The Office for National Statistics (ONS) has released its latest house price statistics for small areas (HPSSA) data, revealing significant variations in median prices across different regions in England and Wales. The data covers the 12 months ending December 2022.
According to the report, the median price paid for residential properties in Lower-layer Super Output Areas (LSOAs) in England ranged from £32,000 in Sunderland to a staggering £6.5 million in Barnet. In Wales, the median price paid for residential properties in LSOAs varied from £54,000 in Denbighshire to £668,000 in Monmouthshire.
The report also highlighted a decline in residential property sales, with a 32% decrease in England and a 27% decrease in Wales between the 12 months ending December 2021 and the 12 months ending December 2022. Detached property sales experienced the largest decline, with a 42% decrease in England and a 38% decrease in Wales during the same period.
The HPSSA data provides detailed insights into house prices and property transactions across various geographies. The datasets include median house prices for administrative geographies, residential property sales for administrative geographies, median house prices by ward, and more.
It is important to note that the HPSSA data is compiled using information from HM Land Registry, focusing on the price paid and number of residential property transactions. Properties sold under the Right to Buy scheme or at a discount to the market level are not included in the statistics.
The ONS also clarified the differences between HPSSA and the UK House Price Index (UK HPI). While HPSSA focuses on property transactions and prices within specific periods, UK HPI measures the changing value of properties in the housing market.
The ONS has made some upcoming changes to the revision period and publication frequency of HPSSA datasets, aiming to improve the timeliness and relevance of the data. These changes will be implemented from the next publication in September 2023.
The latest release of the HPSSA data provides valuable information for policymakers, researchers, and individuals interested in understanding the dynamics of the housing market across England and Wales. The detailed datasets offer insights into house prices at different geographic levels and property types.
For more information, including a glossary of terms and methodology, as well as access to the HPSSA datasets, please visit the Office for National Statistics website.