The Land Registry house price index for October was published yesterday. The Index currently stands at 259.5, representing a seasonally adjusted* monthly decrease of 0.3%.
The average house price across England and Wales is £161,605. Regionally, the highest average price is in London (£364,574), whereas the North East retains by far the lowest (£96,061). The North East has also show the largest negative change monthly (–4.2%) and annually (–5.8%).
The largest monthly growth (1.5%) has occurred in Wales, whereas the highest annual growth (7.0%) has occurred in London. In London, the borough of Kensington and Chelsea has shown the highest positive annual increase of 15.9% (with an average house price of £798,128). Barking and Dagenham has shown the highest monthly increase of 1.9%, though continues to hold the lowest average London price of £214,786.
In a twist, the City of Westminster – which showed both the highest annual and monthly increases in September – has this month demonstrated the most depreciation, with a movement of –1.6% in the average price.
The highest-priced London borough is Kensington and Chelsea, with an average house price of £1,094,203.
Across England and Wales, flats and maisonettes continue to be the property type which has shown the largest annual increase, though the increase from October 2011 to October 2012 (2.8%) is lower than the increase from September 2011 to September 2012 (3.6%).
The house price index is calculated using the values of properties sold more than once since January 1995 (with the average value at that time representing the base level of 100.0). Selling prices from approximately 6 million identified properties (from the full dataset of 16 million) are used.
* The Land Registry’s data is revised each month as additional data is added – please see www.landregistry.gov.uk for more information.