|
Lower quartile price (5260) Metric type
- Help text
- This is the unadjusted lower quartile house priced for residential property sales (transactions) in the area for a 12 month period. These figures have been produced by the ONS (Office for National Statistics) using the Land Registry (LR) Price Paid data on residential dwelling transactions.
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 covers both cash sales and those involving a mortgage.
The lower quartile 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 three quarters of the way down the list, such that 75% of transactions lie above and 25% lie below that value. These are particularly useful for assessing housing affordability when viewed alongside average and lower quartile income for given areas.
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. For full details of exclusions and more information on the methodology used to produce these statistics please see http://www.ons.gov.uk/peoplepopulationandcommunity/housing/qmis/housepricestatisticsforsmallareasqmi
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 lower quartile transactional value of houses and the overall market value of houses.
If, for a given year, for house type and area there were fewer than 5 sales records in the LR Price Paid data, the house price statistics are not reported.
- Modified
- 25 Jan 2024
- Data last updated
- 24 Jan 2024
- Short label
- Lower quartile price
- Status
- Discontinu
- Output precision
- 0
- Polarity
- not applicable
- Measure
- Lower quartile house price
- Dataset
- Lower quartile house price for national and subnational geographies, quarterly rolling year
- Collection
- House Price Statistics for Small Areas
- Source
- Office for National Statistics
- is found in the following lists
-
