House Price Index (HPI) is a measure of periodic increases in the prices of residential housing. These estimates are calculated after a given period of time. They offer a snapshot of the trends in the price of residential properties. HPI is obtained through various mathematical and statistical concepts. These include the Hedonic Regression Model, simple moving average and repeat-sales regression model. England uses the Hedonic regression curve to calculate its HPI. HPI is calculated monthly in England.
Other countries such as Northern Ireland calculates there HPI quarterly. The body responsible for calculating house price index in England is the Office of National Statistics. This office uses data from the Land Registry, Registers of Scotland and Land and Property of Northern Ireland to arrive at its figures.
The Office of National Statistics generates the house price indices every month. However, they can come up with data any other time of the month. Their offices analyses the data and prepare and report for House Price Index. They may also generate these data at when requested to or during the Council Tax fairs.
Before the advent of the internet, HPIs were just available in the Office of National Statistics. There are now many websites that post HPIs. Some of these data can be trusted while others are doubtful. The most reliable website is that of the government of the UK. You will see it when you search for HPIs online. Its web address will show you clearly that it is a trusted government website.
The government website gives you two options for getting HPI information. You can search the HPI data online or download them. If you choose to search them online, you will be directed to a page where you will get a particular group of HPI data. The data are regularly updated so that even those of the immediately previous month are available.
The government has gone an extra length to ensure that its HPI website serves its clients correctly. A user can simply type in his query and results will be generated instantly. There even examples of queries that have been included posted on the website. The sample queries guide users in wording their search terms. The government website uses SPARQL to generate a report of the query entered in the search tool. These outputs are in different formats with the format capable of suiting every user. Other trustable websites are the Open Government License and Open Data License websites.
The Office of the National Statistics has updated and posted house price index of February 2017. This is an incredible fete given that February started just a few days ago. These data were available right at the beginning of the month. Average house prices of residential properties are expected to around be 225 000. This is a rise of about 10 000 of house prices in February of the previous year. The 10 000 is the annual increase in property prices from last year to this year. House price index for February 2017 is 118, a rise of 3 from the 115 figure of February of last year.