Flat price index – England and Wales

Property prices change all of the time, hence, if you are thinking about buying or selling, it makes sense to keep an eye on the data. Using information from the Land Registry, which reports on sales actually achieved, below is a price index specifically for flats and maisonettes. The data listed is for July 2015.

Highlights:

– North East is the cheapest region
– London is the most expensive region
– The cheapest average flat sale price was £32,684 in Blaenau Gwent
– The most expensive sale was recorded in Chelsea and Kensington, at £1,121,191.

Regional average flat sale prices

It’s no great surprise to see the disparities in average price between Northern and Southern regions, and that London values have far surpassed the rest of the England and Wales. What is surprising, however, is that increases were recorded in every single region bar Wales.

That said, there are some huge differences noted within the separate regions. The below makes for some interesting reading:

Regional breakdown

North East

Darlington is far and away the most expensive area to buy a flat in the North East – you can find one for half the price in neighbouring Hartlepool. That said, the sales prices have dropped by some £2,250.

North West

Once again, there is an interesting spread in prices for flats with some of the cheapest in the country taking place in Blackburn with Darwen. The price changes in this region have remained fairly steady in July, without too many significant fluctuations.

Yorkshire & The Humber

Sales in Yorkshire & The Humber have modestly risen, with the exception of in North Lincolnshire – though that drop constitutes only less than £500. With prices that reasonable, it’s no wonder that Hull and Lincoln are listed among the most popular buy-to-let spots in the UK, while York is cited as a ‘hot spot’.

West Midlands

This month has seen only small increments in the flat sale prices – the biggest financial difference occurring in Shropshire. While the drive up the M6 may not be far, the price gulf between Warwickshire and Stoke-on-Trent is ever-widening.

East Midlands

June to July 2015 has seen prices remain pretty static, though typically summer is not the most popular time to buy, which may explain the lull. As big university cities, it’s natural that Nottingham and Leicestershire should rank among the best places for rental return investments – clearly, people are willing to pay slightly higher prices for flats knowing that the yield will be healthy.

Wales

As you’d expect with many local authorities, spanning ultra-urban metropolises and the most remote of rural farmsteads, the prices for a flat vary considerably. Just 40 miles separate the least and most expensive sale prices. To put these prices into some sort of context, though, it would be possible to buy 34 flats in Blaenau Gwent for the price of one in Chelsea and Kensington.

Eastern England

You’d think that prices would start to creep up the closer to London you reach, but that’s not necessarily so. Bedford is further out than Luton, for example. In fact, the closer into Essex, the more people are prepared to spend on a flat. Southend-on-Sea has the added attraction of holiday let possibilities, of course.

London

Everyone expects to see high prices in Greater London, and while there has been growth in July, four boroughs have also noted the reverse. Regardless, every single area in Greater London registers on the price index at nothing lower than 371.

South East

Flat sale prices in July have not been subject to any dramatic changes, with the majority modestly rising and an insignificant decrease in Devon (totaling just £135).

Sales volumes

Overall, the number of sales completed has increased across England and Wales, with the exception of the North East:

Region	Average price	Sales	Previous month
North East	£69,227	2817	2438
North West	£108,329	7857	6904
Yorks & Humber	£111,141	6070	5248
West Midlands	£98,854	6077	5041
East Midlands	£96,940	5782	4934
Wales	£94,301	3121	2853
Eastern England	£137,554	7781	7045
London	£438,634	7488	7281
South West	£133,238	7410	6793
South East	£156,173	11214	10526

*The Land Registry’s Index is calculated comparing average sale prices against prices recorded in 1995 when data was first collected.