On 12 June 2020, IMBA UK – the Administrator (as defined by the International Organisation of Securities Commissions Principles for Financial Benchmarks - the “IOSCO Principles” and the European Benchmark Regulation – “BMR”) of the Halifax House Price Index (“HHPI”) family – opened a consultation with users and stakeholders of HHPI regarding a proposed temporary change to the HHPI methodology. The temporary change is designed to address the impact on the performance of both Halifax House Price Index 1983 (HHPI1983) and Halifax House Price Index 2019 (HHPI2019) UK Regional models of reduced mortgage transaction volumes received in Q2 2020. User consultation
We engaged with and received feedback from a significant number of stakeholders. All of them were generally supportive of our approach to the proposed temporary methodology change. Decision and next steps
As Administrator of the HHPI, IMBA UK is satisfied with user acceptance of the proposed temporary methodology change for the calculation of UK Regional HHPI data for Q2 2020.
It is the Administrator’s intention and expectation that the temporary change will only impact the calculation of UK Regional HHPI data for Q2 2020, and that the HHPI methodology would revert to normal for the calculation of UK Regional HHPI data for Q3 2020. Users will be informed in advance if this is not the case.
UK Regional HHPI data for Q2 2020 will be released on 10 July 2020.
Should you have any questions, please contact us at MK-IndexAdminConsultation@ihsmarkit.com