February Market Trend Data from Land Registry

February house prices up 0.7 per cent since January 2014
February house prices up 5.3 per cent since February 2013
Average house price in England and Wales now £170,000 compared with the peak of £181,658 in November 2007
966 repossessions in England & Wales during December 2013
South East tops the table of regional applications with 297,964 in February
Over 70,500 residential properties in England and Wales lodged for registration in February ranging from £11,500 to £21,750,000

The February data from Land Registry's House Price Index shows an annual price increase of 5.3 per cent which takes the average property value in England and Wales to £170,000. The monthly change from January to February shows an increase of 0.7 per cent. Repossession volumes decreased by 24 per cent in December 2013 to 966 compared with 1,278 in December 2012.

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 13.8 per cent.
Wales experienced the greatest monthly rise with a movement of 1.6 per cent.
The North East experienced the only annual price fall of 1.3 per cent.
The North East also saw the most significant monthly price fall with a movement of -1.4 per cent.
The most up-to-date figures available show that during December 2013 the number of completed house sales in England & Wales increased by 33 per cent to 75,182 compared with 56,697 in December 2012.
The number of properties sold in England and Wales for over £1 million in December 2013 increased by 44 per cent to 898 from 624 in December 2012.
Wales is the only region with an increase in repossession sales in December 2013 (up 6 per cent)

Access the full dataset
Download the full February 2014 HPI report (PDF)

Region	Monthly change (since January 2014)	Annual change (since February 2013)	Average price (February 2014)
Wales	1.6%	1.7%	£119,118
North West	1.2%	2.2%	£111,453
South West	1.0%	4.5%	£178,108
West Midlands	0.8%	3.6%	£133,670
London	0.7%	13.8%	£414,356
South East	0.7%	7.1%	£223,733
England & Wales	0.7%	5.3%	£170,000
East	0.5%	6.2%	£183,285
Yorkshire and The Humber	0.1%	1.2%	£117,025
East Midlands	-0.1%	4.5%	£127,343
North East	-1.4%	-1.3%	£97,332

Average price by property type

Average price by property type (England & Wales)	February 2014	February 2013	Difference
Detached	£267,557	£254,494	5.1%
Semi-detached	£160,943	£152,884	5.3%
Terraced	£127,738	£122,998	3.9%
Flat/maisonette	£163,168	£151,657	7.6%
All	£170,000	£161,424	5.3%

Sales volumes 2013-2012

Month	Sales 2013 (England & Wales)	Sales 2012 (England & Wales)	Difference
January	43,360	43,779	-1%
February	45,208	44,869	1%
March	54,638	61,372	-11%
April	50,936	43,273	18%
May	66,205	52,551	26%
June	65,835	59,883	10%
July	73,403	59,164	24%
August	79,027	65,035	22%
September	69,246	52,884	31%
October	75,951	59,234	28%
November	80,893	63,963	26%
December	75,182	56,697	33%
Total	779,884	662,704	18%

Repossessions by region

Repossessions by region	December 2013	December 2012	Difference
East	62	133	-53%
East Midlands	80	105	-24%
London	90	170	-47%
North East	31	36	-14%
North West	243	275	-12%
South East	119	131	-9%
South West	56	82	-32%
Wales	88	83	6%
West Midlands	75	98	-23%
Yorkshire & The Humber	122	165	-26%
All	966	1,278	-24%

The Price Paid Data includes details of over 70,500 residential property sales in England and Wales lodged for registration in February 2014. The most expensive sale in February 2014 was located in the London borough of Barnet which sold for £21,750,000. The cheapest sale in February 2014 was located in County Durham and sold for £11,500.

Access the full price paid dataset

The Transaction Data shows Land Registry completed 1,301,843 applications from all its customers in February. This includes 1,249,846 applications by account customers, of which 298,042 were applications in respect of registered land (dealings); 587,074 were applications to obtain an official copy of a register or title plan; 162,360 were searches and 74,852 were transactions for value.

Access the full transaction dataset

Transactions for value

Top three customers	Transactions for value
My Home Move Limited LLP	1,601
O'Neill Patient	783
Countrywide Property Lawyers	702

Searches

Top three customers	Searches
Enact	6,694
Optima Legal Services	4,871
O'Neill Patient	3,279

Applications by region

Region	Applications
South East	297,964
Greater London	247,833
North West	139,028
South West	126,856
West Midlands	112,273
Yorks & Humber	104,230
East Midlands	93,789
Wales	64,069
North	62,622
East Anglia	53,075
England & Wales (not assigned)	74
Isles of Scilly	30
Total	1,301,843

ENDS

Notes to editors

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 9.30am on Wednesday 30 April 2014. Access the release calendar up to January 2015.
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 over 18 million residential transactions. Of these, over 6.5 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 additional repossession data.
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.
HPI background tables are available as Open data in Excel and CSV formats and in machine readable format as linked data.
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.
Price Paid Data can be downloaded in csv format and in a machine readable format as linked data at price paid data. It is available for anyone to examine or reuse free of charge under the OGL.
The monthly Transaction Data shows how many applications for first registrations, leases, transfers of part, dealings, official copies and searches lodged by Land Registry account customers were completed. See an explanation of the terms used in the Transaction data.
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. Find out more about the different types of search.
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 almost 24 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
For further information about Land Registry, visit www.landregistry.gov.uk. Follow us on Twitter @LandRegGov. Find us on LinkedIn, Facebook and our blog.

Contact

Marion Shelley, Press and PR Manager 0300 006 7543, 07790 690297
marion.shelley@landregistry.gsi.gov.uk

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