Official UK house price data published for first timeMake Text Bigger
The first issue of UK house price data from the Office of National Statistics signals the start of a shift towards an official national house price index.
The average house price in the UK for February was £224,473 – down on January’s average of £228,064 but up from £211,960 a year earlier.
Over the year, UK house prices went up 0.3%.
Broken down, the figures are a 0.4% rise in England and a 1.1% increase in Scotland, while Wales fell 0.5% and Northern Ireland plunged 9.7%.
New homes increased in value by 7.7% over the year, while resold home values nudged up only 0.2%.
The ONS has taken on publishing house price data from the Communities and Local Government Department and included data from Scotland and Northern Ireland for the first time.
“The ONS house price index is an important measure of house price inflation for the UK and together with the Land Registry, it is one of the main house price indices used by central and local government to support decision making in the UK. Other users include private individuals, surveyors and analysts in financial institutions,” said the report.
“The index is also an important input into the housing cost component of the retail prices index (RPI).”
The report also explains that data across other published house price surveys is not comparable because each is based on different data and methods of calculating prices.
The UK Statistics Authority, the government agency that oversees the ONS, is reviewing official housing market statistics with the aim of developing an improved service.
A detailed report is expected before the summer
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