(PR13/11) 26/08/2011
July house prices up 1.3 per cent since June: average house price in England and Wales now £163,049
The July data from Land Registry's flagship House Price Index shows an annual price decrease of 2.1 per cent which takes the average property value in England and Wales to £163,049. The monthly change from June to July is 1.3 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 1.3 per cent. The South West experienced the greatest monthly rise with a movement of 2.2 per cent. The North East experienced both the greatest annual price fall with a decrease of 8.8 per cent and the most significant monthly price fall with a movement of 2.3 per cent.
The most up-to-date figures available show that during May 2011, the number of completed house sales in England and Wales decreased by 10 per cent to 46,870 from 52,170 in May 2010. The number of properties sold in England and Wales for over £1 million decreased by 44 per cent between May 2010 and May 2011, from 464 to 262.
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| Region | Monthly change (since Jun 2011) | Annual change (since July 2010) | Average price (July 2011) |
|---|---|---|---|
| South West | 2.2% | -1.9% | £174,946 |
| London | 1.9% | 1.3% | £346,416 |
| West Midlands | 1.6% | -1.8% | £133,254 |
| Yorkshire & The Humber | 1.4% | -4.5% | £122,083 |
| England & Wales | 1.3% | -2.1% | £163,049 |
| East Midlands | 1.2% | -3.2% | £125,335 |
| North West | 1.2% | -3.3% | £114,452 |
| South East | 0.9% | -1.1% | £209,309 |
| Wales | 0.9% | -3.4% | £119,892 |
| East | 0.6% | -2.3% | £173,393 |
| North East | -2.3% | -8.8% | £101,143 |
| Average prices by property type (England and Wales) | July 2011 | July 2010 | Difference (%) |
|---|---|---|---|
| Detached | £256,545 | £260,865 | -1.7% |
| Semi-detached | £154,219 | £157,466 | -2.1% |
| Terraced | £124,453 | £127,507 | -2.4% |
| Flat/maisonette | £151,519 | £155,863 | -2.8% |
| All | £163,049 | £166,607 | -2.1% |
| Month | Sales 2010 (England and Wales) | Sales 2009 (England and Wales) | Difference (%) |
|---|---|---|---|
| January | 35,842 | 26,286 | 36% |
| February | 42,534 | 27,288 | 56% |
| March | 51,412 | 35,546 | 45% |
| April | 52,282 | 39,360 | 33% |
| May | 52,170 | 45,878 | 14% |
| June | 62,705 | 54,803 | 14% |
| July | 67,451 | 63,682 | 6% |
| August | 61,419 | 58,359 | 5% |
| September | 57,396 | 58,532 | -2% |
| October | 58,532 | 65,820 | -11% |
| November | 56,193 | 61,151 | -8% |
| December | 56,637 | 78,529 | -28% |
| Total | 654,573 | 615,234 | 6% |
| Month | Sales 2011 (England and Wales) | Sales 2010 (England and Wales) | Difference (%) |
|---|---|---|---|
| January | 37,380 | 35,842 | 4% |
| February | 39,362 | 42,534 | -7% |
| March | 46,114 | 51,412 | -10% |
| April | 49,608 | 52,282 | -5% |
| May | 46,870 | 52,170 | -10% |
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 August Index will be published at 11am on Wednesday 28 September 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
Contacts
Marion Shelley 0300 0067543, 07790 690297
