Press release

December 2014 Market Trend Data

Land Registry's Market Trend Data for England and Wales.

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  • 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

Access the full December HPI report

Region Monthly change since November 2014 Annual change since December 2013 Average price December 2014
London 1.8% 16.3% £464,936
East 1.5% 10.3% £199,055
South East 0.7% 10.8% £240,987
England and Wales 0.6% 7.0% £177,766
Yorkshire & The Humber 0.6% 5.0% £121,371
North East 0.4% 3.9% £99,132
Wales 0.2% 3.0% £118,859
East Midlands -0.5% 4.2% £131,336
West Midlands -0.7% 4.0% £136,064
South West -0.9% 4.4% £182,968
North West -1.6% 1.5% £110,548

Average price by property type 2014 to 2013

Average price by property type (England & Wales) December 2014 December 2013 Difference
Detached £279,298 £260,499 7.2%
Semi-detached £167,069 £157,795 5.9%
Terraced £134,226 £125,182 7.2%
Flat/maisonette £170,822 £158,747 7.6%
All £177,766 £166,146 7.0%

Sales volumes 2013 to 2012

Month Sales 2013 England & Wales Sales 2012 England & Wales Difference
January 43,403 43,792 -1%
February 45,273 44,876 1%
March 54,753 61,389 -11%
April 51,048 43,292 18%
May 66,375 52,572 26%
June 66,152 59,906 10%
July 73,780 59,204 25%
August 79,611 65,071 22%
September 70,040 52,907 32%
October 77,371 59,264 31%
November 83,705 64,017 31%
December 80,846 56,753 42%
Total 791,997 663,043 19%

Sales volumes 2014 to 2013

Month Sales 2014 England & Wales Sales 2013 England & Wales Difference
January 66,108 43,403 52%
February 65,894 45,273 46%
March 68,315 54,753 25%
April 71,242 51,048 40%
May 78,499 66,375 18%
June 81,459 66,152 23%
July 85,035 73,780 15%
August 87,130 79,611 9%
September 75,944 70,040 8%
October 80,158 77,371 4%

Repossessions by region 2014 to 2013

Repossessions by region October 2014 October 2013 Difference
East 62 111 -44%
East Midlands 71 99 -28%
London 70 115 -39%
North East 25 39 -36%
North West 169 281 -40%
South East 80 149 -46%
South West 53 68 -22%
Wales 76 114 -33%
West Midlands 54 95 -43%
Yorkshire & The Humber 136 189 -28%
All 796 1,260 -37%

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).

Access the full dataset

Notes to editors

  1. 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.

  2. A calendar with release dates of the headline figure and the full HPI is available at www.gov.uk/government/publications/about-the-house-price-index.

  3. 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.

  4. 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.

  5. The adjusted headline statistics for England and Wales on p14 of the monthly HPI report include additional repossession data.

  6. 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.

  7. 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.

  8. HPI background tables are available as Open Data in Excel and CSV formats and in machine readable format as linked data. They are available for free use and re-use under the Open Government Licence (OGL).

  9. 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.
  10. 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.

  11. 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.

  12. 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.

  13. For further information about Land Registry visit www.gov.uk/land-registry.

  14. Follow us on Twitter @LandRegGov, our blog, LinkedIn and Facebook.

Contact

Senior Press Officer

Marion Shelley
Head Office
Trafalgar House

1 Bedford Park
Croydon
CR0 2AQ

Published 29 January 2015