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Press Office
December house prices up 0.1 per cent since November: average house price in England and Wales now £161,783 The December data from Land Registry's flagship House Price Index shows an annual price change of 2.5 per cent. This is the first positive annual house price change since May 2008. The monthly change is 0.1 per cent, which is the eighth month in a row in which the monthly change has been above zero. This brings the average property value in England and Wales to £161,783. Seven regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 6.1 per cent. The region with the most significant annual price fall was Wales with a movement of -2.5 per cent. Both the North East and the West Midlands experienced the greatest monthly rises with movements of 1.9 per cent. Wales was the region with the most significant monthly price fall with a movement of -2 per cent. The most up-to-date figures available show that during October 2009 the number of completed house sales in England and Wales rose by 34 per cent to 59,482 from 44,530 in October 2008. Transaction volumes, while no longer falling at 2007 rates, remain relatively low. For more information and to view the report in full, visit www1.landregistry.gov.uk/houseprices/
Ends Notes to Editors1. Since 2006, Land Registry's House Price Index (HPI), which is available free at www1.landregistry.gov.uk/houseprices/ has gathered its own momentum to become a leading indicator of property movement within England and Wales. It is widely viewed as "the most accurate barometer of the housing market". 2. The HPI is published on the twentieth working day of each month. The January index will be published at www1.landregistry.gov.uk/houseprices/ at 11am on Friday 26 February 2010. 3. The HPI uses a sample size that is larger than all other statistical measures available. It is calculated using Land Registry's dataset of all residential property sales completed in England and Wales since January 1995. 4. Land Registry's dataset contains details on 15 million residential transactions. Of these, over five million are identifiable matched pairs, providing the basis for the repeat sales regression analysis used to complete the index. This technique of quality adjustment ensures an "apples to apples" comparison between properties. 5. With the largest transactional database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property. 6. As a government department established in 1862, executive agency and trading fund responsible to the Lord Chancellor and Secretary of State for Justice, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990. 7. For further information about Land Registry visit www.landregistry.gov.uk Contacts Marion Shelley 020 7166 4543 Esther McWatters 020 7166 4487 Press Office 020 7166 4215 |
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