Data Type:Sample survey
Data is based on a sub-sample of the Regulated Mortgage Survey (RMS). The HPI is calculated using mortgage completions data that is collected via the regulated mortgage survey - undertaken by the Council of Mortgage Lenders. This covers the majority of mortgage lenders in the UK. The size of the sample depends on the number of mortgage completions in the month of interest. Across the months of 2012, the average sample size was 27,000; typically, summer months are more active than winter months. Data includes information on distribution and ratios of houseprices including by type of buyer, new/other dwellings, income of borrowers and deposit. Tables under the House Price Indices heading include: House Price Index, tables 1-19 - 1-9 updated each month, 10-19 updated quarterly (February, May, August, and November). House Price Index, tables 20-39 - updated annually (either March or July). Index of Private Housing Rental Prices, Reference Tables (Quarterly). House Price Statistics for Small Areas, local authorities, parliamentary constituencies and middle layer super output areas, Englad and Wales, 1995-2014
Data previously found on DCLG 'live tables' and the ONS HPI replaces the DCLG monthly HPI since April 2012
Data previously found on DCLG 'live tables' and the ONS HPI replaces the DCLG monthly HPI since April 2012. The Regulated Mortgage Survey which provides the source of the ONS HPI has been conducted since 1969, see CML for further information.
Changes in sample size: Since its conception, the index relies on the use of mortgage transaction data but excludes cash sales. Originally when it began in 1969, the index was calculated from a 5% sample of the mortgage transactions of a number of buildings societies. From 1993, the coverage of transactions increased to cover all mortgage lenders. In 2003, the sample submitted by each mortgage lender expanded from 5% to cover all their recorded mortgage transactions. A full breakdown of the ONS HPI methodology is available here: http://www.ons.gov.uk/ons/rel/hpi/house-price-index-guidance/official-house-price-statistics-explained/index.html
Although the survey data covers all mortgage lenders, lenders covering 75-80% of the mortgage market submit data used to calculate the HPI. Only mortgage transactions for owners occupiers are included, cash purchases are not included in the CML dataset. Buy to let properites and remortgages are also excluded.Data based on actual transactions.
Data easily accessible and available to download from ONS
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http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=House+Price+Indices |