Rob Jupp

Brightstar calls for suspension of house price indices

The Brightstar Group has called for the immediate and indefinite suspension of all house price indices, until a meaningful number of property transactions are able to be processed.

This would guard against unnecessary panic and knee-jerk policy decision, stated Brightstar.

Rightmove recently suspended its house price report due to the Covid-19 crisis.

According to Rightmove, the lockdown had led to statistics on the number of properties coming to the market, new seller asking prices and new sales agreed not being meaningful.

Rob Jupp, CEO at The Brightstar Group (pictured above), commented: “It is crucial that all house price indices are paused with immediate effect and continue to be suspended until the housing market is able to produce any meaningful data.

“We find ourselves in a completely unprecedented situation where the government has, with good reason and quite rightly, deliberately paused nearly all economic activity, and this has imposed an artificial halt on the housing market.

Rob added that house price indices produced in this situation could be very dangerous and could impede the return of the market when the lockdown is lifted.

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