House price index (HPI)

Turinys

  1. Contact
  2. Metadata update
  3. Statistical presentation
  4. Measurement unit(s)

  5. Reference period
  6. Institutional mandate
  7. Confidentiality
  8. Release policy
  9. Frequency of dissemination
  10. Accessibility and clarity
  11. Methodological documentation

  12. Quality management
  13. Relevance
  14. Accuracy and reliability
  15. Timeliness and punctuality
  16. Coherence and comparability
  17. Coherence
  18. Response burden

  19. Data revision

  20. Statistical processing
  21. Comments and other information


1 Contact
1.1 Contact organisation

Statistics Lithuania

1.2 Contact organisation unit

Price Statistics Division

1.3 Contact name

Viktorija Liubinienė

1.4 Contact person function

Chief Specialist

1.5 Contact mail address

29 Gedimino Ave., LT-01500 Vilnius, Lithuania

1.6 Contact email address

viktorija.liubiniene@stat.gov.lt

1.7 Contact phone number

+370 5 236 4762

1.8 Contact fax number

+370 5 236 4666

2 Metadata update
2.1 Metadata last certified

2018-06-18

2.2 Metadata last posted 2020-06-19
2.3 Metadata last update 2020-06-19
3 Statistical presentation
3.1

Description of statistical information (main characteristics, purpose)

The objective is to have an indicator that is methodologically harmonised and comparable with those of other European Union (EU) Member States with the aim of measuring changes in dwelling prices. The HPI is required for monetary policy-making, inflation forecasts, preparation of convergence reports, assessment of financial stability, international comparisons.

3.2

Classifications(s), classification system

For HPI compilation, household expenditure on the purchase of dwellings are classified into the following expenditure categories:

H.1. Purchases of dwellings;

H.1.1. Purchases of new dwellings;

H.1.2. Purchases of existing dwellings.

3.3 Sector coverage

Household sector

3.4 Statistical concepts and definitions

House price index (HPI) is a relative indicator reflecting the overall change in prices for dwellings, including land, purchased by households over a certain time period.

3.5 Statistical unit

Dwellings of private households and land purchased together with the dwelling.

3.6 Statistical population

All dwellings purchased by both residential and non-residential households within the territory of the country. The household sector includes all individuals and groups of individuals, irrespective of the type of area in which they live, their position in income distribution, nationality or residence status.

3.7 Reference area

Territory of the country

3.8 Time coverage

Since 2006

3.9 Base period

2015

4

Measurement unit(s)

Index;

Rates of change in prices and weights – in per cent.

5 Reference period

Quarter

6 Institutional mandate
6.1 Legal acts and other agreements

Regulation (EU) 2016/792 of the European Parliament and of the Council of 11 May 2016 on harmonised indices of consumer prices and the house price index, and repealing Council Regulation (EC) No 2494/95.

Commission Regulation (EU) No 93/2013 of 1 February 2013 laying down detailed rules for the implementation of Council Regulation (EC) No 2494/95 concerning harmonised indices of consumer prices, as regards establishing owner-occupied housing price indices. The Regulations adopted on the basis of Regulation (EC) No 2494/95 shall remain applicable for a transitional period, which shall end on the date of application of the implementing acts first adopted.

6.2

Data sharing and exchange

7 Confidentiality
7.1

Confidentiality policy

In the process of statistical data collection, processing and analysis and dissemination of statistical information, Statistics Lithuania fully guarantees the confidentiality of the data submitted by respondents (households, enterprises, institutions, organisations and other statistical units), as defined in the Confidentiality Policy Guidelines of Statistics Lithuania.

7.2 Confidentiality - data treatment

Description of Statistical Disclosure Control Methods, approved by Order No DĮ-124 of 27 May 2008 of the Director General of Statistics Lithuania.

Integrated Statistical Information System Data Security Regulations and Rules for the Secure Management of Electronic Information in the Integrated Statistical Information System, approved by Order No DĮ-240 of 16 September 2020 of the Director General of Statistics Lithuania.

8 Release policy
8.1 Release calendar

 Statistical information is published on the Official Statistics Portal according to the Official Statistics Calendar

8.2

Link to the release calendar

Official Statistics Calendar

8.3

Release procedure

Statistical information is published following the Official Statistics Dissemination Policy Guidelines and Statistical Information Preparation and Dissemination Rules (only in Lithuanian).

9 Frequency of dissemination

Quarterly

10 Accessibility and clarity
10.1 News release

A news release is published on the 80th day after the end of the reference quarter. It provides quarterly, annual, average annual rates of change in prices at national, Vilnius city municipality, and the territory without Vilnius city municipality levels as well as a brief analysis of the results of the reference quarter.

10.2

Publications

Statistical information is published in the Statistical Yearbook of Lithuania.

10.3

Databases

Database of Indicators (Economy and finance (macroeconomics) -> Price indices, changes and prices -> House price index (HPI), price changes and index weights)

10.4

Access to micro data

Microdata are available and provided for scientific purposes according to the provisions set in the Description of Procedures for the Provision of Confidential Statistical Data for Scientific Purposes. More information is available on the Official Statistics Portal, at Data for scientific purposes.

Public data files: users are also provided with opportunity to access public files with statistical data on observation units. More information is available on the Official Statistics Portal, at Public data files.

10.5 Other

11

Methodological documentation

Kainų indeksai, pokyčiai ir kainos

12 Quality management
12.1 Quality assurance

The quality of statistical information and its production process is ensured by the provisions of the European Statistics Code of Practice and ESS Quality Assurance Framework

In 2007, a quality management system, conforming to the requirements of the international quality management system standard ISO 9001, was introduced at Statistics Lithuania. The main trends in activity of Statistics Lithuania aimed at quality management and continuous development in the institution are established in the Quality Policy. Monitoring of the quality indicators of statistical processes and their results and self-evaluation of statistical survey managers is regularly carried out in order to identify the areas which need improvement and to promptly eliminate the shortcomings.

12.2 Quality assessment

Data quality is in line with the relevance, accuracy and reliability, timeliness and punctuality, comparability and compatibility criteria.

Quarterly checks against errors and mistakes in price data are carried out. The verification of the data received is carried out using a data verification program. Computerised and manual checks are undertaken at various stages of index compilation.

HPI results are analyzed. The errors which could have an impact on the final results search are performed. A self-assessment of statistical survey managers, based on a detailed checklist for quality assessment of surveys is carried out periodically.

13 Relevance
13.1 User needs

The main users of the HPI are the Bank of Lithuania, the European Central Bank, EU institutions, business and research community, the media.

13.2 User satisfaction

From 2005, user opinion surveys have been conducted on a regular basis. Official Statistics Portal traffic is monitored, website visitor opinion polls, general opinion poll on the products and services of Statistics Lithuania, target user group opinion polls and other surveys are conducted. In 2007, the compilation of a user satisfaction index was launched. The said surveys are aimed at the assessment of the overall demand for and necessity of statistical information in general and specific statistical indicators in particular.

More information on user surveys and their results is available in section User surveys on the Statistics Lithuania website.

13.3

Completeness of statistical information

Price indices and rates of change in prices for all HPI components required by Commission Regulation (EU) No 93/2013 are published at the national, Vilnius city municipality and territory of the country without Vilnius city municipality levels.

13.3.1

Data completeness - rate

100 per cent of information produced in accordance with the Official statistics programme Part I is published.

14 Accuracy and reliability
14.1 Overall accuracy

The accuracy of HPI data sources is observed through the evaluation of reliability of the administrative data source for prices and weights – the Database of the Real Property Register and the Database of Transactions of the state enterprise Centre of Registersaccording to the system for the monitoring and measurement of the quality of statistical surveys in place at Statistics Lithuania.

The main errors in statistical price data occur due to incorrect data entry. Efforts are made to reduce the number of input errors by installing data verification functions into the software used for primary data verification in the Price Statistics Division.

14.2

Sampling error

14.3

Non-sampling error

14.3.1

Non-response error

14.3.1.1

Unit non-response rate

14.3.1.2

Item non-response rate

15 Timeliness and punctuality
15.1

Timeliness

Statistical information is published not later than in 80 days after the end of the reference quarter.

15.2

Punctuality

Statistical information is published in accordance with an Official Statistics Calendar. In case of delay, users are notified in advance by indicating the reason and a new date of publication.

15.2.1

Percentage of statistical information released on time

100 per cent

16 Coherence and comparability
16.1

Geographical comparability

Statistical information is comparable with the HPIs compiled by other EU Member States.

16.2

Comparability over time

Full comparability over time is ensured.

16.2.1

Length of comparable time series

Since 2006.

17 Coherence
17.1

Cross-domain coherence

Statistics Lithuania calculates only one indicator reflecting changes in house prices.

17.2

Internal coherence

The HPI is internally coherent. Elementary price indices are aggregated to higher-level price indices.

18

Response burden

HPI is calculated on the basis of the data of an administrative data source – state enterprise Centre of Registers; therefore, respondents do not face any additional administrative burden.

19

Data revision

19.1

Revision policy

The revision policy of Statistics Lithuania is provided in the document General Principles behind the Performance, Analysis and Announcement of Revisions of Statistical Indicators.

19.2

Revision practice

Revisions are performed in accordance with the HICP Regulation on minimum standards for revisions (Commission Regulation (EC) No 1921/2001 of 28 September 2001). The HPI can be revised after new or revised data have been received, errors have been detected.

19.2.1

Average of the change obtained during the revision

20 Statistical processing
20.1

Statistical data source

Administrative data source: Database of the Real Property Register and the Database of Transactions of the state enterprise Centre of Registers.

20.2

Periodicity of statistical data collection

Data from the administrative data source are received on a quarterly basis.

20.3

Statistical data collection

Administrative data are received in electronic form via a public authority computer network.

20.4

Statistical data validation

The following data checking and editing procedures are conducted: transactions to acquire dwellings which are uninhabitable due to the lack of completeness (<51 per cent) are rejected; sale–purchase transaction data assigned to each elementary aggregate are compared with the previous quarter and analysed. Data editing and validation is performed using a computerised statistical price data validation program.

The price trends obtained are compared with the housing price trends recorded by real estate agencies. Information about the factors that influence housing price changes is regularly monitored in the press, reviews and reports published by other businesses and institutions.

20.5 Data compilation

Elementary price indices are aggregated to higher-level price indices according to the Laspeyres formula using housing purchase values as base weight.

House price index compilation methodology (only in Lithuanian)

20.6 Adjustment

Data are not corrected. In order to reduce the influence of qualitative differences in HPI, detailed stratification based on several factors is used. In this method, the whole housing population is divided into relatively homogeneous groups of dwellings – elementary aggregates.

21

Comments and other information

Technical manual on Owner-Occupied Housing and  House Price Indices

House Price Index Metadata