Owner-occupied housing price index (OOHPI)

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

2020-06-19

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 prices of owner-occupied housing and housing acquisition and ownership-related goods and services. The OOHPI is required for monetary policy-making, inflation forecasts, assessment of financial stability.

3.2

Classifications(s), classification system

For OOHPI compilation, household expenditure on the purchase of dwellings and housing acquisition and ownership-related goods and services are classified into expenditure categories according to 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.

Classifications used for the compilation of OOHPI component price sub-indices:

National version (EVRK Rev. 2) of the Statistical Classification of Economic Activities in the European Community (NACE Rev. 2);

Classification of Types of Constructions (CC);

European Classification of Individual Consumption by Purpose (ECOICOP).

3.3 Sector coverage

Household sector

3.4 Statistical concepts and definitions

Owner-occupied housing price index (OOHPI) is a relative indicator reflecting the overall change in prices of dwellings new to the household sector and other goods and services that households acquire in their role as owner-occupiers.

3.5 Statistical unit

A dwelling acquired or built by a household in its role as owner-occupier from another sector (legal person, State, municipality) within the economic territory of the country and its acquisition and ownership-related goods and services.

3.6 Statistical population

The target population of housing is comprised of dwellings acquired from other sectors or built by both resident and non-resident households within the economic territory of the country in their role as owner-occupiers.

The target population of enterprises is comprised of enterprises performing own-account residential construction and major repair works, trade enterprises representing the current network of trade in construction materials and products, service enterprises providing dwelling acquisition and ownership-related (e.g. insurance) services.

The target population of goods and services covers dwelling acquisition and ownership-related goods and services.

3.7 Reference area

Economic 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, weights – 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 the national level, 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 -> Price indices, changes and prices -> Owner-occupied housing price index and price changes)

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

Price indices, changes and prices

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.

Statistical data quality is checked at individual OOHPI component price sub-indices calculation stages. Quarterly checks against errors and inaccuracies in price data are carried out. Data verification is carried out using a data verification program at various index compilation stages.

OOHPI results are analysed. The search for errors which could have an impact on the final results is performed. A self-assessment of the managers of statistical surveys whose statistical data are used for the compilation of OOHPI component price sub-indices is carried out periodically; moreover, statistical questionnaire control testing is performed.

The collection and compilation of statistical information was not affected by COVID-19.

13 Relevance
13.1 User needs

The main users of the OOHPI are the Bank of Lithuania, the European Central Bank, Eurostat, business and research community, the media; statistical information is used for national accounts purposes.

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 OOHPI components are published at the national level.

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 OOHPI data sources is observed through the evaluation of the 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 Registers, and statistical surveys on housing construction prices, construction input prices, consumer goods and services pricesaccording to the system for the monitoring and measurement of the quality of statistical surveys in place at Statistics Lithuania.

A purposive sampling method is used in the statistical surveys and pieces of work whose information is used in the calculation of OOHPI component price sub-indices: for the selection of structures, input elements, goods and services and  enterprises.

The results of statistical surveys and OOHPI compilation are analysed looking for errors, which may affect the final results; closer attention is paid to outliers.

Efforts are made to reduce the number of price data errors by improving primary statistical data verification programs in the statistical surveys whose information are used for the calculation of OOHPI component price sub-indices.

14.2

Sampling error

14.3

Non-sampling error

14.3.1

Non-response error

14.3.1.1

Unit non-response rate

The unit response rate for the statistical surveys and pieces of work whose information is used for the compilation of OOHPI component price sub-indices stands at 100 per cent.

14.3.1.2

Item non-response rate

The item non-response rates for the statistical surveys and pieces of work whose information is used for the compilation of OOHPI component price sub-indices are provided in construction input price index and consumer price index metadata descriptions.

15 Timeliness and punctuality
15.1

Timeliness

Statistical information is published not later than on the 80th day 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

The comparability of statistical information with the OOHPIs calculated by other EU Member States is ensured by using a harmonised methodology in the statistical production process.

16.2

Comparability over time

Since the first quarter of 2009, the following OOHPI components were included in the calculation of the all-items OOHPI: “Other costs related to the purchase of a dwelling”, “Costs of ownership of dwellings”, “Major repairs and maintenance”, “Insurance connected with the dwelling”. The inclusion of new components could affect the comparability of the OOHPI over time.

16.2.1

Length of comparable time series

Since 2006.

17 Coherence
17.1

Cross-domain coherence

The main differences between the OOHPI and the HPI are as follows:

Coverage.TheOOHPI covershousehold expenditure on new, existing dwellings and dwellings built by households in their role as owner-occupiers, and on other goods and services related to the purchase and ownership of the dwelling. The HPI covers household expenditure on housing purchases from all sectors but does not cover expenditure on other goods and services related to the purchase and ownership of the dwelling.

Method used.The OOHPI is calculated using the net acquisitions approach, i.e. it covers only those dwellings which are new to the household sector but does not cover those purchased from other households. In the HPI calculation, the net acquisitions approach is not applied, i.e. all dwellings purchased by households are covered.

Treatment of land price.In the OOHPI calculation, the price of land is excluded, in the HPI calculation – included.

Price data sources.The OOHPI is calculated based on an administrative source and the Database of Real Property Register and Database of Transactions in the Objects of the Real Property Register, data from the statistical surveys on prices of consumer goods and services, construction input prices, construction work prices, national legislation establishing prices for services related to the purchase and ownership of the dwelling. In the HPI calculation, only data from the Database of Transactions and Database of the Real Property Register are used.

Weighting data sources.The weighting data source for theOOHPI is the Database of the Real Property Register and the Database of the Database of Transactions, national accounts data on gross fixed capital formation for new dwellings, data of the Bank of Lithuania on dwelling insurance premiums and payouts, expert residential building cost estimation documents. In the HPI calculation, the weighting data source is the Database of f the Real Property Register and the Database of Transactions.

Weight base period.For theOOHPI, the weight base period is the year t–2, for the HPI – year t–1.

17.2

Internal coherence

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

18

Response burden

The price sub-indices of OOHPI components “Newly built dwellings” and “Existing dwellings new to households” are calculated based on the data from an administrative data source – state enterprise Centre of Registers. Other OOHPI component price sub-indices are calculated based on statistical surveys and pieces of work independently of the OOHPI survey. Other OOHPI component price sub-indices are calculated based on other statistical surveys. Respondent’s burden occurs only in the provision of quarterly statistical questionnaire KA-26 on prices for construction works, which is used as data source for calculation of the price index for "Self-build dwellings and major renovations".

In 2016, average time needed to fill in the statistical questionnaire KA-26 by one enterprise was 70 minutes per month.

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). Indices 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

The main data source for the calculation of the OOHPI is the Database of the Real Estate Register and the Database of Transactions of the state enterprise Centre of Registers. Moreover, statistical survey data (on consumer, construction input, construction work prices) and national legislation establishing prices for services related to the purchase and ownership of the dwelling are used. OOHPI weighting data sources – national accounts data on gross fixed capital formation for new dwellings, the Database of the Real Property Register and the Database of Transactions , data of the Bank of Lithuania on dwelling insurance premiums and payouts, expert residential building cost estimation documents

20.2

Periodicity of statistical data collection

Administrative data are obtained on a quarterly basis.

Statistical survey data used for the calculation of OOHPI component price sub-indices are obtained as follows:

data of construction enterprises carrying out construction work on prices of representative pieces of construction work – on a quarterly basis; construction input price data and data from statistical surveys on prices of consumer goods and services – on a monthly basis; dwelling ownership registration and notarial service prices – on a quarterly basis.
20.3

Statistical data collection

The main data on sale–purchase transactions are received in electronic form via a public authority computer network.

Statistical data on construction work prices are received through a statistical survey questionnaire KA-26, construction input prices – KA-19, KA-20, insurance service prices – KA-05. Statistical questionnaires KA-26, KA-19 and KA-20 are submitted to the regional data preparation divisions, KA-05 – to the Price Statistics Division of Statistics Lithuania through the electronic statistical data preparation and transfer system e-Statistics, by fax, email.

Dwelling ownership registration and dwelling acquisition-related notarial service prices are collected by the specialists of the Price Statistics Division based on respective legal acts.

20.4

Statistical data validation

The following data checking and editing procedures are followed: 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 computer statistical price data validation program, prepared in accordance with statistical data validation algorithms.

The price trends obtained are compared with the housing price trends recorded by real estate agencies.

The primary check of construction work and construction input price statistical data is performed by regional data preparation divisions, insurance service prices – by the Price Statistics Division. The secondary logical check and editing and verification of data eligibility for further calculations is performed by the Price Statistics Division. Data are compared with the data from previous periods; changes in the technical and qualitative characteristics of pieces of construction work, construction inputs, insurance services are analysed.

Information about factors influencing housing price changes is regularly monitored in the press, reviews and reports published by other institutions and businesses.

20.5 Data compilation

Elementary price indices are aggregated to higher-level price indices according to a Laspeyres-type formula using base weights.

Owner-occupied housing price index compilation methodology (only in Lithuanian).

20.6 Adjustment

If inconsistencies in statistical data are detected, administrative data are sent to the Centre of Registers for correction.

In order to reduce the influence of qualitative differences in the OOHPI components “Newly built dwellings” and “Existing dwellings new to households” on price sub-indices, a statistical clustering method according to several characteristics is used, when the statistical population is divided into relatively homogeneous dwelling groups – elementary aggregates.

Statistical survey data used for the compilation of  OOHPI component price sub-indices are adjusted for quality changes. If the quality of the replacement goods and services significantly differs from that of the replaced ones, the assessment of the impact of the change in quality on the increase or decrease in the price has to be made. To maintain comparability between prices for the replaced and replacing pieces of construction work, goods and services, prices of the previous period are adjusted by eliminating the impact of the change in quality. The following quality adjustment methods are used: overlap, bridged overlap, and expert judgement. Minor changes in quality are disregarded. Price indices are not seasonally adjusted. Missing prices are estimated.

21

Comments and other information

Technical manual on Owner-Occupied Housing and  House Price Indices

Owner occupied housing price index metadata