Index (HPI).
Using Land Registrys comprehensive property data, the new seasonally-adjusted index will appear monthly, making average house prices available at national, regional, county and London borough level.

Posted by pricedout.org.uk @ 04:45 PM (568 views)
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7 Comments

1. Such_short_memories said...

Time to see the house price stats for what they actually are, instead of the usual notional, weighted conjecture.

Tuesday, October 24, 2006 08:25PM Report Comment
 

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3. Hyrax said...

I agree..seems a more impartial stat is being rolled out. A statistic is only useful if it is an objective measure (through time!) that leaves subjectivity aside.
It obviously was not coming from the Mortgage Lenders or Estate Agents.
Money on the nail seems to be the only way to go. Should have been in place along time ago
as part of the original brief when the Land Registry was set up.

How about price paid per square foot ..rather per square metre, now we have been metric and europeans for some time.
Everyone else on the planet seems to work to area in some form.

Wednesday, October 25, 2006 12:00AM Report Comment
 

4. Nohpc said...

I think their stats will be in line with all the other house price stats to be honest. I will be very surprised if there is any difference.

Wednesday, October 25, 2006 01:56AM Report Comment
 

5. talking rot said...

I think there will be a huge difference. A house near me was sold in 2000, 2003, 2005 and is on the market again. The asking price is higher now then ever before but there was NO difference between the 2003 and 2005 sale prices. I noticed the house for sale in March 06 - it is recorded on Rightmove as being available although through a different Estate Agent. The For Sale sign is still there and looks as if it has taken root.

Hopefully this will be a nail in the coffin of "Talking Up The Market."

It will also make people ask why the seller thinks the house is so valuable. I am looking at a different house, a semi, in North Yorks, which is No.6. No 4 (next door) was sold in 2003 for 165K. I have asked the current owners of No. 6 why they feel their house is worth the 219K asking prices - why is it so different from No. 4.

The reply was, (and I jest not): "That's because it is the market rate and if you can't afford it you shouldn't waste people's time."

Hmmmm. That was in Feb 06. It is now Oct 06. The house is still for sale. I wonder why?

Wednesday, October 25, 2006 10:23AM Report Comment
 

6. ontheotherhand said...

Define independent. For example, is the Office for National Statistics independent as the "organisation that leads the UK government's statistics service"? The Land Registry says one of its four principal aims is, "to achieve progressively improving performance targets set by the Lord Chancellor." So in other words people can get promotions if they deliver what the Lord Chancellor wants. Ted Beardsall who is quoted in this press release without his CBE mentioned nevertheless knows how to behave well enough as a civil servant to get a CBE.

Anyway, surely independence was irrelevant since The Land Registry collects naked statistics on completed sales, and any of us can then compute how much move in price there has been. Now, however, the figures are going to helpfully be seasonally adjusted for us. That should be left to someone completely independent to do since I don't trust The Land Registry to avoid the temptation of massaging numbers through season adjustment methodology creep.

Wednesday, October 25, 2006 10:24AM Report Comment
 

7. monty said...

Fantastic idea. I really like the matched pairs thing - what it was worth then vs. what it is worth now. The problem that Nationwide and Halifax have always had is their skewed (customer only) samples of small sizes. Land Reg had the larger dataset but always suffered from the time lag and quarterly reporting. Hopefully this will get rid of both. Shame about the seasonal adjustments though.

Wednesday, October 25, 2006 04:41PM Report Comment
 

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