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36/03


Land Registry
Head Office
Lincolns Inn Fields
London WC2A 3PH
Tel (direct) 020 7166 4543
http://www.landregistry.gov.uk/

 

 

Property Price Report shows 10.62%Increase in Prices

Average house price in England andWales now 161,665

 

Land Registry today (10 November)published its latest quarterly residential property price report, covering theperiod July -September 2003, on its website at www.landregistry.gov.uk

 

The report compares averageprices and volume of sales with those for the same period in 2002. It also gives a breakdown of the averagesale prices of old and new properties by property type. The following information is contained inthe report:

 

England and Wales

 

        The average price increased by 10.62% from 146,150 in2002 to 161,665 for the same period in 2003.

        All economic regions in England and Wales showed anincrease in average prices;

        The volume of sales decreased by 11.44% from328,184 in 2002 to 290,637 for the same period in 2003.

 

Greater London

 

      The average property price increased by 5.40% from248,609 in 2002 to 262,044 for the same period in 2003;

        The volume of sales decreased by 17.76% from 44,202 in2002 to 36,353 for the same period in 2003;

       766properties over 1 million were sold.

 

Notes for Editors

AVERAGE PRICE BY COUNTRY ANDREGION

COUNTRY/REGION

JULY-SEPT 2002

AVE. PRICE

JULY-SEPT 2003

AVE. PRICE

% INCREASE

 

 

 

 

ENGLAND & WALES

146,150

161,665

10.62%

 

 

 

 

NORTH

80,188

99,718

24.36%

WALES

87,255

105,382

20.77%

EAST MIDLANDS

106,366

128,428

20.74%

YORKS & HUMBER

89,057

106,838

19.97%

NORTH WEST

90,709

105,989

16.85%

WEST MIDLANDS

116,072

133,538

15.05%

SOUTH WEST

152,392

175,128

14.92%

EAST ANGLIA

134,051

153,874

14.79%

SOUTH EAST

185,175

204,453

10.41%

GREATER LONDON

248,609

262,044

5.40%

 

Ends
  1. The report is published today on Land Registrys website at www.landregistry.gov.uk. Printed copies will be available from Wednesday 26 November 2003. The website also contains all previous quarterly reports together with an online service providing residential property prices and volumes of sales, broken down by property type, for the whole of England and Wales.
  2. All reports since January-March 2000 include sales of under 10,000 and over 1 million. Land Registry started collecting property price data in the first quarter of 1995. It holds no data prior to that date.
  3. The sales included in the report relate to the transfer for full market value of the ownership of freehold or long leasehold properties, whether or not the purchase was supported by a mortgage. The price data are actual, unadjusted averages drawn from the great majority of all residential sales in England and Wales completed during the period.
  4. The report is intended to complement information available from other sources. If you make any comparison with other data you should consider the differences in volume, timeliness and coverage of contributing transactions.
  5. Land Registrys Property Information Centre also provides reports that show aggregated data for any local authority district in England and Wales, postcode area (e.g. GL), postcode district (e.g. GL1), or postcode sector (e.g. GL1 2). There is a fee for the service.
Contacts
  1. With the largest property database in Europe, todays Land Registry underpins the economy by guaranteeing ownership of many billions of pounds worth of property. Around 1 million worth of property is processed every minute, in England and Wales.
  2. As a Government Department established in 1862, Executive Agency and Trading Fund responsible to the Secretary of State for Constitutional Affairs and Lord Chancellor, Land Registry keeps and maintains the Land Register for England and Wales. There are 24 offices in England and Wales, each providing land registration services for different counties and unitary authorities. For more information about Land Registry, please visit its website at www.landregistry.gov.uk.

 

       For mediaenquiries, please call Press Office, 020 7166 4543or 020 7166 4487.

 

       For general enquiries,bespoke reports and requests for additional data, please contact the Property Information Centre, 0151 473 6008.