Land Registry Data MAY2015 Added:13/07/2015

LAND REGISTRY DATA: MAY 2015 (released 26 June 2015)

The May 2015 Land Registry data show no monthly change in average house prices across England and Wales as a whole, compared to an increase of 0.9 per cent in April. The East and the North East regions saw prices rise by 1.6 per cent, the North West by 1.1 per cent and the South East at 0.9 per cent, while London saw a monthly increase of only 0.7 per cent; Yorkshire & the Humber and the South West experienced falls of 0.6 per cent, while Wales saw the largest monthly decrease with a drop of 1.7 per cent.

London and the South East showed the highest annual change at 9.1 per cent, followed by the East region at 8.8 per cent, while Wales saw the only annual price fall with a decrease of 0.6 per cent. The overall annual growth in prices dropped for the eighth month in a row to 4.6 per cent making the average house price in England & Wales £179,696 and £475,961 in London. By property type, detached properties showed the highest annual increase at 5.2 per cent.

In greater detail, 18 counties and unitary authorities saw an annual fall in prices, two more than in April, the greatest being Middlesbrough at minus 7.2 per cent; Reading showed the highest annual rise at 13.3 per cent. Stockton-On-Tees experienced the strongest monthly growth with an increase of 5.8 per cent, while Halton saw the most significant monthly fall with a movement of minus 2.8 per cent. Nine counties and unitary authorities saw no monthly price movement.

Of the metropolitan districts, Wolverhampton showed the largest annual price rise at 7.8 per cent, while Bolton again experienced the greatest annual fall at minus 3.8 per cent. Knowsley saw the highest monthly price increase at 3.3 per cent, while Salford had the greatest monthly fall at minus 1.6 per cent.

Of the London boroughs, Newham maintained the highest annual price rise at 17.5 per cent, while the City of Westminster experienced the lowest annual growth at 2.7 per cent. On a monthly basis, Kensington & Chelsea showed the highest increase at 2.4 per cent, while Camden saw the greatest monthly fall at minus 1.2 per cent.

The volume of properties sold in March 2015 was 12 per cent lower than in March 2014 in England and Wales and 20 per cent lower in London; properties sold for more than £1 million fell by 6 per cent in England and Wales and by 5 per cent in London over the same period.

Month on month, the total number of properties sold across England and Wales increased by 9.6 per cent from 54,103 in February to 59,311 in March, compared to an increase of only 1.8 per cent between January and February. Increases were seen across all price brackets. The number of property transactions from December 2014 to March 2015 averaged 61,789 per month, compared to 69,282 over the same period a year earlier.