August house prices down 2.6 per cent since July: average house price in England and Wales now £162,347

(PR14/11) 28/09/2011

August house prices down 2.6 per cent since July: average house price in England and Wales now £162,347

The August 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 £162,347. The monthly change from July to August is a decrease of -0.3 per cent and signals a return to the negative rates seen in May and June.

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 2.1 per cent. The East experienced the greatest monthly rise with a movement of 0.8 per cent. The North East experienced the greatest annual price fall with a decrease of -7.8 per cent. Wales experienced the most significant monthly price fall with a movement of -1.7 per cent.

The most up-to-date figures available show that during June 2011, the number of completed house sales in England and Wales decreased by -13 per cent to 54,776 from 62,714 in June 2010. The number of properties sold in England and Wales for over £1 million decreased by 28 per cent between June 2010 and June 2011, from 644 to 465.

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

Region	Monthly change (since July 2011)	Annual change (since August 2010)	Average price (August 2011)
East	0.8%	-1.1%	£175,079
East Midlands	0.7%	-3.7%	£124,646
London	0.5%	2.1%	£348,686
England & Wales	-0.3%	-2.6%	£162,347
Yorkshire & The Humber	-0.3%	-4.6%	£121,200
North East	-0.6%	-7.8%	£101,759
South East	-0.7%	-2.3%	£207,189
West Midlands	-0.9%	-4.1%	£130,756
North West	-1.1%	-5.4%	£112,803
South West	-1.1%	-2.6%	£173,137
Wales	-1.7%	-5.5%	£117,534

Average prices by property type (England and Wales)	August 2011	August 2010	Difference
Detached	£255,205	£262,240	-2.7%
Semi-detached	£153,004	£157,438	-2.8%
Terraced	£124,060	£127,533	-2.7%
Flat/maisonette	£151,441	£155,219	-2.4%
All	£162,347	£166,694	-2.6%

Month	Sales 2010 (England and Wales)	Sales 2009 (England and Wales)	Difference
January	35,847	26,286	36%
February	42,535	27,292	56%
March	51,418	35,550	45%
April	52,288	39,362	33%
May	52,180	45,882	14%
June	62,714	54,806	14%
July	67,466	63,689	6%
August	61,438	58,368	5%
September	57,425	58,539	-2%
October	58,557	65,826	-11%
November	56,220	61,153	-8%
December	56,718	78,543	-28%
Total	654,806	615,296	6%

Month	Sales 2011 (England and Wales)	Sales 2010 (England and Wales)	Difference
January	37,445	35,847	4%
February	39,457	42,535	-7%
March	46,359	51,418	-10%
April	50,108	52,288	-4%
May	47,896	52,180	-8%
June	54,776	62,714	-13%

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 September Index will be published at 11am on Friday 28 October 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 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

Ronal Patel 0300 0067490

ronal.patel@landregistry.gsi.gov.uk