Index Office for National Statistics

Office for National Statistics –

Index “The Office For National Statistics” The UK.

Who creates the index? Earlier in the formation of the index involved local companies and government departments in the regions, it is now the so-called “Office for National Statistics” – the official government body statistics.

The index shows the average price of concluded and completed real estate transactions in the UK, as well as monthly and annual changes. The data are broken down by regions, types of ownership and types of buyers.

The index covers the whole of great Britain.

The index covers the whole calendar month, but data processing takes a long time and therefore produces a time lag of, for example, the figures for March are published in may.

For processing and generation of index data are for completed property transactions in the UK with the participation of mortgage lenders, which represents approximately 60 % – 70% of the total number of transactions.

The index exists since February 2012 .

The index includes both seasonally adjusted figures and not affected by seasonal factor, the numbers.

For more accurate data generation figures processed through the so-called “mixed adjustment” – the different characteristics of each property given the average weight, that is, displays the concept of “Average home” . These values are based on real estate transactions in the UK carried out during the previous 3 years. For example, in 2012 the weight was based on data collected in 2009-2011.

The index enjoys a high degree of trust because it is formed using a huge number of real estate UK and because he’s not like other indexes that take into account seasonal fluctuations. This is one of major indexes of housing prices in the UK, which is used by Central and local authorities for decision-making .

Skepticism about the index is based on the fact that sometimes the index reflects the emotional mood in the housing markets, when too high, the growth rate of real estate also affect the costs of buying real estate. In addition, the index is more dependent on the prices of expensive real estate.

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