The November data from Land Registry’s flagship House Price Index shows a positive monthly house price change of 0.9 per cent, which is the sixth month in a row in which the movement has been above nought per cent.
The annual house price change stands at -0.3 per cent. This is the seventh month in a row in which the annual rate of decline has decreased. The average house price in England and Wales is now £161,554.
4 regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the most significant annual price fall was Yorkshire & The Humber with a movement of -4.7 per cent. Wales experienced the greatest monthly rise with a movement of 2.9 per cent. The West Midlands was the region with the most significant monthly price fall with a movement of -0.4 per cent.
The most up-to-date figures available show that during September 2009 the number of completed house sales in England and Wales rose by 30 per cent to 53,482 from 41,302 in September 2008. Transaction volumes, while no longer falling at 2007 rates, remain relatively low.
For more information and to view the report in full, visit www1.landregistry.gov.uk/houseprices/
Press notice reference 40/09
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 December index will be published at www1.landregistry.gov.uk/houseprices/ at 11:00 hours on Friday 29 January 2009.
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 15 million residential transactions. Of these, over five 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
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