Press Office
January house prices up 2.1 per cent since December: average house price in England and Wales now £165,088
The January data from Land Registry's flagship House Price Index shows an annual price change of 5.2 per cent. This is the second month in a row in which the figure has been positive and takes the average property value in England and Wales to £165,088. The monthly change from December to January is a rise of 2.1 per cent.
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 10.5 per cent. The region with the most significant annual price fall was the North East with a movement of -3.4 per cent.
London experienced the greatest monthly rise with a movement of 3.9 per cent. The North East was the region with the most significant monthly price fall with a movement of -1.3 per cent.
The most up-to-date figures available show that during November 2009, the number of completed house sales in England and Wales rose by 54 per cent to 55,715 from 36,091 in November 2008.
For more information and to view the report in full, visit www1.landregistry.gov.uk/houseprices
Region |
Monthly change |
Annual change |
Average price |
London |
3.9% |
10.5% |
£336,212 |
West Midlands |
2.8% |
4.6% |
£138,094 |
South East |
2.5% |
8.5% |
£209,227 |
England and Wales |
2.1
% |
5.2
% |
£165,088 |
South West |
2.0% |
6.6% |
£175,805 |
East |
1.5% |
5.8% |
£173,486 |
Wales |
1.5% |
3.2% |
£124,430 |
East Midlands |
1.2% |
3.2% |
£129,271 |
North West |
-0.8% |
-1.1% |
£117,851 |
Yorkshire & The Humber |
-1.0% |
-2.2% |
£124,939 |
North East |
-1.3% |
-3.4% |
£109,701 |
Average prices by property type (England and Wales) |
January 2010 |
January 2009 |
Difference |
Detached |
£258,105 |
£243,155 |
6.1% |
Semi-detached |
£155,962 |
£147,142 |
6.0% |
Terraced |
£125,090 |
£121,888 |
2.6% |
Flat/maisonette |
£157,978 |
£145,593 |
8.5% |
All |
£165,088 |
£156,894 |
5.2% |
Month |
Sales 2009 (England and Wales) |
Sales 2008 (England and Wales) |
Difference |
January |
26,948 |
57,814 |
-53% |
February |
27,999 |
61,559 |
-55% |
March |
36,885 |
57,950 |
-36% |
April |
39,679 |
62,431 |
-36% |
May |
46,179 |
65,030 |
-29% |
June |
53,016 |
58,670 |
-10% |
July |
61,667 |
52,619 |
17% |
August |
56,668 |
48,188 |
18% |
September |
56,143 |
41,283 |
36% |
October |
62,363 |
44,530 |
40% |
November |
55,715 |
36,091 |
54% |
ENDS
Notes to editors
1. 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 February index will be published at www1.landregistry.gov.uk/houseprices at 11am on Friday 26 March 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
marion.shelley@landregistry.gsi.gov.uk
Press Office 020 7166 4215
