House prices up 0.6% in November

House prices in England and Wales increased 0.6 per cent in November with an annual increase of 8.1 per cent, according to figures from the Land Registry.

The change raises this month’s average house price to £186,009.

After robust growth in the early part of 2007, the November monthly growth rate reflects a calmer market. However, the house price appreciation rate remains positive.

The monthly change is reflected in the decreasing annual growth rate that is currently at 8.1 per cent.

Average annual price change

After a dip in the previous month, November data shows London’s house prices as more resilient than those of England and Wales as a whole.

This month’s 1.1 per cent rise in London prices is greater than any other region. The annual change in the capital's house prices remains 15.6 per cent.

London's average house price for November 2007 stands at £355,643 whereas the average price for England and Wales is £186,009.

Price change by region

All regions in England and Wales experienced increases in their average price over the last 12 months.

The region with the highest annual price change is London with an increase of 15.6 per cent.

The region with the lowest annual price rise is the North East, with an increase of 3.3 per cent.

London experienced the highest monthly rise, with an increase of 1.1 per cent.

The North East experienced the largest negative price movement this month with a change of -0.9 per cent.

Price change by county

Key county and unitary authority observations

Greater London experienced the highest annual price change with an increase of 15.6 per cent. Fifteen other counties and unitary authorities also exhibited annual price increases of 10 per cent or more.

No county or unitary authority experienced negative annual price change this month.

The City of Nottingham experienced the smallest annual price change, with a movement of 2.8 per cent.

Blaenau Gwent experienced the strongest monthly growth in November with an increase of 3 per cent.

Stockton-On-Tees had the most significant monthly price fall during November with a movement of -1.4 per cent.

Nine county and unitary authorities exhibited no monthly price movement.

Price change by metropolitan district

The metropolitan district with the highest annual price increase is Oldham, rising by 10.3 per cent.

The highest monthly price increase was in Newcastle upon Tyne, with a rise of 1.6 per cent.

St Helens experienced annual growth of 1.9 per cent, making it the lowest performing metropolitan district in terms of annual price change this month.

Both Bolton and Sefton had the most significant monthly price falls during November with a movement of -1 per cent.

Price change by London borough

Key London borough observations

The borough with the highest annual price increase is Kensington and Chelsea, rising by 30.4 per cent.

The borough with the highest monthly price increase is Camden, with a rise of 1.7 per cent.

Redbridge experienced an annual growth of 8.4 per cent, making it the lowest performing borough in terms of annual price change.

Redbridge experienced the most significant monthly price fall during November with a movement of -0.3 per cent.

Sales volumes

In the months June to September 2007, transaction volumes averaged 108,678 transactions per month. This is a decrease from the same period last year when sales volumes averaged 119,580.

The pattern of reduced transaction volumes in London continues to mirror the rest of the country.

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 limited to, the following: City of London, Rutland, Isle of Anglesey, Merthyr Tydfil, Blaenau Gwent, Ceredigion and Torfaen.

Sales volumes by price range (England and Wales)

The number of properties sold in England and Wales for over £1 million increased by 16 per cent between September 2006 and September 2007, from 602 to 700.

Sales volumes by price range (London)

The number of properties sold in London for over £1 million increased by 8 per cent between September 2006 and September 2007, from 345 to 373.