Press release: November 2014 Market Trend Data

• 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

Access the full November HPI report

Region	Monthly change since October 2014	Annual change since November 2013	Average price November 2014
West Midlands	1.7%	4.9%	£138,175
London	1.2%	17.4%	£461,453
South East	0.3%	11.0%	£239,490
Wales	0.3%	1.7%	£118,762
North West	0.1%	3.1%	£112,566
East Midlands	0.0%	5.7%	£131,610
North East	0.0%	1.8%	£97,783
England and Wales	-0.1%	7.1%	£176,581
South West	-0.1%	6.1%	£185,051
Yorks and Humber	-1.0%	2.5%	£119,252
East	-1.4%	9.5%	£194,955

Average price by property type 2014 to 2013

Average price by property type (England & Wales)	November 2014	November 2013	Difference
Detached	£276,912	£259,994	6.5%
Semi-detached	£168,295	£155,953	7.9%
Terraced	£132,740	£124,864	6.3%
Flat/maisonette	£168,515	£156,204	7.9%
All	£176,581	£164,921	7.1%

Sales volumes 2013 to 2012

Month	Sales 2013 England & Wales	Sales 2012 England & Wales	Difference
January	43,402	43,790	-1%
February	45,272	44,876	1%
March	54,752	61,386	-11%
April	51,047	43,292	18%
May	66,364	52,570	26%
June	66,149	59,903	10%
July	73,775	59,202	25%
August	79,600	65,069	22%
September	70,020	52,905	32%
October	77,350	59,262	31%
November	83,681	64,015	31%
December	80,457	56,751	42%
Total	791,869	663,021	19%

Sales volumes 2014 to 2013

Month	Sales 2014 England & Wales	Sales 2013 England & Wales	Difference
January	66,067	43,402	52%
February	65,837	45,272	45%
March	68,246	54,752	25%
April	71,135	51,047	39%
May	78,280	66,364	18%
June	81,027	66,149	22%
July	84,250	73,775	14%
August	85,391	79,600	7%
September	73,552	70,020	5%

Repossessions by region 2014 to 2013

Repossessions by region	September 2014	September 2013	Difference
East	51	83	-39%
East Midlands	63	101	-38%
London	46	108	-57%
North East	23	50	-54%
North West	153	248	-38%
South East	72	124	-42%
South West	41	71	-42%
Wales	68	106	-36%
West Midlands	51	85	-40%
Yorkshire & The Humber	106	141	-25%
All	674	1,117	-40%

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.

Access the full dataset

Notes to Editors

1. 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.


2. A calendar with release dates of the headline figure and the full HPI is available on our release calendar.


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 HPI 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 http://www.gov.uk/land-registry Follow us on Twitter, our blog, LinkedIn and Facebook

Contact

Press and PR manager

Marion Shelley

Head office

Trafalgar House

1 Bedford Park

Croydon

CR0 2AQ

Email marion.shelley@landregistry.gsi.gov.uk

Telephone 0300 0067543

Mobile 07790 690297

from Announcements on GOV.UK https://www.gov.uk/government/news/november-2014-market-trend-data