The Office for National Statistics (ONS) has revised down data from its January 2016 House Price Index, knocking up to £27k of property values, affecting mostly those in the south east of the country. Rather than a correction due to overestimating, the government department stated that the revision was had simply a factor of updating the house price index, to ensure its relevancy, reflecting changes in the types of houses being purchased. In fact, it is likely that many people who bought their homes before the recession were not aware they could have been priced out by rising prices.
The Office for National Statistics (ONS) has revised down data from its January 2016 House Price Index, knocking up to £27k of property values, affecting mostly those in the south east of the country. Rather than a correction due to overestimating, the government department stated that the revision was had simply a factor of updating the house price index, to ensure its relevancy, reflecting changes in the types of houses being purchased. In effect, this data shows the average price of a home in London, however the ONS stated that it was normal for a decrease in house prices between January and February and that is not confined to London.