29 January 2013
PR 02/13
December Market Trend Data from Land Registry
- December house prices up 0.8 per cent since November: average house price in England and Wales now £162,080
- 1,524 repossessions in England and Wales during October 2012 – repossession volumes now included in the monthly HPI report
- South East tops the table of regional applications with 193,079 in December
- Over 54,500 residential properties in England and Wales lodged for registration in December ranging from £10,000 to £14 million
The December data from Land Registry's flagship House Price Index shows an annual price increase of 1.7 per cent which takes the average property value in England and Wales to £162,080. The monthly change from November to December is an increase of 0.8 per cent.
Repossession volumes, included for the first time in this month's report, decreased by 16 per cent in October 2012 to 1,524 compared with 1,805 in the same period a year earlier.
- The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 8.4 per cent.
- London also experienced the greatest monthly rise with an increase of 3.1 per cent.
- The North West experienced the greatest annual price fall with a decrease of 3.5 per cent.
- The North West also saw the most significant monthly price fall with a decrease of 0.9 per cent.
- The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 56,337 compared with 57,988 in October 2011.
- The number of properties sold in England and Wales for over £1 million in October 2012 increased by 14 per cent to 623 from 548 in October 2011.
- All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8 per cent in the South East to 35 per cent in the North East.
Download full HPI report Search the House Price Index About the House Price Index
| Region | Monthly change (since November 2012) | Annual change (since December 2011) |
Average price (December 2012) |
|---|---|---|---|
| London | 3.1% | 8.4% | £371,223 |
| North East | 1.9% | 0.3% | £99,974 |
| West Midlands | 1.3% | 1.7% | £130,251 |
| Wales | 1.0% | 0.0.% | £116,402 |
| England and Wales | 0.8% | 1.7% | £162,080 |
| Yorkshire & The Humber | 0.7% | -0.7% | £116,798 |
| South East | 0.6% | 3.0% | £211,092 |
| East | 0.1% | 1.1% | £173,315 |
| East Midlands | -0.2% | 0.1% | £122,646 |
| South West | -0.6% | 0.3% | £170,337 |
| North West | -0.9% | -3.5% | £108,257 |
| Average price by property type (England and Wales) |
December 2012 | December 2011 | Difference |
|---|---|---|---|
|
Detached |
£253,352 |
£251,420 |
0.8% |
|
Semi-detached |
£154,072 |
£151,621 |
1.6% |
|
Terraced |
£122,939 |
£120,834 |
1.7% |
|
Flat/maisonette |
£152,971 |
£148,815 |
2.8% |
|
All |
£162,080 |
£159,335 |
1.7% |
| Month | Sales 2011 (England and Wales) |
Sales 2010 (England and Wales) |
Difference |
|---|---|---|---|
|
January |
37,627 |
35,897 |
5% |
|
February |
39,693 |
42,583 |
-7% |
|
March |
46,767 |
51,483 |
-9% |
|
April |
50,769 |
52,367 |
-3% |
|
May |
48,995 |
52,253 |
-6% |
|
June |
57,735 |
62,809 |
-8% |
|
July |
62,321 |
67,567 |
-8% |
|
August |
64,424 |
61,556 |
5% |
|
September |
63,558 |
57,550 |
10% |
|
October |
57,988 |
58,718 |
-1% |
|
November |
60,353 |
56,382 |
7% |
|
December |
63,558 |
56,951 |
12% |
|
Total |
653,788 |
656,116 |
0% |
| Month | Sales 2012 (England and Wales) |
Sales 2011 (England and Wales) |
Difference |
|---|---|---|---|
|
January |
43,712 |
37,627 |
16% |
|
February |
44,769 |
39,693 |
13% |
|
March |
61,216 |
46,767 |
31% |
|
April |
43,159 |
50,769 |
-15% |
|
May |
52,322 |
48,995 |
7% |
|
June |
59,433 |
57,735 |
3% |
|
July |
58,627 |
62,321 |
-6% |
|
August |
64,204 |
64,424 |
0% |
|
September |
51,475 |
63,558 |
-19% |
|
October |
56,337 |
57,988 |
-3% |
| Repossessions by region | October 2012 | October 2011 | Difference |
|---|---|---|---|
|
East |
126 |
147 |
14% |
|
East Midlands |
144 |
161 |
-11% |
|
London |
138 |
183 |
-25% |
|
North East |
35 |
54 |
-35% |
|
North West |
334 |
373 |
-10% |
|
South East |
195 |
211 |
-8% |
|
South West |
93 |
117 |
-21% |
|
Wales |
108 |
137 |
-21% |
|
West Midlands |
117 |
165 |
-29% |
|
Yorkshire & The Humber |
234 |
257 |
-9% |
|
England and Wales |
1,524 |
1,805 |
-16% |
The Transaction Data shows Land Registryreceived over 846,800 applications from its customers (account and non-account) in December. This includes 810,495 applications by account customers, of which 227,930 were applications in respect of registered land (dealings); 316,851 were applications to obtain an official copy of a register or title plan; 141,280 were searches and 57,764 were transactions for value.
Access the full transaction dataset
| Top three customers | Transactions for value |
|---|---|
|
My Home Move Limited |
1,069 |
|
Countrywide Property Lawyers |
1,061 |
|
O'Neill Patient |
720 |
| Top three customers | Searches |
|---|---|
| Optima Legal Services | 4,626 |
| Enact | 4,228 |
| NLIS Operations | 3,446 |
| Top three local authority areas | Applications |
|---|---|
| City of Westminster | 13,125 |
| Birmingham | 12,659 |
| Leeds | 10,136 |
| Region | Applications |
|---|---|
|
South East |
193,079 |
|
Greater London |
153,725 |
|
North West |
92,944 |
|
South West |
85,272 |
|
West Midlands |
72,559 |
|
Yorks & Humber |
71,002 |
|
East Midlands |
62,314 |
|
Wales |
40,956 |
|
North |
40,025 |
|
East Anglia |
34,900 |
|
England and Wales (not assigned) |
52 |
|
Isles of Scilly |
22 |
|
Total |
846,850 |
The Price Paid Data includes details of over 54,500 residential property sales in England and Wales lodged for registration in December 2012. The most expensive sale was of a property located in Knightsbridge, central London which sold for £14 million in November 2012. The cheapest sold for £10,000 in December 2012 and is located in Blaenau Gwent.
Access the full price paid dataset
ENDS
Notes to editors
- Market Trend Data is published on the twentieth working day of each month. The January House Price Index (HPI) and Transaction and Price Paid data sets will be published at 11am on Thursday 28 February 2013.
- The Public Data Group brings together Land Registry, Companies House, the Met Office and Ordnance Survey to work collectively on pursuing opportunities and driving efficiencies as well as on making their data available to users and re-users at a reduced cost or for free.
- The Open Government Licence (OGL) developed by the National Archives permits the free use and re-use of public sector information. For further information visit http://www.nationalarchives.gov.uk/doc/open-government-licence
- 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.
- 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.
- 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 17 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.
- The adjusted headline statistics for England and Wales on p14 of the monthly HPI report include the additional repossession data which is reported for the first time this month.
- The repossession data is based on the number of transactions lodged with Land Registry by lenders exercising their power of sale. Once we have identified these transactions, we extract the price paid information from the related register entry.
- Although the HPI goes back to January 1995, we have only been recording repossessions comprehensively since 2006. This means that historic repossession data is not available prior to January 2006. See http://www.landregistry.gov.uk/public/house-prices-and-sales/about-hpi for more information.
- The monthly Transaction Data shows how many applications for first registrations, leases, transfers of part, dealings, official copies and searches were lodged by Land Registry account customers. For an explanation of the terms used, see http://www.landregistry.gov.uk/professional/market-trend-data/public-data/faqs#m11
- Transactions for value include freehold and leasehold sales.
- Most searches carried out by a solicitor or conveyancer are to protect the purchase and/or mortgage. For example, a search will give the buyer priority for an application to Land Registry to register the purchase of the property. For information about the different types of search, see http://www.landregistry.gov.uk/professional/market-trend-data/public-data/faqs#m11
- Price Paid Data is residential property price data for all the residential property sales in England and Wales that are lodged with us for registration in that month. The following information is available for each property:
- the full address
- the price paid
- the date of transfer
- the property type
- whether it is new build or not
- whether it is freehold or leasehold.
- It can be downloaded from the Land Registry website as a monthly snapshot of our price paid database at http://www.landregistry.gov.uk/professional/market-trend-data/public-data/price-paid-data and is available for anyone to examine or reuse free of charge under the OGL.
- For historical Price Paid Data, email addvalueservices@landregistry.gsi.gov.uk or ring 0800 678 1678. There is a charge for these reports.
Contact
- Marion Shelley 0300 0067543, 07790 690297, marion.shelley@landregistry.gsi.gov.uk
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