This is the median house price for residential property sales (all dwellings sold and registered) in a given period of four consecutive quarters, in the area. They are calculated using open data from the HM Land Registry (LR), a source of comprehensive record-level administrative data on property transactions.
They are updated twice a year, in spring and autumn. The LR Price Paid data are comprehensive in that they capture changes of ownership for individual residential properties which have sold for full market value and cover both cash sales and those involving a mortgage.
The median is the value determined by putting all the house sales for a given year, area and type in order of price and then selecting the price of the house sale which falls in the middle.
Note that a transaction occurs when a change of freeholder or leaseholder takes place regardless of the amount of money involved, and a property can transact more than once in the time period. The LR records the actual price for which the property changed hands. This will usually be an accurate reflection of the market value for the individual property, but it is not always the case.
In order to generate statistics that more accurately reflect market values, the LR has excluded records of houses that were not sold at market value from the dataset. The remaining data are considered a good reflection of market values at the time of the transaction.
The LR Price Paid data are not adjusted to reflect the mix of houses in a given area. Fluctuations in the types of house that are sold in that area can cause differences between the median transactional value of houses and the overall market value of houses.
Therefore these statistics differ from the new UK House Price Index (HPI) which reports mix-adjusted average house prices and house price indices.
If, for a given year, house type and area there were fewer than 5 sales records in the LR Price Paid data, the house price statistics are not reported.
Data is Powered by LG Inform Plus and automatically checked for new data on the 4th of each month and shows MSOAs (Middle Layer Super Output Areas) at the 2021 Census Geography.