Is confusion over ONS figures a buying opportunity?

[Nicholas Wallwork]

The Office for National Statistics is today under intense pressure having downgraded the average value of both London and UK property prices. Introduced under the guise of “a weightings adjustment” this has caused significant confusion and concern in equal measures. The estimated average value of London property has fallen by £27,000 between January and February

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In many ways the average UK property value indicator from the ONS often bears little or no resemblance to regional markets. Therefore, will this correcting of ONS data have any material impact upon the UK property market and the sentiment of investors in the longer term?