At the ONS, we publish the UK House Price Index, which shows house price inflation in the UK, calculated using data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland. All data are anonymous, and no-one can be identified from the statistics we publish.
People, as well as organisations, can use this information to help them understand the changes in house prices across Great Britain. Like Monzo, the UK's largest digital bank.
How our data help homeowners understand the value of their property
Monzo uses local house price data from our UK House Price Index, split by property type, alongside residential transactions since 1995 in England and Wales from HM Land Registry. Using these data allows them to compile an estimated current property value and equity for every property in the Monzo app. This can help homeowners to monitor their progress, see the deposit they would have if they moved home, and identify when they can unlock better mortgage rates.
Harry Boyd, Head of Homeownership at Monzo, said, "Our customers told us that many find it confusing to know even the most basic mortgage information. So, it is really game-changing to see your mortgage alongside your spending, savings and borrowing - all in one place. Without the ONS, we would not be able to show our customers how their equity grows as they progress on the homeownership journey, which allows them to plan their financial future more effectively."
The outcome of using our data
More than 80% of customers who connected their mortgage are now also tracking their home's value and equity. This is enabled, in part, by data from the ONS and shows the importance of making these personal insights available to customers.
Monzo has also seen a noticeable increase in engagement with their app from customers who have connected their mortgage and property. For example, 40% of all connected homeowners are now using deal reminders to stay on top of their mortgage.
Monzo's customers say this information has helped them to understand the process of being a homeowner and makes them feel more in control. Many say they are on track to pay off their mortgage sooner and save thousands of pounds in interest because of these tools.
How our data can continue to help
Monzo will continue to use data from the ONS that will benefit their customers. This includes using housing data to help estimate their customers' home values, as well as helping customers understand their property budget when looking to get onto the property ladder.
You can use our house prices tool to find house prices and private rental prices for your local area.