Average house price in England and Wales now £176,581 compared with the peak of £181,191 in November 2007
Annual growth of 7.1 per cent in November
House prices down 0.1 per cent since October
674 repossessions in England & Wales during September 2014
The November data from Land Registry’s House Price Index shows an annual price increase of 7.1 per cent which takes the average property value in England and Wales to £176,581. House prices down 0.1 per cent since October. Repossession volumes decreased by 40 per cent in September 2014 to 674 compared with 1,117 in September 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 17.4 per cent
West Midlands experienced the greatest monthly rise with a movement of 1.7 per cent
Wales saw the lowest annual price growth with a movement of 1.7 per cent
The East saw the most significant monthly price fall of 1.4 per cent
The most up-to-date figures available show that during September 2014 the number of completed house sales in England & Wales increased by 5 per cent to 73,552 compared with 70,020 in September 2013
The number of properties sold in England and Wales for over £1 million in September 2014 increased by 8 per cent to 1,172 from 1,088 in September 2013
The region with the greatest fall in repossession sales in September 2014 was London
The Price Paid Data includes details of 79,859 residential property sales in England and Wales lodged for registration in November 2014. The most expensive sale in November 2014 was in the London Borough of Camden and sold for £8.5m. The cheapest sale in November 2014 was in Burnley, Lancashire where two properties each sold for £15,000.
Market Trend Data is published on the twentieth working day of each month. The December House Price Index (HPI) will be published at 9.30am on Thursday 29 January 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.