The October data from Land Registry's flagship House Price Index shows an annual price increase of 3.4 per cent which takes the average property value in England and Wales to £165,505. The monthly change from September to October is a decrease of 0.8 per cent.
Eight regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 7.6 per cent. The East experienced the greatest monthly rise with an increase of 1 per cent. The region with the greatest annual price fall is the North East with a movement of -0.9 per cent. Yorkshire and the Humber experienced the most significant monthly price decrease with a movement of
-1.8 per cent.
The most up-to-date figures available show that during August 2010, the number of completed house sales in England and Wales rose by one per cent to 58,783 from 58,270 in August 2009. The number of properties sold in England and Wales for over £1 million increased by 44 per cent between August 2009 and August 2010, from 506 to 731.
For more information go to www1.landregistry.gov.uk/houseprices
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Notes to editors
1. Since 2006, Land Registry's House Price Index (HPI), which is available free at www1.landregistry.gov.uk/houseprices has gathered its own momentum to become a leading indicator of property movement within England and Wales. It is widely viewed as "the most accurate barometer of the housing market".
2. The HPI is published on the twentieth working day of each month. The November index will be published at 11am on Thursday 30 December.
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 16 million residential transactions. Of these, over six 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. With the largest transactional database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
6. As a government department established in 1862, executive agency and trading fund responsible to the Lord Chancellor and Secretary of State for Justice, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
7. For further information about Land Registry visit www.landregistry.gov.uk