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Owner-Occupied Housing Summary of the pilot Item 5 of the Agenda

Owner-Occupied Housing Summary of the pilot Item 5 of the Agenda. D4 – Price Statistics HICP Working Group Luxembourg 23-24 October 2007. Summary of the pilot. Manual Data Evaluation Stage 3 of the pilot Legal basis. MANUAL. Technical Manual on OOH

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Owner-Occupied Housing Summary of the pilot Item 5 of the Agenda

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  1. Owner-Occupied HousingSummary of the pilotItem 5 of the Agenda D4 – Price StatisticsHICP Working Group Luxembourg 23-24 October 2007

  2. Summary of the pilot • Manual • Data • Evaluation • Stage 3 of the pilot • Legal basis OOH

  3. MANUAL • Technical Manual on OOH • Focus on “how to technically compile the index” • Build the manual around COICOP OOH and Net Acquisition • More coherence with HICP principles Version 1.4: well developed, can be used by MSs in the final phase • Handbook on Real Estate Price Indices • Describe the methods and sources currently employed • An inventory of national practises • Identification of different uses of HPIs and definition of their target indices OOH

  4. DATA • Within the pilot following price index series were to be produced: • All dwellings index • New dwellings index • Existing dwellings index • Additional acquisition cost index • HICP including OOH index • Building land price index (by DE and SI only) • Additionally, UK and NL provided construction cost indices • combined with necessary weighting information enabling Eurostat to calculate EU aggregates OOH

  5. Series available to Eurostat * can be derived, ** delivered upon request OOH

  6. Graph 1: UK series OOH

  7. Graph 2: FI series OOH

  8. Graph 3: DE series OOH

  9. Graph 4: NL series OOH

  10. Graph 5: New dwellings – UK, FI, NL, DE OOH

  11. Graph 6: Old dwellings - FR, UK, FI, NL, DE OOH

  12. Old dwellings – CY, EL, PL, SI, SK New dwellings – CY, EL, PL, SK OOH

  13. Data - conclusions • Result of the pilot is positive – the data gives good basis for analysis of the net acquisition approach in general • Data gaps exists – as reported beforehand • Not all series delivered • Short series in some cases • Additional acquisition costs needs sharpening • More effort needed in the fields of land prices and major repairs • Need for continued efforts -> pilot stage 3 participation • Eurostat will produce aggregate experimental series by the end of 2007 OOH

  14. Evaluation • Eurostat’s evaluation underway • Based on the final reports and the OOH questionnaire • Eurostat will continue with the evaluation as follows: • Evaluation at Eurostat – finished after one week • Countries' check of the evaluation – 10 working days • SG comments – 5 working days • Synthesis by Eurostat – 5 working days • A meeting with the pilot countries to discuss the evaluation results and the manual (Proposal: end November – early December) OOH

  15. Stage 3 of the pilot – final phase AIM • Widest possible coverage so that every EU MS would have tested the concept in practise and would be ready for a regular provision of data in end-2009 TOOLS • Methodology • Manual • Treatment of land; econometric study on separation of the land price component from the total dwellings price • Grants • common programme, know-how sharing, support • Implementing regulation? OOH

  16. Stage 3 of the pilot – final phase GRANTS: • 3A: CY, DE, EL, ES, FI, NL, SI, SK, (FR, IT, PL, UK) (8/12) • Final evaluation of the applications; on Thursday • Agreements signed; mid-November • 3B: AT, BE, IE, LU, PT (5); • Call for proposals out; end-October • Applications in; end-November • Agreements signed; before end-December • 3C: BG, CZ, DK, EE, HU, LT, LV, MT, RO, SE (10) • Call for proposals out; early 2008 OOH

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