Land Registry

House Price Index

November 2009 Date of release: 30 December 2009

Contents
Headline statistics 3
Average prices by property type 4
Key regional observations 5
Key county and unitary
authority observations 6
Key metropolitan district
observations 10
Key London borough
observations 11
Sales volumes 12
Notes 14
Terms and conditions 15

www.landregistry.gov.uk

Index 258.5
Average price £161,554
Monthly change 0.9%
Annual change -0.3%
This material can be
made available in
alternative formats on
request. If you require
an alternative format,
please email
marion.shelley@
landregistry.gsi.gov.uk
Land Registry
House Price Index
Headline statistics

The data for November shows an

annual house price change of Index 1 258.5
-0.3 per cent. This is the seventh
month in a row in which the Average price 2 £161,554
annual rate of decline has eased.

The monthly change stands at Monthly change 0.9%

0.9 per cent, which brings the
average house price in England Annual change -0.3%
and Wales to £161,554.

Property transactions averaged

55,520 sales per month in the
months June to September 2009.
In the same period the year
before, the average was lower at
50,187 sales per month.

Annual movement of -0.3 per cent in November,

with a monthly change of 0.9 per cent.
1 Seasonally adjusted House Price Index (HPI) with base period of January 1995=100
2 All average prices quoted in this report represent standardised seasonally adjusted prices

3
Land Registry
House Price Index
Average annual price change

Average annual change in residential property prices

London's annual house price

change of 3.5 per cent is the
greatest rise of any of the
regions.

The monthly change is 2 per

cent, which brings the average
house price in London to
£324,231. This is in comparison
to the figure for England and
Wales, which currently stands
at £161,554. This is the sixth
month in a row in which the
capital's monthly change has
been above zero.

England and Wales

London

Average prices by property November November Difference

type (England and Wales) 2009 2008 (%)

Detached £251,193 £247,260 1.6

Semi-detached £152,436 £152,632 -0.1
Terraced £123,765 £126,306 -2.0
Flat/maisonette £152,196 £150,484 1.1
All £161,554 £162,023 -0.3

4
Land Registry
House Price Index
Price change by region

Region Monthly Annual Average

change (%) change (%) price (£)

Key regional observations Wales 2.9 -1.9 124,947

London 2.0 3.5 324,231
— 4 regions in England and
Wales experienced increases East 1.6 1.7 171,146
in their average property North West 1.6 -3.2 120,226
values over the last 12 North East 1.4 -2.9 111,308
months.
— The region with the most Yorkshire & The Humber 0.5 -4.7 125,301
significant annual price fall South East 0.4 2.0 202,140
was Yorkshire & The Humber
East Midlands 0.2 -1.4 125,973
with a movement of -4.7 per
cent. South West 0.1 1.4 172,011
— Wales experienced the West Midlands -0.4 -3.5 132,787
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.

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Land Registry
House Price Index
Price change by county

Annual price change by county

Growth (%)

-16.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.3

3.0

3.8

Key county and unitary County/unitary authority Monthly Annual Average

authority observations change (%) change (%) price (£)

— Ceredigion experienced the Bath and NE Somerset 0.6 0.4 218,557

highest annual price change Bedford 1.1 -5.8 149,244
in November, with a
movement of 4 per cent. Blackburn with Darwen 2.6 -6.3 83,846
— Hartlepool experienced the Blackpool -1.4 -6.0 94,809
greatest annual price fall with
a movement of -12.8 per Blaenau Gwent 0.0 0.7 84,381
cent. Bournemouth -0.7 -5.3 162,487
Bracknell Forest 0.5 -0.1 199,989
Bridgend -0.6 -3.1 119,336
Brighton and Hove 1.3 0.4 206,029
Buckinghamshire 0.8 -4.2 242,140
Caerphilly -4.1 -9.4 95,767
Cambridgeshire 0.8 -2.5 171,719
Cardiff -0.3 -2.9 142,299
Carmarthenshire 4.6 -6.0 117,006
Central Bedfordshire 0.6 -5.7 166,983
Ceredigion 0.3 4.0 178,770
Land Registry
House Price Index
Price change by county

County/unitary authority Monthly Annual Average

change (%) change (%) price (£)

Key county and unitary Cheshire East -0.2 -5.5 152,038

authority observations Cheshire West and Chester 0.8 -2.3 157,967

— Carmarthenshire experienced City of Bristol 0.3 -1.8 164,727

the strongest monthly growth City of Derby 0.5 -2.0 109,168
in November with an increase City of Kingston Upon Hull -0.4 -11.5 74,695
of 4.6 per cent.
— Caerphilly had the most City of Nottingham -0.9 -3.7 90,223
significant monthly price fall City of Peterborough 0.4 -8.8 110,396
during November with a
City of Plymouth 0.6 -3.4 126,637
movement of -4.1 per cent.
— Four county and unitary Conwy -2.0 0.8 137,961
authorities exhibited no Cornwall 0.5 -4.3 183,764
monthly price movement.
Cumbria 0.0 -5.7 128,043
Darlington 1.7 1.9 115,852
Denbighshire 0.0 -1.3 125,471
Derbyshire 0.2 -7.2 121,538
Devon 0.3 -4.0 187,359
Dorset 0.7 -2.5 204,218
Durham 0.2 -9.0 97,192
East Riding of Yorkshire 0.1 -8.3 136,270
East Sussex 0.3 -6.3 172,015
Essex 0.7 -3.9 181,794
Flintshire 0.1 -6.2 129,326
Gloucestershire 0.9 -3.8 168,528
Greater London 2.0 3.5 324,231
Greater Manchester -0.2 -9.1 109,443
Gwynedd 2.1 -1.0 144,453
Halton 0.5 -9.3 104,653
Hampshire 1.0 -3.1 200,259
Hartlepool -0.7 -12.8 93,084
Herefordshire -1.3 -6.8 172,753
Hertfordshire 1.0 -3.0 224,355
Isle of Anglesey 1.8 -6.1 132,176
Isle of Wight -0.2 -7.8 153,355
Kent 0.9 -6.2 177,802
Lancashire 0.6 -7.9 116,518
Leicester -0.1 -7.1 109,799
Leicestershire 0.4 -4.4 146,701
Lincolnshire 0.2 -6.4 126,251
7
Land Registry
House Price Index
Price change by county

County/unitary authority Monthly Annual Average

change (%) change (%) price (£)

Luton 0.4 -7.6 124,485

Medway 1.5 -5.2 138,143
Merseyside -0.4 -9.5 114,187
Merthyr Tydfil 0.4 -9.3 67,346
Middlesbrough 0.5 -11.6 87,153
Milton Keynes 0.4 -5.1 146,298
Monmouthshire -0.6 -4.9 173,285
Neath Port Talbot 2.9 -11.7 91,741
Newport 0.6 -5.1 119,499
Norfolk 0.9 -1.9 144,804
North East Lincolnshire -0.1 -8.8 90,967
North Lincolnshire -0.3 -9.4 106,613
North Somerset 0.7 -5.1 170,633
North Yorkshire 1.2 -5.5 173,049
Northamptonshire 1.0 -4.9 133,989
Northumberland -1.5 -5.7 134,113
Nottinghamshire 0.4 -5.8 121,267
Oxfordshire 0.9 -1.4 227,152
Pembrokeshire -0.4 -5.6 148,313
Poole 1.2 -2.8 199,484
Portsmouth 2.2 -2.4 142,077
Powys 0.9 -4.0 151,468
Reading -0.6 -4.7 185,464
Redcar and Cleveland 1.7 -2.2 115,983
Rhondda Cynon Taff -0.4 -7.1 80,650
Rutland 0.6 -5.0 207,142
Shropshire 0.1 -6.6 159,345
Slough -0.5 -8.0 162,111
Somerset 0.6 -4.2 164,679
South Gloucestershire 1.0 -0.5 176,019
South Yorkshire 0.0 -8.6 109,544
Southampton 0.5 -3.3 142,577
Southend-on-Sea 0.4 -5.6 145,284
Staffordshire 0.3 -5.8 134,804
Stockton-on-Tees -0.5 -8.5 114,636
Stoke-on-Trent 1.5 -8.7 77,670
Suffolk 0.3 -4.6 148,583
8
Land Registry
House Price Index
Price change by county

County/unitary authority Monthly Annual Average

change (%) change (%) price (£)

Surrey 1.2 -2.4 276,484

Swansea -0.1 -4.6 115,919
Swindon 1.7 -2.2 129,626
The Vale of Glamorgan -0.3 -5.0 159,773
Thurrock 0.4 -10.6 138,289
Torbay 0.7 -3.5 149,565
Torfaen 0.5 -11.2 104,436
Tyne and Wear -0.2 -7.3 111,345
Warrington 1.6 -4.0 141,934
Warwickshire 0.3 -5.0 156,709
West Berkshire 0.9 -2.8 217,057
West Midlands 0.3 -6.4 119,373
West Sussex 1.2 -4.5 198,077
West Yorkshire -0.1 -6.7 117,376
Wiltshire 0.2 -2.3 180,180
Windsor and Maidenhead -1.3 -5.6 300,894
Wokingham 0.3 0.1 260,092
Worcestershire 0.1 -7.0 162,674
Wrekin -0.8 -9.6 125,908
Wrexham -1.8 -9.9 118,026
York 1.1 0.6 176,516

9
Land Registry
House Price Index
Price change by metropolitan district

Metropolitan district Monthly Annual Average

change (%) change (%) price (£)

Key metropolitan district Barnsley 0.5 -10.3 98,206

observations Birmingham 0.3 -7.2 116,936
— The metropolitan district Bolton -0.2 -9.3 97,714
with the smallest annual Bradford -0.1 -8.8 106,412
price fall is Calderdale, with
Bury 2.1 -6.6 118,080
a movement of -0.8 per
cent. Calderdale -1.1 -0.8 103,254
— The highest monthly price Coventry -1.4 -9.7 108,332
increase was in
Wolverhampton, with a rise Doncaster -0.7 -11.4 99,586
of 2.5 per cent. Dudley 2.2 -3.9 129,955
— Knowsley experienced the Gateshead 1.6 -9.2 101,150
most significant annual
price fall with a movement Kirklees -1.8 -9.8 116,667
of -16.7 per cent. Knowsley -0.3 -16.7 105,010
— Sandwell had the most
significant monthly price fall Leeds 0.1 -6.2 129,448
during November with a Liverpool -1.3 -9.3 103,667
movement of -2.2 per cent. Manchester -0.4 -8.5 96,783
Newcastle upon Tyne -0.6 -5.1 122,899
North Tyneside -0.1 -7.1 122,756
Oldham 0.2 -10.1 91,015
Rochdale -2.1 -14.8 100,530
Rotherham -1.4 -10.9 105,464
Salford -2.0 -10.9 96,520
Sandwell -2.2 -5.3 99,548
Sefton -0.9 -7.3 130,202
Sheffield 0.6 -6.0 121,374
Solihull -0.3 -3.5 188,515
South Tyneside -0.4 -7.5 106,173
St Helens 1.4 -11.5 103,309
Stockport -0.8 -9.5 141,616
Sunderland -0.3 -7.6 99,304
Tameside 0.9 -8.6 100,123
Trafford 0.4 -4.2 179,063
Wakefield 2.3 -3.5 117,942
Walsall 1.5 -8.8 112,145
Wigan -0.3 -9.8 98,072
Wirral 0.3 -8.5 121,446
Wolverhampton 2.5 -2.4 111,213

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Land Registry
House Price Index
Price change by London borough

London borough Monthly Annual Average

change (%) change (%) price (£)

Key London borough Barking and Dagenham 0.2 -18.1 195,967

observations Barnet 0.5 -0.6 324,288
Bexley -0.2 -6.7 219,389
— The borough with the
highest annual price rise is Brent 1.1 -5.6 274,907
the City of Westminster, with Bromley 1.0 -3.9 272,209
a movement of 3.5 per cent.
— Camden experienced a rise Camden 2.2 0.3 489,884
of 2.2 per cent, making it City of London n/a n/a n/a
the borough with the
City of Westminster -0.1 3.5 588,185
highest monthly increase.
— Barking and Dagenham Croydon 0.7 -7.7 233,226
experienced the greatest Ealing 0.4 1.6 300,183
annual decrease, with a
movement of -18.1 per cent. Enfield -0.1 -5.6 241,811
— Newham experienced a Greenwich 0.3 -6.8 245,982
movement of -0.5 per cent, Hackney -0.4 -1.0 333,021
making it the borough with
the greatest monthly price Hammersmith and Fulham 1.3 0.0 457,820
fall. Haringey 1.2 -4.7 315,634
Harrow 1.7 -6.0 268,859
Havering 0.8 -6.4 247,744
Hillingdon 0.5 -6.1 244,548
Hounslow 1.4 0.0 271,137
Islington 0.5 -2.1 394,759
Kensington and Chelsea 0.5 1.1 789,091
Kingston upon Thames 1.4 -5.8 282,718
Lambeth 1.0 1.2 315,808
Lewisham 1.2 -3.9 252,842
Merton 1.5 -3.2 304,486
Newham -0.5 -10.9 211,809
Redbridge 0.3 -2.1 275,301
Richmond upon Thames 1.4 1.6 402,577
Southwark 1.0 -2.8 338,531
Sutton 0.4 -4.7 228,815
Tower Hamlets 2.0 -3.0 327,670
Waltham Forest 1.3 -5.6 221,831
Wandsworth 0.6 0.4 355,177

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Land Registry
House Price Index
Sales volumes

Recorded monthly sales – England and Wales

Sales volumes

— In the months June 2009 to

September 2009, transaction
volumes averaged 55,520
transactions per month. This
is an increase from the same
period last year, when sales
volumes averaged 50,187.
— Transaction volumes, while
no longer falling at 2007
rates, remain relatively low.

Price index volatility is greater in

areas where recorded sales
volumes are low. Index volatility
leads to erratic and high
changes in reported price.

Some of the areas that typically

have very low transaction
volumes include, but are not non-seasonally adjusted
limited to, the following: seasonally adjusted
— City of London
— Rutland Recorded monthly sales – London
— Isle of Anglesey
— Merthyr Tydfil
— Blaenau Gwent
— Ceredigion
— Torfaen.

Because sales volume figures for

the two most recent months are
not yet complete, they are not
included in the report.

non-seasonally adjusted
seasonally adjusted

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Land Registry
House Price Index
Sales volumes

Sales volumes by price range Price range (£) September September Difference
(England and Wales) 2009 2008

— The number of properties Under 50,000 653 546 20%

sold in England and Wales 50,001 – 100,000 7,038 6,474 9%
for over £1 million increased
by 35 per cent between 100,001 – 150,000 12,820 10,559 21%
September 2008 and 150,001 – 200,000 11,740 8,399 40%
September 2009, from 378
200,001 – 250,000 8,466 6,496 30%
to 512.
250,001 – 300,000 3,367 2,280 48%
300,001 – 400,000 4,473 3,092 45%
400,001 – 500,000 2,232 1,546 44%
500,001 – 600,000 846 569 49%
600,001 – 800,000 951 660 44%
800,001 – 1,000,000 384 303 27%
1,000,001 – 1,500,000 318 223 43%
1,500,001 – 2,000,000 105 84 25%
Over 2,000,000 89 71 25%
Total 53,482 41,302 29%

Sales volumes by price range Price range (£) September September Difference
(London) 2009 2008

— The number of properties Under 50,000 - - n/a

sold in London for over £1 50,001 – 100,000 102 53 92%
million increased by 54 per
cent between September 100,001 – 150,000 503 308 63%
2008 and September 2009, 150,001 – 200,000 1,118 778 44%
from 210 to 324.
200,001 – 250,000 1,540 1,357 13%
250,001 – 300,000 726 525 38%
300,001 – 400,000 1,154 840 37%
400,001 – 500,000 663 431 54%
500,001 – 600,000 270 160 69%
600,001 – 800,000 402 208 93%
800,001 – 1,000,000 200 117 71%
1,000,001 – 1,500,000 190 118 61%
1,500,001 – 2,000,000 66 43 53%
Over 2,000,000 68 49 39%
Total 7,002 4,987 40%

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Land Registry
House Price Index
Notes

The December House Price Index (HPI) will be published at

www.landregistry.gov.uk at 11:00 hours on 29 January 2010.

The HPI is produced using the Repeat Sales Regression (RSR)

method. Under the RSR method, house price growth is measured
by observing houses which have been sold more than once. By
using repeat transactions, differences in the quality of homes
comprised in any monthly sample are greatly reduced – thereby
ensuring an ‘apples to apples’ comparison. The HPI uses Land
Registry's own price paid dataset. This is a record of all
residential property transactions made in England and Wales
since January 1995. At present it contains details on 15 million
sales. Of these, approximately five million are identifiable
matched pairs, providing the basis for the repeat-sales regression
analysis used to compile the index.

The standardised average house prices presented by Land

Registry are calculated by taking the geometric mean price in
April 2000 and moving this in accordance with index changes
both back to 1995 and forward to the present day. Classical
seasonal decomposition (Census Method 1) is used to isolate the
effects of seasonal trends in volume and index analysis.

Monthly and annual percentage changes displayed for counties,

unitary authorities, metropolitan district councils and London
boroughs represent rolling four-monthly averages of the price
changes over one month and 12 months respectively. All price
changes represent seasonally adjusted movements. Historical
data published as part of the HPI is revised each month as
missing and new data becomes available.

The statistical computation of the HPI is performed for Land

Registry by Calnea Analytics. Related academic documentation
can be found at www.calnea.com

With the world’s largest property database of over 22 million

titles, Land Registry underpins the economy by safeguarding
ownership of many billions of pounds worth of property.

As a government department established in 1862, executive

agency and trading fund responsible to the Lord Chancellor and
Secretary of State, Land Registry keeps and maintains the Land
Register for England and Wales. The Land Register has been an
open document since 1990.

Please visit www.landregistry.gov.uk for further information.

14
Land Registry
House Price Index
Terms and conditions

Neither Land Registry nor any third party shall be liable for any loss
or damage, direct, indirect or consequential, arising from (i) any
inaccuracy or incompleteness of the data in the HPI or (ii) any
decision made or action taken in reliance upon the data. Neither
shall Land Registry or any third party be liable for loss of business
resources, lost profits or any punitive indirect, consequential,
special or similar damages whatsoever, whether in contract or tort
or otherwise, even if advised of the possibility of such damages
being incurred.

No part of the HPI may be reproduced in any form or for any

purpose without the prior permission of Land Registry. Enquiries
can be made to copyright@landregistry.gov.uk

15
© Crown copyright 2009 Land Registry