October house prices down 0.9 per cent since September: average house price in England and Wales now £159,999

(PR18/11) 28/11/2011

October house prices down 0.9 per cent since September: average house price in England and Wales now £159,999

The October data from Land Registry's flagship House Price Index shows an annual price decrease of 3.2 per cent which takes the average property value in England and Wales to £159,999. The monthly change from September to October is a decrease of 0.9 per cent and continues the negative monthly price change seen in September.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 0.3 per cent. The East experienced the greatest monthly rise with a movement of 0.7 per cent. The North East experienced the greatest annual price fall with a decrease of 7.2 per cent. Wales experienced the most significant monthly price fall with a decrease of 3.0 per cent.

The most up-to-date figures available show that during August 2011, the number of completed house sales in England and Wales increased by 1 per cent to 62,010 from 61,469 in August 2010. The number of properties sold in England and Wales for over £1 million in August 2011 decreased by 7 per cent to 714 from 764 in August 2010.

For more information go to www.landregistry.gov.uk/houseprices

Region	Monthly change (since September 2011)	Annual change (since October 2010)	Average price (October 2011)
East	0.7%	-2.4%	£173,410
East Midlands	0.4%	-3.1%	£123,811
Yorkshire & The Humber	0.4%	-3.6%	£120,526
South East	0.2%	-1.4%	£206,818
South West	-0.4%	-2.9%	£171,384
West Midlands	-0.7%	-4.1%	£129,500
England & Wales	-0.9%	-3.2%	£159,999
London	-1.6%	0.3%	£340,308
North East	-1.8%	-7.2%	£100,674
North West	-2.9%	-7.0%	£110,425
Wales	-3.0%	-6.1%	£115,923

Average prices by property type (England and Wales)	October 2011	October 2010	Difference
Detached	£255,315	£260,476	-2.0%
Semi-detached	£152,543	£156,178	-2.3%
Terraced	£119,848	£126,376	-5.2%
Flat/maisonette	£148,810	£153,651	-3.2%
All	£159,999	£165,246	-3.2%

Month	Sales 2010 (England and Wales)	Sales 2009 (England and Wales)	Difference
January	35,853	26,292	36%
February	42,546	27,303	56%
March	51,433	35,559	45%
April	52,298	39,367	33%
May	52,194	45,889	14%
June	62,731	54,813	14%
July	67,485	63,702	6%
August	61,469	58,375	5%
September	57,459	58,553	-2%
October	58,607	65,845	-11%
November	56,278	61,165	-8%
December	56,808	78,563	-28%
Total	655,161	615,426	6%

Month	Sales 2011 (England and Wales)	Sales 2010 (England and Wales)	Difference
January	37,517	35,853	5%
February	39,587	42,546	-7%
March	46,555	51,433	-9%
April	50,482	52,298	-3%
May	48,630	52,194	-7%
June	56,948	62,731	-9%
July	61,121	67,485	-9%
August	62,010	61,469	1%

ENDS

Notes to editors

Since 2006, Land Registry's House Price Index (HPI), which is available free at www.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".
The HPI is published on the twentieth working day of each month. The full November Index will be published at 11am on Friday 30 December 2011.
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.
Land Registry's dataset contains details on 16 million residential transactions. Of these, over six 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.
With the largest transactional database of its kind detailing over 23 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Innovation and Skills, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
For further information about Land Registry visit www.landregistry.gov.uk

Contact

Marion Shelley 0300 0067543, 07790 690297
marion.shelley@landregistry.gsi.gov.uk