Average house price in England and Wales now £177,766 compared with the peak of £181,138 in November 2007
Annual growth of 7.0 per cent in December
House prices up 0.6 per cent since November
796 repossessions in England & Wales during October 2014
The December data from Land Registry’s House Price Index shows an annual price increase of 7.0 per cent which takes the average property value in England and Wales to £177,766. House prices up 0.6 per cent since November. Repossession volumes decreased by 37 per cent in October 2014 to 796 compared with 1,260 in October 2013.
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 16.3 per cent
London also experienced the greatest monthly rise with a movement of 1.8 per cent
The North West saw the lowest annual price growth with a movement of 1.5 per cent
The North West also saw the most significant monthly price fall of 1.6 per cent
The most up-to-date figures available show that during October 2014 the number of completed house sales in England & Wales increased by 4 per cent to 80,158 compared with 77,371 in October 2013
The number of properties sold in England and Wales for over £1 million in October 2014 increased by 15 per cent to 1,132 from 984 in October 2013
The region with the greatest fall in repossession sales in October 2014 was the South East
The Price Paid Data includes details of over 82,000 residential property sales in England and Wales lodged for registration in December 2014. The most expensive sale in December 2014 was in the London Borough of Barnet (£33.7m). The cheapest sale in December 2014 was in Washington, Tyne and Wear (£12,250).
Market Trend Data is published on the twentieth working day of each month. The January House Price Index (HPI) will be published at 9.30am on Friday 27 February 2015. Price Paid Data is published at 11am on the same day.
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 19 million residential transactions. Of these, over 7 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. See About the House Price Index for more information.
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. It is available for anyone to examine or re-use free of charge under the OGL.
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 24 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.