The government is to review the various house price indexes to reduce confusion
The government has launched a review of housing market statistics in order to reduce confusion over conflicting data.
The review will look at the “coherence and comparability” of the house price indexes. Currently economists look at several indexes which record house prices at various stages of the home-buying process, with the result that prices vary considerably and trends may be months apart.
The most frequently turned to indexes include two government ones – the Land Registry and one by the Communities and Local Government department - and those by Halifax, Nationwide, the Royal Institution of Chartered Surveyors, property website Rightmove and information group Hometrack.
The UK Statistics Authority will review the two government-produced indexes first. It will report back before the end of the year and then look at the other indexes.