Residential property market

Average house prices and repossession figures for April 2017

Summary

The new UK House Price Index (HPI) 

The new UK House Price Index (HPI) records the changes in the value of residential properties in England, Scotland, Wales and Northern Ireland.

The first publication of the new UK HPI was released on the 14th June 2016 with provisional figures for April 2016. It replaces the two previous house price indices published separately by the Land Registry and the Office for National Statistics (ONS).

The new UK HPI was launched as an experimental statistic. This designation will remain until the methodology has been assessed as meeting official National Statistic status. This is currently expected in 2017.

Data used in this report and future revisions of UK HPI data

The April 2017 UK HPI was initially published by HM Land Registry in June 2017, however, the April 2017 data analysed in this report was published on 15 August 2017, via Gov.uk, UK House Price Index: data downloads for June 2017, following two months of revisions. From 13 June 2017, the UK HPI revision period has been extended to 12 months. This is to ensure that all relevant transactions, particularly relating to new build, are captured in the UK HPI. The analysis of the April 2017 UK HPI data in this report is therefore subject to potential change for a further ten months.

Average house prices in the Lancashire-14 area - Key points

The new UK HPI for April 2017 reveals an average price for all types of properties in the Lancashire-12 area of £137,094. This represents a yearly rise of 3.6%. In comparison, the average price for all properties in the UK was £218,977, which represented a 5.1% increase on a year earlier. Local prices are below the UK averages for all house types, but it is the less expensive property categories of maisonette/flat and terraced house that have the greatest discrepancies with national averages. 

Burnley and Hyndburn registered the lowest average prices for each of the property types in the Lancashire-14 area, whilst Ribble Valley recorded the highest for each of the categories, except for terraced properties. Fylde had the greatest average price for terraced properties in the Lancashire-14 area.

Within the Lancashire-14 area, average prices in April 2017 ranged from £312,035 for a detached property in the Ribble Valley to £54,418 for a flat/maisonette in Burnley. The average price for a detached house in Ribble Valley represented 94% of the UK average (£331,937) for this type of property, whilst the average price for a flat/maisonette in Burnley was 34.7% of the UK average for this type of dwelling.

Ribble Valley registered the highest average price for semi-detached properties in the Lancashire-14 area of £193,077 in April 2017 (94.0% of the UK average of £205,384). Burnley (£92,759) had the lowest average price for a semi-detached property in the Lancashire-14 area, which was 45.2% of the UK average.

The average price for a terraced property in Burnley (£64,609) in April 2017 was 36.7% of the UK average (£176,276). Fylde had the highest average for terraced properties sold in the Lancashire-14 area, at £152,410, (86.5% of the UK average).

For the Lancashire-12 area, the yearly increases in average prices for each of the individual property types were lower than those registered for the UK. However, the spread of yearly change in average prices was more varied at the district level. Burnley, Chorley, Rossendale, Blackburn with Darwen and Pendle recorded yearly percentage increases in average house prices that were greater than the UK percentage increases across all of the individual property types and for the 'all property type' category.

West Lancashire, Hyndburn and Preston saw the average price for the overarching ‘all property types’ category reduce between April 2016 and April 2017. For West Lancashire, this was the result of falls in the average price of properties in three of the four individual property categories over the previous year. Only the average price for flats/maisionettes in West Lancashire recorded a yearly increase. Hyndburn registered a yearly decrease in the average price of terraced properties, whilst the average price for semi-detached properties in the area barely increased. Preston has seen reductions in the average price of terraced properties and flats/maisonettes over the year. In all other cases within the Lancashire-14 area, and for the Lancashire-12 area, the April 2017 averages were higher than the April 2016 average prices.

Repossessions

In April 2017, there were 562 repossessions within England and Wales, down from 856 in March 2017. The North West region (108) registered the largest number, followed by Yorkshire and the Humber (82) and the North East (80). The East of England (15) registered the lowest number of repossessions.

Please note that these figures appear to differ in volume from the statistics contained in the 'Mortgage and landlord possession proceedings' dataset published by the Ministry of Justice.

Median house prices for small areas (middle layer super output areas)

Figures for median (middle value) house prices have been published by the ONS for middle layer super out areas (MSOAs) that cover the period from 1995 to 2016. These are annual figures, which are published quarterly. Median prices for all properties in the Lancashire-14 area for the year ending December 2016 range from £39,999 for an MSOA in Burnley district (Burnley 003) to £290,000 for an MSOA in the Ribble Valley area (Ribble Valley 007). Median prices by the different property types can be accessed via instant atlas tool below.

Click here to view the MSOA median house price instant atlas mapping and data application tool

Towns and cities analysis of median house prices

In March 2016 the ONS produced a report on deprivation and quality of housing in 112 large towns and cities in England and Wales. This was for a new type of statistical geography not previously used. The time period used for the median house price analysis was April to June 2015. In this report (in table 2) we see that the town of Burnley has the lowest median house price value for all house types at £78,000. It is clearly the terraced properties, with a median price of £55,000, and constituting the bulk of housing stock in the area, that brings this value down so low. We present here the four listed towns/cities in the Lancashire-14 area.

Table 2: Median house price of towns and cities in Lancashire, April to June 2015

Town/city

Median house price for all property types (£)

Rank of 112 towns/cities in England and Wales

Burnley

78,000

1

Blackpool

102,500

6

Blackburn

105,000

9

Preston

120,000

23

Source: ONS and Land Registry - Towns and cities analysis, March 2016

Further analysis and data

Residential property market, average prices and repossessions, April 2017 (PDF 1,115 KB)

Data file: average house price ( by property type) annual and monthly change, compared to Lancashire average and UK, April 2017, plus indication of housing stock from 2011 Census and Ordnance Survey data (Excel 35 KB)

Page updated September 2017