January house prices up 0.2 per cent since December: average house price in England and Wales now £163,177

(LR02/11) 18/03/2011

January house prices up 0.2 per cent since December: average house price in England and Wales now £163,177

The January data from Land Registry's flagship House Price Index shows an annual price decrease of 0.9 per cent which takes the average property value in England and Wales to £163,177. The monthly change from December to January is an increase of 0.2 per cent.

Two 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 2.4 per cent. Both London and the South West experienced the greatest monthly rises both with movements of 1.6 per cent. The region with the greatest annual price fall is Wales with a decrease of -6.1 per cent. Wales also experienced the most significant monthly price fall with a movement of -4.2 per cent.

The most up-to-date figures available show that during November 2010, the number of completed house sales in England and Wales dropped by 12 per cent to 54,012 from 61,058 in November 2009. The number of properties sold in England and Wales for over £1 million decreased by 2 per cent between November 2009 and November 2010, from 532 to 520.

For more information go to www1.landregistry.gov.uk/houseprices
Follow us on Twitter @LandRegGov

Region	Monthly change (since December 2010)	Annual change(since January 2010)	Average price (January 2011)
London	1.6%	2.4%	£341,871
South West	1.6%	-0.4%	£175,995
South East	0.5%	-0.1%	£208,292
East	0.4%	0.2%	£174,550
England & Wales	0.2%	-0.9%	£163,177
West Midlands	-0.4%	-1.4%	£133,295
East Midlands	-0.5%	-1.9%	£125,444
North East	-0.6%	-2.5%	£107,011
Yorkshire & The Humber	-1.3%	-2.6%	£121,844
North West	-2.0%	-2.1%	£115,263
Wales	-4.2%	-6.1%	£116,217

Average prices by property type (England and Wales)	January 2011	January 2010	Difference (%)
Detached	£258,794	£259,239	-0.2%
Semi-detached	£153,663	£156,194	-1.6%
Terraced	£124,065	£125,009	-0.8%
Flat/maisonette	£153,055	£155,120	-1.3%
All	£163,177	£164,705	-0.9%

Month	Sales 2010 (England and Wales)	Sales 2009 (England and Wales)	Difference
January	35,784	26,267	36%
February	42,468	27,258	56%
March	51,311	35,509	45%
April	52,180	39,329	33%
May	52,036	45,858	13%
June	62,464	54,760	14%
July	67,137	63,646	5%
August	60,946	58,316	5%
September	56,690	58,461	-3%
October	57,328	65,756	-13%
November	54,012	61,058	-12%

Month	Sales 2009 (England and Wales)	Sales 2008 (England and Wales)	Difference
January	26,267	57,212	-54%
February	27,258	61,033	-55%
March	35,509	57,177	-38%
April	39,329	61,606	-36%
May	45,858	64,473	-29%
June	54,760	58,101	-6%
July	63,646	52,101	22%
August	58,316	47,794	22%
September	58,461	40,859	43%
October	65,756	43,978	50%
November	61,058	35,831	70%
December	78,411	39,260	100%
Total	614,629	619,425	-1%

Notes to editors

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".
The HPI is published on the twentieth working day of each month. The February Index will be published at 11am on Monday 28 March 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 22 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 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.
For further information about Land Registry visit www.landregistry.gov.uk

Contacts

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