The ONS/Land Registry House Price Index is now our preferred measure of house price inflation. In part, that is because it has a much larger sample size and tends to be less volatile.
This analysis was presented to the MPC as part of their November 2018 round.
Following its designation as a National Statistic, the ONS/Land Registry UK House Price Index (UK HPI) is our preferred measure of house price inflation.
We prefer UK HPI to other measures because it has a much larger sample size, and tends to be less volatile (Chart A). It is also granular enough to provide reliable disaggregation by region and purchase-type.