Residential property market

Average house prices and repossession figures for April 2019

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 originally launched as an experimental statistic, but became a National Statistic on 18 September 2018. 

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

The April 2019 UK HPI was initially published by HM Land Registry in June 2019, however, the April 2019 data analysed in this report was published on 18 September 2019, via GOV.UK, UK House Price Index: data downloads for July 2019 web page), following three months of revisions. From 13 June 2017, the UK HPI revision period was extended to 12 months. This is to ensure that all relevant transactions, particularly relating to new build, are captured in the UK HPI. The April 2019 UK HPI data in this report is therefore subject to potential change until the June 2020 release of UK HPI data.

Average house prices in the Lancashire-12 and Lancashire-14 areas, April 2019 - key points

The UK House Price Index (HPI) reveals an average price for all property types in the Lancashire-12 area of £142,265 in April 2019. This represents a yearly rise of 0.7%. In comparison, the average price for all properties in the UK was £229,168, which represented a 1.4% 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 flat/maisonette 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 and Fylde recorded the highest for each of the categories.

Within the Lancashire-14 area, average prices in April 2019 ranged from £327,656 for a detached property in the Ribble Valley to £58,653 for a flat/maisonette in Hyndburn. The average price for a detached house in Ribble Valley represented 94.1% of the UK average (£348,278) for this type of property, whilst the average price for a flat/maisonette in Hyndburn was 29.2% of the UK average for this type of dwelling (£201,204).

Ribble Valley registered the highest average price for semi-detached properties in the Lancashire-14 area of £203,748 in April 2019 (93.6% of the UK average of £217,647). Burnley (£104,820) had the lowest average price for a semi-detached property in the Lancashire-14 area, which was 48.2% of the UK average.

The average price for a terraced property in Burnley (£72,112) in April 2019 was 38.8% of the UK average (£186,068). Ribble Valley had the highest average for terraced properties sold in the Lancashire-14 area, at £156,578, (84.2% of the UK average).

For the overarching 'all property types' category, Ribble Valley (£213,198) had the highest average price in the Lancashire-14 area in April 2019. This was 93.0% of the UK average (£229,168). Burnley (£85,199) had the lowest average price locally, just 37.2% of UK average.  

For the Lancashire-12 area, the yearly increases in average prices for each of the individual property types to April 2018 were lower than those registered for the UK. Prices for flats/maisonettes in the Lancashire-12 area were unchanged on a year earlier. However, the spread of yearly change in average prices was more varied at the district level. Pendle, Ribble Valley, Blackburn with Darwen, Hyndburn and West Lancashire all 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. South Ribble also saw yearly percentage rises that were greater than the UK percentage increases for detached properties, flat/maisonettes and for the 'all property type' category.

For the Lancashire-12 area, the average price for three of the individual property types (detached, semi-detached and terraced properties) rose in the year to April 2019. However, these increases were lower than those registered for the UK. For flats/maisonettes in the Lancashire-12 area, the average price reduced by -1.4% over the year. This was a greater reduction than recorded for the UK (-0.5%).

In percentage terms, the average price of semi-detached properties rose the most in the Lancashire-12 area over the year (by 1.2%), followed by detached properties (0.8%) and terraced properties (0.6%). In contrast, the average price for flats/maisonettes in the Lancashire-12 area fell by 1.4% over the year. Overall, for the 'all property types' category, the average price rose by 0.7% in the Lancashire-12 area in the year to April 2019.

The spread of the yearly change in average prices varied more at the district level, with each property type seeing increases and decreases.

For the detached, semi-detached and terraced property categories, plus the 'all property types' category, Burnley, Blackburn with Darwen, Rossendale, West Lancashire and Lancaster all recorded yearly percentage increases in average prices that were greater than, or equal to, the UK percentage increases. Preston also saw a yearly percentage increase that was greater than the UK percentage increases for the 'all property types' category.

In contrast, for the detached, semi-detached and terraced property categories, and the 'all property types' category, Ribble Valley, Pendle, Fylde and Wyre all recorded yearly percentage decreases in average prices. These were opposite to the percentage increases recorded for the UK and Lancashire-12 area. Hyndburn also saw reductions for the detached, terraced and the 'all property types' categories. Blackpool recorded a fall in average prices for terraced properties.

Contrary to the other property categories, the average price for flats/maisonettes in the Lancashire-12 area fell by -1.4% over the year, and reduced by -0.5% at the UK level. At the district level, nine of the Lancashire-14 areas also saw average prices for flats/maisonettes fall over the year. Ribble Valley (-5.1%), Pendle (-4.1%), Fylde (-3.9%), Wyre (-2.8%), Hyndburn (-2.0%), Blackpool (-2.0%) and South Ribble (-0.5%) all saw average prices decrease by more than, or equal to, the UK percentage reduction of 0.5% in the year to April 2019. Preston (-0.4%) and Chorley (-0.3%) saw average prices reduce by a lower percentage than the UK. In contrast, Burnley (6.0%), Rossendale (4.4%), Blackburn with Darwen (2.2%) and Lancaster (0.2%) all recorded yearly increases in the average price for flats/maisonette, whilst West Lancashire saw no change.

Median house prices for wards (all properties), year ending June 2019

The median house prices (for all properties) at the ward and local authority levels within the Lancashire-14 area have been uploaded to the housing dashboard (slide 5). The data is for the year ending June 2019 (not a single month) and has been sourced from the UK House Price Index (HPI).

Within the Lancashire-14 area, the five wards with the highest median house prices (all properties) fall in either Fylde or Ribble Valley. These are Singleton and Greenhalgh (£431,000) and Ribby-with-Wrea (£360,000) wards in Fylde, and Bowland (£399,995), Whalley Nethertown (£375,000) and Gisburn and Rimmington (£360,000) wards in the Ribble Valley. 

The five wards with the lowest median house prices (all properties) in the Lancashire-14 area fall in either Burnley or Pendle. These are Daneshouse with Stoneyholme (£43,750), Bank Hall (£53,747) and Queensgate (£54,995) wards in Burnley, and Whitefield (£46,250) and Bradley (£52,500) wards in Pendle. 

The highest median house price (all properties) at the ward level (£431,000) is almost 10 times greater than the lowest median house price (all properties) at the ward level (£43,750) in the Lancashire-14 area. 

The relationship between the median house prices (for all properties) at the ward level and the 2019 index of multiple deprivation ward scores have also been plotted on slide 5. As expected, this generally shows a pattern of lower median house prices in areas with greater deprivation (and vice-versa). 

Repossessions

In April 2019, there were 630 repossessions within England and Wales, up from 614 in April 2018. The North West region (128) registered the largest number in April 2019, followed by Yorkshire and the Humber (103), the South West (73) and the North East (69). The East of England (18) 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 statistics' published by the Ministry of Justice.

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

Page updated 11 October 2019

and 12 February 2020 (median house prices (all residential properties) at the ward and local authority levels, for the year ending June 2019).