December House Prices down 0.2 per cent since November: average house price in England and Wales now £163,814

(LRP01/11) 31/01/2011

December House Prices down 0.2 per cent since November: average house price in England and Wales now £163,814

The December data from Land Registry's flagship House Price Index shows an annual price increase of 1.5 per cent which takes the average property value in England and Wales to £163,814. The monthly change from November to December is a decrease of 0.2 per cent.

Five 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 6.2 per cent. London also experienced the greatest monthly rise with an increase of 1 per cent. The region with the greatest annual price fall is the North East with a movement of -3.3 per cent. The South West region experienced the most significant monthly price fall with a movement of -1.2 per cent.

The most up-to-date figures available show that during October 2010, the number of completed house sales in England and Wales dropped by 15 per cent to 55,964 from 65,736 in October 2009. The number of properties sold in England and Wales for over £1 million increased by 1 per cent between October 2009 and October 2010, from 572 to 579.

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

Region	Monthly change (since November 2010)	Annual change (since December 2009)	Average price (December 2010)
London	1.0%	6.2%	£342,325
Wales	0.5%	-1.2%	£120,870
East Midlands	0.4%	-0.2%	£127,314
West Midlands	0.1%	0.2%	£134,347
South East	0.0%	2.7%	£208,799
North East	0.0%	-3.3%	£108,056
England and Wales	-0.2%	1.5%	£163,814
East	-0.4%	2.5%	£175,099
Yorkshire & The Humber	-0.7%	-1.2%	£124,168
North West	-0.9%	-1.1%	£117,217
South West	-1.2%	1.1%	£173,803

Average prices by property type (England and Wales)	December 2010	December 2009	Difference (%)
Detached	£258,973	£251,720	2.9%
Semi-detached	£154,738	£152,731	1.3%
Terraced	£124,205	£124,165	0.0%
Flat/maisonette	£152,972	£150,107	1.9%
All	£163,814	£161,373	1.5%

Month	Sales 2010 (England and Wales)	Sales 2009 (England and Wales)	Difference
January	35,759	26,264	36%
February	42,446	27,254	56%
March	51,273	35,505	44%
April	52,126	39,322	33%
May	51,960	45,852	13%
June	62,323	54,757	14%
July	66,877	63,637	5%
August	60,566	58,299	4%
September	55,907	58,451	-4%
October	55,964	65,736	-15%

Month	Sales 2009 (England and Wales)	Sales 2008 (England and Wales)	Difference
January	26,264	57,203	-54%
February	27,254	61,028	-55%
March	35,505	57,167	-38%
April	39,322	61,598	-36%
May	45,852	64,464	-29%
June	54,757	58,096	-6%
July	63,637	52,096	22%
August	58,299	47,787	22%
September	58,451	40,853	43%
October	65,736	43,969	50%
November	61,038	35,827	70%
December	78,381	39,248	100%
Total	614,496	619,336	-1%

ENDS

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 January Index will be published at 11am on Monday 28 February 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 020 7166 4543 marion.shelley@landregistry.gsi.gov.uk