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28 March 2013
PR 05/13

February Market Trend Data from Land Registry

  • February house prices up 0.2 per cent since January: average house price in England and Wales now £162,606
  • 1,193 repossessions in England and Wales during December 2012, Repossession volumes now included in the monthly HPI report
  • South East tops the table of regional applications with 241,086 in February
  • Over 49,300 residential properties in England and Wales lodged for registration in February ranging from £8,000 to £20.4 million

The February data from Land Registry's House Price Index shows an annual price increase of 1.0 per cent which takes the average property value in England and Wales to £162,606. The monthly change from January to February shows an increase of 0.2 per cent. Repossession volumes decreased by 26 per cent in December 2012 to 1,193 compared with 1,612 in December 2011.

  • 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 6.3 per cent.
  • Wales experienced the greatest monthly rise with a movement of 3.6 per cent.
  • The region with the greatest annual price fall is Yorkshire & The Humber with a decrease of 0.9 per cent.
  • The South West saw the most significant monthly price fall with a decrease of 0.8 per cent.
  • The most up-to-date figures available show that during December 2012, the number of completed house sales in England and Wales decreased by 15 per cent to 53,860 compared with 63,600 in December 2011.
  • The number of properties sold in England and Wales for over £1 million in December 2012 increased by 19 per cent to 598 from 501 in December 2011.
  • The only region to see an increase in repossessions was London with an increase of 3 per cent (December 2012 compared with December 2011).

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Region Monthly change (since January 2012) Annual change
(since February 2012)		 Average price
(February 2013)
Wales 3.6% 1.7% £120,410
North East 3.4% 4.3% £100,363
North West 3.3% -0.6% £110,608
Yorkshire & The Humber 1.3% -0.9% £116,567
South East 0.6% 2.0% £211,749
East Midlands 0.4% 0.3%£122,653
England & Wales 0.2% 1.0% £162,606
London -0.1% 6.3% £370,819
East -0.4% 0.3% £173,846
West Midlands -0.5% -0.1% £129,406
South West -0.8% -0.7% £170,299
Avg. price by property type
(England and Wales)		 February 2013 February 2012 Difference

Detached

£254,137

£254,650

-0.2%

Semi-detached

£154,420

£153,323

0.7%

Terraced

£123,567

£121,895

1.4%

Flat/maisonette

£153,687

£150,417

2.2%

All

£162,606

£160,938

1.0%

Month Sales 2012
(England and Wales)		 Sales 2011
(England and Wales)		 Difference

January

43,745

37,638

16%

February

44,817

39,696

13%

March

61,293

46,772

31%

April

43,211

50,784

-15%

May

52,424

49,005

7%

June

59,680

57,754

3%

July

58,965

62,337

-5%

August

64,738

64,439

0%

September

52,475

63,577

-17%

October

58,549

58,010

1%

November

62,659

60,380

4%

December

53,860

63,600

-15%

Total

656,416

653,992

0%

Repossessions by region December 2012 December 2011 Difference

East

117

138

-15%

East Midlands

102

139

-27%

London

157

153

3%

North East

36

53

-32%

North West

263

324

-19%

South East

121

207

-42%

South West

77

96

-20%

Wales

80

111

-28%

West Midlands

88

137

-36%

Yorkshire & The Humber

152

254

-40%

England and Wales

1,193

1,612

-26%

The Transaction Data shows Land Registry completed over 1,066,700 applications from its customers (account and non-account) in February. This includes 1,024,018 applications by account customers, of which:

  • 235,474 were applications in respect of registered land (dealings)
  • 489,822 were applications to obtain an official copy of a register or title plan
  • 129,417 were searches
  • 58,346 were transactions for value.

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Top three customers Transactions for value

My Home Move Limited

981

Countrywide Property Lawyers

944

O'Neill Patient

605

Top three customers Searches
Enact 4,201
Optima Legal Services 4,130
O’Neill Patient 2,816
Region Applications

South East

241,086

Greater London

201,737

North West

116,456

South West

104,825

West Midlands

91,833

Yorks & Humber

86,895

East Midlands

77,205

Wales

52,579

North

50,168

East Anglia

43,889

Isles of Scilly

38

England and Wales (not assigned)

33

Total

1,066,744

The Price Paid Data includes details of over 49,300 residential property sales in England and Wales lodged for registration in February 2013. The most expensive sale in February 2013 was a property located in the London borough of Haringey, which sold for over £16 million. The cheapest sale in February 2013 is located in Burnley, Lancashire and sold for £9,000.

chevron_bullet Access the full price paid dataset

ENDS

Notes to editors

  1. Market Trend Data is published on the twentieth working day of each month. The March House Price Index (HPI) and Transaction and Price Paid data sets will be published at 11am on Monday 29 April 2013.
  2. 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.
  3. 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
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. The adjusted headline statistics for England and Wales on p14 of the monthly HPI report include the additional repossession data.
  9. 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.
  10. 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 About our House Price Index for more information.
  11. 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. See an explanation of the terms used.
  12. Transactions for value include freehold and leasehold sales.
  13. 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. Find out more about the different types of search.
  14. 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 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.

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