September house prices down 0.3 per cent since August: average house price in England and Wales now £162,019

(PR17/11) 28/10/2011

September house prices down 0.3 per cent since August: average house price in England and Wales now £162,019

The September data from Land Registry's flagship House Price Index shows an annual price decrease of 2.6 per cent which takes the average property value in England and Wales to £162,109. The monthly change from August to September is a decrease of 0.3 per cent and continues the negative monthly price change seen in August of -0.1 per cent.

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 2.7 per cent. The North West experienced the greatest monthly rise with a movement of 1.0 per cent. The North East experienced the greatest annual price fall with a decrease of 8.2 per cent and the most significant monthly price fall with a movement of -3.9 per cent.

The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.

For more information go to www.landregistry.gov.uk/public/house-prices-and-sales

Region	Monthly change (since August 2011)	Annual change (since September 2010)	Average price (September 2011)
North West	1.0%	-2.7%	£115,057
South West	0.5%	-2.4%	£173,331
Yorkshire & The Humber	0.4%	-4.9%	£121,680
London	0.3%	2.7%	£349,026
South East	0.0%	-2.1%	£207,244
West Midlands	-0.2%	-4.1%	£130,308
England & Wales	-0.3%	-2.6%	£162,109
East	-1.1%	-3.0%	£171,600
East Midlands	-1.6%	-4.3%	£122,973
Wales	-1.7%	-5.8%	£117,813
North East	-3.9%	-8.2%	£100,616

Average prices by property type (England and Wales)	September 2011	September 2010	Difference
Detached	£257,187	£261,101	-1.5%
Semi-detached	£153,059	£157,691	-2.9%
Terraced	£122,494	£126,820	-3.4%
Flat/maisonette	£152,286	£156,000	-2.4%
All	£162,109	£166,364	-2.6%

Month	Sales 2010 (England and Wales)	Sales 2009 (England and Wales)	Difference
January	35,848	26,289	36%
February	42,540	27,296	56%
March	51,424	35,556	45%
April	52,295	39,367	33%
May	52,192	45,883	14%
June	62,725	54,809	14%
July	67,475	63,698	6%
August	61,455	58,373	5%
September	57,450	58,545	-2%
October	58,588	65,834	-11%
November	56,252	61,155	-8%
December	56,766	78,549	-28%
Total	655,010	615,354	6%

Month	Sales 2011 (England and Wales)	Sales 2010 (England and Wales)	Difference
January	37,497	35,848	5%
February	39,534	42,540	-7%
March	46,487	51,424	-10%
April	50,355	52,295	-4%
May	48,392	52,192	-7%
June	56,342	62,725	-10%
July	59,919	67,475	-11%

ENDS

Notes to editors

Since 2006, Land Registry's House Price Index (HPI), which is available free at www.landregistry.gov.uk/public/house-prices-and-sales 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 October Index will be published at 11am on Monday 28 November 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