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House Prices, Retail Prices & Earnings Period 1 2


Average price Average price all houses


all houses %


£


1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


65,874 66,786 69,889 77,531 86,835 96,340


109,446 116,206 135,884 155,485 172,788 183,966 192,648 213,807 211,388 194,235 208,628 215,071 230,358


change 2.5


1.4 4.6


10.9 12.0 10.9 13.6 6.2


16.9 14.4 11.1 6.5 4.7


11.0 -1.1 -8.1 7.4 3.1 7.1


3


Average earnings


£


18,829 19,479 20,348 21,606 22,792 23,997 25,594 26,841 27,829 28,807 30,183 31,441 32,510 33,656 35,122 35,661 35,830 36,511 36,156


4


Average earnings


%


change 2.4


3.5 4.5 6.2 5.5 5.3 6.7 4.9 3.7 3.5 4.8 4.2 3.4 3.5 4.4 1.5 0.5 1.9


-1.0


3.5 3.4 3.4 3.6 3.8 4.0 4.3 4.3 4.9 5.4 5.7 5.9 5.9 6.4 6.0 5.4 5.8 5.9 6.4


5


House price/ earnings ratio


6 Retail


price index %


change 2.4


3.5 2.4 3.1 3.4 1.5 3.0 1.8 1.7 2.9 3.0 2.8 3.2 4.3 4.0


-0.5 4.6 5.2 3.2


7


Real house prices


%


change 0.1


-2.0 2.2 7.6 8.3 9.3


10.3 4.3


15.0 11.2 7.9 3.6 1.5 6.4


-4.9 -7.7 2.7


-2.0 3.8


Notes: 1. House prices are mix-adjusted. 2. Average annual earnings figures are based on the Annual Survey of Hours and Earnings (ASHE) figures (which replaced the New Earnings Survey since 2004) that refer to the mean male full time earnings in April of the most recent year.


3. In September 2003 Communities and Local Government launched a new mix-adjusted house price index based on an enlarged SML with 100% sample size. These figures are used for house prices from Feb 2002 onwards, and for changes in house prices and related ratios from Feb 2003 onwards.


4. From April 2005 onwards, Communities and Local Government house price figures are sourced from the Regulated Mortgage Survey (RMS) which replaced the Survey of Mortgage Lenders. The RMS collects 100%-sample data that represents around 90% of the UK mortgage market.


5. The weights used in the mix-adjustment process are changed each year. This means that prices should not be compared between different years. Source: Communities and Local Government, CML/Banksearch Regulated Mortgage Survey, Survey of Mortgage Lenders, Office for National Statistics


106


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