Land Registry Statistics - February 2016

LAND REGISTRY DATA: FEBRUARY 2016 (released 30 March 2016)

The February 2016 Land Registry data showed a monthly drop in average house prices across England and Wales of minus 0.2 per cent, while the annual increase was 6.1 per cent. The average house price in England & Wales now stands at £190,275 and in London at £530,368. 

Regionally, the highest monthly increase was seen in the North West at 1.8 per cent, followed by the East Midlands at 1.5 per cent; prices decreased in Wales, the West Midlands and the North East by minus 0.1 per cent, minus 0.3 per cent and minus 1.2 per cent respectively. London saw the highest annual increase in prices at 13.5 per cent, followed by the South East at 10.9 per cent, while the North East saw a fall of minus 3.2 per cent. 

In terms of property type, semi-detached properties showed the highest annual increase at 6.4 per cent, while the lowest increase was seen in detached properties at 5.7 per cent.

By county and unitary authority, the strongest monthly growth was seen in Blaenau Gwent with an increase of 9.4 per cent, while Flintshire had the most significant monthly drop with a movement of minus 1.4 per cent. Four counties and unitary authorities saw no monthly price change. On an annual basis, eleven counties and unitary authorities experienced a fall in prices, the greatest being Rhondda Cynon Taff at minus 2.4 per cent; Slough showed the highest annual rise at 19 per cent. 

Of the metropolitan districts, Barnsley saw the highest monthly price increase at 3.2 per cent; ten districts experienced a monthly fall, the greatest being Doncaster at minus 1.2 per cent. Knowsley continued to show the largest annual price increase at 8.1 per cent; four districts saw a fall over the 12-month period, the greatest being Rochdale at minus 1.8 per cent. 

Of the London boroughs, Hammersmith & Fulham experienced the highest monthly price increase at 2.2 per cent, while Merton saw the greatest monthly fall at minus 0.8 per cent. Hillingdon had the highest annual price rise at 17.1 per cent, while Camden again saw the smallest annual increase at 3.6 per cent.

The volume of properties sold in December 2015 was 6 per cent lower than a year earlier in England and Wales and 12 per cent lower in London. Over the same period, the number of properties sold for more than £1 million across England and Wales as a whole and in London rose by 2 per cent. 

Month on month, the total number of properties sold across England and Wales increased from 72,167 in November to 73,326 in December 2015 – an increase of 1.6 per cent. The number of property transactions from September 2015 to December 2015 averaged 78,778 per month, compared to 79,237 over the same period a year earlier.