ONS admits it "badly underestimated" rent inflation for years

HAMISH_MCTAVISH

The Office for National Statistics admitted on Friday that it had badly underestimated the increase of costs of private renting in its inflation statistics and that prices had risen at roughly twice the officially recorded rate.

http://www.ft.com/cms/s/0/09894118-a899-11e4-bd17-00144feab7de.html#ixzz3T5FTk1or

Whoops......

So much for 'the usual suspects' in denial quoting ONS rent stats as 'evidence' that rents were not soaring to new record highs.

Generali

It was always very odd that the figures you quoted from a landlords' association for new tenancies were so different from the ONS figures for all tenancies. Now we know why.

HAMISH_MCTAVISH

Generali wrote: »

It was always very odd that the figures you quoted from a landlords' association for new tenancies were so different from the ONS figures for all tenancies. Now we know why.

Indeed.

There are multiple rent indices that have shown substantial rent increases for years, yet ONS has always underestimated...... Now we know ONS was wrong.

Some of that was, as has been pointed out by many on here, flawed ONS methodology in their survey around taking existing long term tenancies into account, which is the same thing as forming a house price index that included sales prices from years ago, but now it also appears there was just some good old fashioned errors in their process.

Ah well....

At least the usual suspects are running out of excuses for being so very wrong all the time. :beer:

gazter

I find it odd, how do the figures compiled by local authorities for the calculation of local housing allowance feed into this? They do analysis of properties available to rent locally, and use percentiles to work out the level of housing benefit.

ruggedtoast

This just shows what every private renter has known for years, apart from Bruce Banner. Every rent collection day augurs a vicious rabbit punch to the goolies of every hard pressed renting family. Landlord and bankers are sitting pretty absorbing buy to let mortgage payments while people who actually work toil and strive to hand over every penny to the parasites.

Rent controls and tenancy reform is coming, and The landlords of Britain have only their own unconscionable greed to blame. The golden goose has been squeezed dry and there is nothing left from its udders.

michaels

ruggedtoast wrote: »

Rent controls and tenancy reform is coming, and The landlords of Britain have only their own unconscionable greed to blame. The golden goose has been squeezed dry and there is nothing left from its udders.

And this will increase the supply of housing how? Or will it be that you only get a place to rent if you know the right people, perhaps you will need to camp outside rental offices etc?

ruggedtoast

michaels wrote: »

And this will increase the supply of housing how? Or will it be that you only get a place to rent if you know the right people, perhaps you will need to camp outside rental offices etc?

It won't increase the supply of housing. What will increase the supply of housing is building more housing. Rather than pretending some completely substandard private rental industry is doing anything other than causing misery to ten million renters.

People before profit.
Adequate toilets before buy to let.
Grandmas before landlords!

jjlandlord

ruggedtoast wrote: »

Landlord and bankers are sitting pretty absorbing buy to let mortgage payments while people who actually work toil and strive to hand over every penny to the parasites.

Rent controls and tenancy reform is coming, and The landlords of Britain have only their own unconscionable greed to blame. The golden goose has been squeezed dry and there is nothing left from its udders.

Please tell me that you are being followed by a professional therapist.

TickersPlaysPop

Very interesting to see the usual suspects avoiding this thread lol

ONS .... how can we use their data in future to substainciate agruments?

It just goes to show, you need to know the loyalties and associatations of a group before you take their information into account. It's a bit like YOUGOV polls... run by a devoted ex Tory party member.

gazter

TickersPlaysPop wrote: »

Very interesting to see the usual suspects avoiding this thread lol

ONS .... how can we use their data in future to substainciate agruments?

It just goes to show, you need to know the loyalties and associatations of a group before you take their information into account. It's a bit like YOUGOV polls... run by a devoted ex Tory party member.

Devoted ex Tory member. Are you implying that yougov is biased for or against the tories? I cant quite work that out.

wotsthat

TickersPlaysPop wrote: »

ONS .... how can we use their data in future to substainciate agruments?

If you will only accept data which is guaranteed 100% correct 100% of the time then you're stuck with nothing to challenge your biases.