The Office for National Statistics has just published house price statistics for small areas for the year ending Dec 1995 to year ending Dec 2015. These reports use data from the Land Registry to compile statistics on the price paid and composition of residential property transactions on properties sold at full market value in England and Wales.
In 2015, the median price paid for houses in most areas in England and Wales (58%) was over £175,000. The most expensive areas were in London, with the most expensive of all £2,975,000 (down from its 2014 peak of £3,500,000). By contrast, 20 years ago in 1995, eight out of every ten areas in England and Wales had a median house price between £25,000 and £75,000.
The geographical pattern is actually quite complex. There is a broad north-south divide, but there are also property hotspots in rural areas including Northumberland (see map below).
The smallest areas for which statistics are presented are middle layer super output areas (MSOAs), of which there are 7,201 in England and Wales.
Over the last twenty years (1995-2015) house prices have risen considerably but not always steadily. Newcastle has been on average consistently more expensive than Gateshead and South Shields. In the urban parts of Tyneside there were peaks in 2005 (£150,000 in Newcastle) and 2008 (£176, 500). Only in the third quarter of 2015 did prices in Newcastle exceed 2008 levels (£176,000 plus). [See graph below.]
The Newcastle Evening Chronicle has provided a calculator which allows readers to enter a postcode and find out the median price for that area based on the data in this report (June 17th 2016). However, treat the results with caution as some of the small areas are actually quite large and the data is not actually postcode based. Putting in NE6 2DJ (Byker) produces the same results as NE6 1TT (St Peter’s Basin) despite the latter being a more upmarket area. To the west of the A1, NE13 9BD (Great Park), NE13 7LQ (Dinnington) and NE3 2RD (Kingston Park) all give the same results. Using NE3 2QX for Kingston Park instead yields a very different result.
|Chronicle How much do houses cost near me? http://www.chroniclelive.co.uk/news/property-news/how-much-houses-cost-near-11486566 (June 17th 2016)|
Graph of house prices 1995-2015 (urbanised areas of Tyneside)
Map of house prices in England and Wales 2015
Source: Office for National Statistics, Ordnance Survey and Land Registry under the Open Government Licence v3.0. Contains OS data © Crown copyright 2016. Large size.