A CML press release shows why the many house prices indices vary so much, and which are based on the most reliable data
The Council of Mortgage Lenders (CML) has published a useful graphic (see above ? click on the magnifying glass logo) that starkly illustrates the number of organisations offering housing market data in the UK, and why they can vary so much.
The CML's timeline of which stage in the homebuying process the various groups release their statistics allows consumers to judge the worth of any particular set of figures.
The graphic shows that of the seven major house price statistics providers, only the Land Registry and the LSL Property Services/Acadametrics publish data from actual registered transactions, while the Communities and Local Government department (DCLG) monitors completed transactions.
The CML graphic also shows that Halifax, Nationwide and Hometrack surveys only relate to mortgage approvals ? a stage in the homebuying process well before contracts are actually exchanged ? while Rightmove's data is simply based on property searches on its website.
The graphic makes it clearer than ever that some statistics are far less useful as a realistic house price measurement.
Lending is also included in the graphic, and shows when the Bank of England, the British Bankers' Association and the Building Societies Association figures are released, as well as the CML's own mortgage and lending surveys.
The timescale for the homebuying process in the graphic is only indicative of the length of time taken, and in reality will vary depending on numerous factors such as housing chains, legal issues and the processing of mortgage applications.
But this is nevertheless an illuminating snapshot of just how many housing market measurements there are, and which you should really take notice of.
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