Buyers shoud be wary of price trend twittering
Permanent TSB's decision to switch its house price index from monthly to quarterly will exacerbate the lack of credible information about property trends. To address the issue the Central Statistics Office and the Department of the Environment are working on a more comprehensive index which will incorporate price information from all mortgage lenders.
It will provide accurate information on regional price trends for a range of house types each month.
In the last year some estate agents have criticised the PTSB index for not reflecting the scale of price drops.
But with its delayed quarterly appearance there is a risk that house buyers will turn to information from property websites for an indication of price trends. For this reason the new Government index needs to be launched as soon as possible.