Press release

May 2014 Market Trend Data

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

  • May house prices up 0.4 per cent since April 2014
  • May house prices up 6.7 per cent since May 2013
  • Average house price in England and Wales now £172,035 compared with the peak of £181,518 in November 2007
  • 987 repossessions in England and Wales during March 2014
  • Over 72,450 residential properties in England and Wales lodged for registration in May ranging from £7,000 to £39m

The May data from Land Registry’s House Price Index shows an annual price increase of 6.7 per cent which takes the average property value in England and Wales to £172,035. The monthly change from April to May shows an increase of 0.4 per cent. Repossession volumes decreased by 37 per cent in March 2014 to 987 compared with 1,560 in March 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 18.5 per cent
  • London also experienced the greatest monthly rise with a movement of 2.5 per cent
  • North East saw the lowest annual price growth with a movement of 0.9 per cent
  • Yorkshire and the Humber saw the most significant monthly price fall of 0.9 per cent
  • The most up-to-date figures available show that during March 2014 the number of completed house sales in England and Wales increased by 16 per cent to 63,587 compared with 54,708 in March 2013
  • The number of properties sold in England and Wales for over £1 million in March 2014 increased by 28 per cent to 840 from 657 in March 2013
  • The region with the greatest fall in repossession sales in March 2014 was the East Midlands
Region Monthly change since April 2014 Annual change since May 2013 Average price May 2014
London 2.5% 18.5% £439,719
East Midlands 1.5% 6.5% £130,553
East 0.7% 8.4% £188,580
South West 0.6% 4.7% £180,265
South East 0.6% 8.4% £226,334
England and Wales 0.4% 6.7% £172,035
West Midlands -0.1% 4.3% £133,985
Wales -0.2% 2.3% £116,845
North East -0.3% 0.9% £99,319
North West -0.5% 1.3% £110,161
Yorkshire and the Humber -0.9% 2.9% £119,472

Average price by property type

Average price by property type (England and Wales) May 2014 May 2013 Difference
Detached £268,897 £253,896 5.9%
Semi-detached £162,408 £152,821 6.3%
Terraced £129,267 £121,873 6.1%
Flat/maisonette £166,944 £152,857 9.2%
All £172,035 £161,254 6.7%

Sales volumes 2013 to 2012

Month Sales 2013 England and Wales Sales 2012 England and Wales Difference
January 43,386 43,783 -1%
February 45,246 44,874 1%
March 54,708 61,377 -11%
April 5 1,014 43,280 18%
May 6 6,289 52,559 26%
June 6 6,061 59,893 10%
July 7 3,651 59,179 24%
August 79,403 65,047 22%
September 69,811 52,895 32%
October 77,006 59,249 30%
November 83,126 63,992 30%
December 79,489 56,722 40%
Total 789,190 662,850 19%

Sales volumes 2014 to 2013

Month Sales 2014 England and Wales Sales 2013 England and Wales Difference
January 65,010 43,386 50%
February 63,789 45,246 41%
March 63,587 54,708 16%

Repossessions by region

Repossessions by region March 2014 March 2013 Difference
East 90 124 -27%
East Midlands 68 150 -55%
London 103 160 -36%
North East 30 43 -30%
North West 238 355 -33%
South East 115 197 -42%
South West 53 100 -47%
Wales 79 103 -23%
West Midlands 83 125 -34%
Yorkshire and the Humber 128 203 -37%
All 987 1,560 -37%

The Price Paid Data includes details of over 72,450 residential property sales in England and Wales lodged for registration in May 2014. The most expensive sale in May 2014 was located in the London borough of Kensington and Chelsea and sold for £11.5m. The cheapest sale in May 2014 was located in Scarborough, North Yorkshire and sold for £8,500.

Access the full dataset

Notes to editors

  1. Market Trend Data is published on the twentieth working day of each month. The June House Price Index (HPI) and Price Paid data set will be published at 9.30am on Monday 28 July 2014.

  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. Publication of the Transaction Data has moved so that it is now available on the fifteenth working day of the month. This means that the June transaction dataset will be published on 21 July 2014 at 11am.

  4. 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.

  5. 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.

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

  7. 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.

  8. 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.

  9. 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).

  10. 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
  11. 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.

  12. 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.

  13. 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.

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

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

Contact

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Marion Shelley
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