Housing Market Report

Housing Market Report November 2009

Housing Market Report - November 2009 Contents 1. Summary 2. Land Registry House Price Index 3. CLG House Price Index 4. Other indices: 

Nationwide



Halifax

5. Hi4em analysis of 2009 Land Registry data 

Quarters 1 to 3 sales volumes (provisional)



Quarters 1 to 3 average prices

6. Summary of house price data and indices 7. Council of Mortgage Lenders: 

Loans, buyers and affordability



Repossession of mortgaged properties

9. Ministry of Justice possession claims 10. HSSA 2008-09 annual data: 

Dwellings and vacant dwellings by tenure



Waiting lists and homelessness

11. Valuation Office Agency – Local Housing Allowance rates 12. Experian house type and tenure annual data 2009 13. CLG house building data 14. CACI Street Value

David George Hi4em, Derby City Council, Bio House, Derwent Street, Derby DE1 2ED Tel: 01332 255161 Fax: 01332 255162 Email [email protected]

Summary The data used in this report was the latest available at the time of compilation (November 2009) and has undergone an analysis by Hi4em - Housing Intelligence for the East Midlands. In summary:  When analysing the raw Land Registry data on a three month basis, we can conclude that in April, May and June there was a slender rise in the average price paid compared to the first three months of the year. Additional analysis of the data reveals a further increase in average house prices in July, August and September, albeit at a slower rate in contrast to the increases seen in Q2 2009.  In 2008 the East Midlands saw a greater fall in average house prices compared to the rest of the UK. For example, in December 2008 the East Midlands experienced a -11.5% change in average price whereas the UK and England showed a -10.2% and -10.4% change respectively. However during 2009 the decline begins to fall in line with national averages and by September 2009 the East Midlands has a -3.5% change in average prices while the UK and England exhibit a -4.1% and -4% change respectively.  Falling affordability ratios reached a low in quarter 1 this year but have since remained largely unchanged  The East Midlands, as a whole, varies greatly in the affordability of all types of property – The average price you pay for a detached home can vary as much as £160,774 between Derbyshire Dales and Boston.  The average number of mortgages written per month significantly dropped between Q3 2008 and Q1 2009. However in Q2 2009 number of mortgages written per month reached the same levels seen in Q3 2008 before exhibiting a steady decline in the third quarter of 2009. . With the availability of Q3 data, a number of analysts gave their outlook of the current housing market and what to expect from the modest increases in price. 

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According to a Bloomberg survey house prices are likely to fall again next year and it may take until 2014 to return to the levels at the 2007 peak. Furthermore most survey respondents believed the “rally cannot last while Britain’s longest recession on record fuels unemployment and makes banks reluctant to lend.” This is further supported by the fact that October showed the smallest increase in house prices in the last 6 months. Seema Shah, a housing economist at Capital Economics Ltd suggests the market is still “overvalued” and that “prices need to fall a further 20 percent to 25 percent to get back their long-term trend…Modest increases in house prices since April 2009 are essentially driven by a shortage of properties for sale and won’t be sustained.” Graham Beale, chief executive officer of Nationwide Building society said: “We are cautious on the outlook for the housing market and believe anticipated growth in unemployment throughout the next year will apply downward pressure on house prices”. Dr Peter Williams, Chairman of Acadametrics, comments, “Current prices are being reported on the basis of limited transaction numbers which are substantially down from long term averages. The lack of homes on the market is creating competition amongst buyers. There are many reasons to expect a muted market in 2010.” However Michael Saunders, chief economist for Western Europe at Citigroup Inc., was more optimistic. He said recent nationwide price gains show that the British housing market could surprise again and rise in 2010. Saunders expects prices to appreciate 5 to 10 percent next year. Savills’ forecast, on the other hand, suggests a 6.6% drop in value next year, which in turn could punctuate the recovery of the UK housing market. They expect a 3.7% rise in prices this year, followed by a series of peaks and troughs over the next five years with a notable drop in 2010 as the number of homes on the market outstrips demand. According to Rightmove Plc, sellers reduced the asking price for the first time in three months as they tried to sell houses before Christmas. They recorded a £3,744 fall in average prices, from £230,184 to £226,440. Their research suggests house prices will fall for the next three months with recovery expected in early February. Data gathered by the CML saw a 5% increase in October gross mortgage lending to £13.5 billion from £12.9 billion in September but down 27% on £18.5 billion in October 2008. This is typical of seasonal activity between September and October with the average monthly rise over the last decade being 5%.

Land Registry data • The average price of all property transactions completed in the East Midlands in September 09 was 0.9% higher than in August 09. • The data suggests that the sharpest falls are behind us and that the rate of decline has now slowed significantly, between Jan 09 and Feb 09 the monthly price change was -3% now it has slowed to -1.1% between May 09 and June 09. Additional analysis of quarter three figures suggest house prices are increasing on a month by month basis, with July 09 showing one of the largest monthly increases of 1.5%, followed by an increase of 1% in August 09 and 0.9% in September 09. • Sales Volume has been more sporadic, the data shows both increases and decreases month by month however overall from June 08 sales volume was 4951 units and in April 09 it was 36.6% less at 3134 units. Although from April 09 to July 09 the data shows an increase of 32.6% to 4650 units sold.

Sales volume data for the two most recent months are not used as comparisons due to the lag in the registration of sold properties. House prices have fallen each month with the exception of Jan 09, which saw a very small increase (0.1%) followed by further declines. There was an annual price change of minus 15.3% (June 08-June 09), with the average house price as of June 09 being £119,849. However after June (09) average house prices began to increase and by the end of the 3rd quarter (September 09) had risen to £125,185 showing a 0.9% increase from the previous month (August 09). House Price Index report - East Midlands Region (June 2008 - Sep 2009)

Index

Average

Month

Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

254.6 251.4 245 239 234.5 229.8 225 225.1 218.4 216.3 219.5 218 215.6 221 223.1 225

Price (£) 141,473 139,719 136,161 132,839 130,317 127,715 125,045 125,114 121,385 120,232 121,996 121,154 119,849 122,950 124,127 125,185

Monthly Annual Sales Change Change (%) Volume (%) -2.3 -2.2 4,951 -1.2 -5.4 4,399 -2.5 -7 4,052 -2.4 -10.1 3,521 -1.9 -11.5 3,899 -2 -13.6 3,135 -2.1 -13.9 3,565 0.1 -14.6 2,195 -3 -16.8 2,179 -1 -16.4 3,083 1.5 -15 3,134 -0.7 -16.3 3842 -1.1 -15.3 4418 1.5 -12 4650 1 -8.9 0.9 -5.8

Land Registry data

Household type breakdown - East Midlands Region (June 2008 - Sep 2009)

Detached (£)

SemiTerraced Maisonette/ All (£) Detached (£) Flat (£) (£)

Month

Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

221,703 218,956 213,380 208,174 204,222 200,143 195,959 196,068 190,225 188,418 191,181 189,863 187,818 192,677 194,522 196,179

120,045 118,557 115,538 112,719 110,580 108,371 106,106 106,164 103,001 102,022 103,518 102,804 101,697 104,328 105,327 106,225

93,038 91,885 89,545 87,361 85,702 83,991 82,235 82,280 79,828 79,070 80,230 79,676 78,818 80,857 81,632 82,327

100,398 99,153 96,628 94,271 92,481 90,634 88,740 88,789 86,143 85,324 86,576 85,979 85,053 87,253 88,089 88,839

141,473 139,719 136,161 132,839 130,317 127,715 125,045 125,114 121,385 120,232 121,996 121,154 119,849 122,950 124,127 125,185

The table and graph show the monthly average sale price by house type in the East Midlands in the past year. Each line on the graph relates to the colour coded area below the line. The Land Registry House Price Index (HPI) captures changes in the value of residential properties. The HPI is published by Land Registry using sales data collected on all residential housing transactions, whether for cash or with a mortgage, in England and Wales since January 1995. Our HPI uses a sample size that is larger than all other statistical measures available. The Land Registry data set is the only complete record of residential property transactions in England and Wales. The HPI is calculated by using Land Registry's own 'Price Paid Dataset'. This is a record of all residential property transactions made in England and Wales since January 1995. At present it contains details on over 15 million sales. Of these, over five million are identifiable matched pairs, providing the basis for the repeat-sales regression analysis used to compile the index. This technique of quality adjustment ensures an ‘apples to apples’ comparison between properties.

CLG Index

Prices regionally in the East Midlands and Nationally have continued to decline on both a monthly and an annual basis in 2008. The East Midlands showed the sharpest percentage decline in house price index compared to England and UK wide statistics for the second half of 2008. However, after Feb 09 the East Midlands fell in line with the UK and England and the decline slowed. Quarter 3 data illustrates a modest increase in average house prices on a monthly basis both for the East Midlands and the UK, yet this does not suggest a recovery is in sight as these figures are down on what the average house prices were in the same period the previous year. For example, within the East Midlands, the average house price in September 09 is 3.5% lower than what it was a year ago, whereas for the UK it is 4.1% lower.

Mix-adjusted average house prices All dwellings East Midlands

England

UK

2009 Jan Feb Mar Apr May June July August September

£149,887 £149,746 £148,813 £147,291 £149,262 £149,580 £152,069 £154,038 £156,050

£200,761 £195,527 £192,625 £193,615 £193,728 £197,079 £201,911 £201,899 £205,592

£195,114 £189,747 £187,193 £188,162 £188,466 £191,423 £196,084 £196,445 £199,303

Mix-adjusted house price index and annual house price change All dwellings East Midlands 2008 Sep Oct Nov Dec 2009 Jan Feb Mar Apr May June July August September

England

UK

% change East % change % change Midlands England UK

179.3 173.9 172.5 169.6

170.2 166.1 163.0 159.4

175.0 170.8 167.7 163.8

-7.0 -9.5 -9.9 -11.5

-5.1 -7.3 -8.6 -10.4

-5.1 -7.4 -8.5 -10.2

166.1 166.0 164.9 163.3 165.4 165.8 168.6 170.7 173.0

159.5 155.3 153.0 153.8 153.9 156.5 160.4 160.4 163.3

164.2 159.7 157.5 158.4 158.6 161.1 165.0 165.3 167.7

-14.1 -12.7 -13.2 -12.5 -11.1 -10.9 -9.0 -5.0 -3.5

-11.8 -12.4 -13.8 -13.2 -12.8 -10.7 -8.5 -5.9 -4.0

-11.5 -12.3 -13.6 -13.0 -12.5 -10.7 -8.4 -5.6 -4.1

Nationwide Indices First Time buyers in the East Midlands are spending a lower proportion of take home pay on mortgage payments. The index has declined slowly from 141.4 at its peak in Q3 2007 to 92.6 in Q1 2009: the lowest gross house price to earnings ratio in both the East Midlands and across the UK since Q1 2004. There was a slight rise in the index in Q2 to 95.4. These figures are slightly higher than those experienced by first times buyers, as a whole, throughout the UK. The index was set at 100 based on 1985 averages and therefore reflects the change in earnings to house price ratios comapred with 1985. Gross income multipliers for first time buyers fell from 4.8 in 2007 to 3.5 in Q1 2009 but have risen slightly since then to 3.7. Falling ratios for first time buyers may reflect a tighening in the supply of mortgages and stricter lending conditions. First time buyers

East Midlands £ index Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009

£128,579 £137,684 £141,625 £141,966 £141,756 £143,646 £144,764 £141,983 £143,840 £146,521 £149,783 £150,921 £152,560 £156,512 £156,924 £155,141 £153,066 £147,413 £141,572 £133,102 £126,673 £130,579 £133,973

283.6 303.7 312.4 313.1 312.6 316.8 319.3 313.1 317.2 323.2 330.3 332.9 336.5 345.2 346.1 342.2 337.6 325.1 312.2 293.6 279.4 288.0 295.5

Index of mortgage payments as a percentage of takehome pay UK £ index E Mids UK £139,027 277.3 110.9 94.1 £148,462 296.2 124.2 104.0 £153,482 306.2 130.4 110.9 £152,464 304.1 132.8 113.8 £152,790 304.8 130.1 112.5 £157,494 314.2 129.3 112.0 £157,627 314.4 127.2 109.9 £157,387 314.0 121.6 106.1 £160,319 319.8 125.2 109.4 £165,035 329.2 125.0 111.7 £168,460 336.1 127.7 114.0 £172,065 343.2 130.0 118.3 £175,554 350.2 133.3 122.8 £181,810 362.7 138.7 131.2 £184,131 367.3 141.4 134.8 £183,959 367.0 140.3 136.2 £179,363 357.8 136.9 129.3 £174,514 348.1 123.9 119.8 £165,188 329.5 123.3 118.4 £156,828 312.9 108.4 105.7 £149,709 298.7 92.6 91.6 £154,066 307.3 95.4 93.6 £160,159 319.5 n/a n/a

Gross house price to earnings ratio E Mids UK 4.3 4.4 4.7 4.7 4.7 4.8 4.7 4.8 4.6 4.8 4.6 4.8 4.6 4.8 4.5 4.7 4.6 4.8 4.6 4.9 4.6 4.9 4.6 5.0 4.7 5.1 4.8 5.4 4.7 5.4 4.6 5.4 4.6 5.2 4.2 4.9 4.1 4.7 3.8 4.4 3.5 4.1 3.6 4.2 3.7 4.5

House Prices Since 1952 - Notes: The Nationwide house price methodology has developed over time and this needs to be considered when interpreting the long run series of house prices. Maintenance in terms of updating weights for the mixadjustment process is carried out at regular intervals. Significant developments include: 1952 - 1959 Q4 Simple average of purchase price. 1960 Q1 - 1973 Q4 - weighted average using floor area (thus allowing for the influence of house size). 1974 Q1 - 1982 Q4 - weighted averages using floor area, region and property type. 1983 Q1 - Development of new house price methodology. A statistical ‘regression’ technique was introduced under guidance of ‘Fleming and Nellis’ (Loughborough University and Cranfield Institute of Technology). This was introduced in 1989 but data was revised back to 1983 Q1. 1993 - Information about neighbourhood classification (ACORN) used in the model were significantly updated following Census 1991 publication - regular updates since but typically for new postcodes. Mortgage payments index - based on 1985 averages

Halifax Index East Midlands index 2004 Q1 2004 Q2 2004 Q3 2004 Q4 2005 Q1 2005 Q2 2005 Q3 2005 Q4 2006 Q1 2006 Q2 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3

505.8 552.3 559.9 558.6 566.7 562.1 560.0 570.7 588.1 596.0 593.8 621.2 622.0 636.7 648.6 627.3 640.3 591.1 557.4 538.2 519.0 512.8 512.2

% change 5.0 9.2 1.4 -0.2 1.5 -0.8 -0.4 1.9 3.0 1.3 -0.4 4.6 0.1 2.4 1.9 -3.3 2.1 -7.7 -5.7 -3.5 -2.5 -1.2 -0.1

UK Ave price £132,213 £144,353 £146,348 £146,007 £148,126 £146,915 £146,376 £149,164 £153,706 £155,776 £155,199 £162,374 £162,567 £166,410 £169,528 £163,976 £167,361 £154,510 £145,703 £140,671 £135,873 £134,038 £133,887

index

% change Ave price 5.5 £148,399 5.9 £157,091 2.7 £161,279 0.3 £161,742 0.6 £162,785 0.0 £162,783 2.1 £166,141 2.3 £170,043 1.8 £173,148 2.6 £177,643 1.2 £179,721 4.2 £187,250 2.9 £192,651 2.5 £197,562 1.1 £199,766 -1.2 £197,388 -1.4 £194,717 -5.1 £184,733 -5.6 £174,453 -5.2 £165,412 517.9 -3.1 £160,678 507.9 -1.9 £156,944 522.0 2.8 £161,280 480.3 508.4 522.0 523.5 526.9 526.8 537.7 550.3 560.4 574.9 581.7 606.0 623.5 639.4 646.5 638.8 630.2 597.9 564.6 535.4

The Halifax index was set at 100 in 1983. This index is seasonally adjusted Halifax statement: The Halifax House Price Index is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices at any time for regulatory or other reasons. Persons seeking to place reliance on the indices for their own or third party commercial purposes do so at their own risk.

Land Registry provisional sales volumes

Total 2008 Amber Valley Ashfield Bassetlaw Blaby Bolsover Boston Broxtowe Charnwood Chesterfield Corby Daventry Derby Derbyshire Dales East Lindsey East Northamptonshire Erewash Gedling Harborough High Peak Hinckley and Bosworth Kettering Leicester Lincoln Mansfield Melton Newark and Sherwood North East Derbyshire North Kesteven North West Leicestershire Northampton Nottingham Oadby and Wigston Rushcliffe Rutland South Derbyshire South Holland South Kesteven South Northamptonshire Wellingborough West Lindsey East Midlands

2008 Quarterly average

1505 1412 1285 972 826 843 1214 1976 1011 984 944 2909 729 1634 1168 1407 1321 1061 897 1247 1309 2724 1361 1300 583 1391 887 1480 1066 2967 3039 511 1255 424 1248 1074 1766 998 931 1265 52,924

376 353 321 243 207 211 304 494 253 246 236 727 182 409 292 352 330 265 224 312 327 681 340 325 146 348 222 370 267 742 760 128 314 106 312 269 442 250 233 316 13,231

2009 Quarter 1 232 190 177 131 143 97 190 324 166 134 140 398 105 230 168 189 180 161 120 188 173 396 205 190 125 227 105 209 166 411 421 90 240 75 146 158 294 137 97 200

2009 Quarter 2 285 288 293 233 196 219 308 503 233 136 215 616 174 409 259 335 294 284 173 292 291 553 283 227 158 352 190 396 246 603 548 118 377 116 285 266 438 249 181 276

2009 Quarter3 406 337 266 264 198 193 335 522 26 169 267 692 229 472 270 375 368 301 278 322 317 546 273 219 165 346 273 366 261 646 757 166 474 136 277 321 477 334 211 289

7,728

11,898

13,144

KEY

2009 Qtr 3 data is sales registered to September 30th

Note that 2009 figures may be understated as all sales may not have yet been registered

Quarterly Land Registry data 2009 Average Price

Amber Valley Ashfield Bassetlaw Blaby Bolsover Boston Broxtowe Charnwood Chesterfield Corby Daventry Derby Derbyshire Dales East Lindsey East Northamptonshire Erewash Gedling Harborough High Peak Hinckley and Bosworth Kettering Leicester Lincoln Mansfield Melton Newark and Sherwood North East Derbyshire North Kesteven North West Leicestershire Northampton Nottingham Oadby and Wigston Rushcliffe Rutland South Derbyshire South Holland South Kesteven South Northamptonshire Wellingborough West Lindsey East Midlands

£2,008 £155,763 £118,878 £146,490 £172,882 £127,361 £137,351 £154,500 £183,233 £141,405 £145,196 £238,096 £142,592 £243,962 £152,609 £183,827 £137,605 £150,037 £230,108 £187,420 £172,258 £157,862 £144,019 £133,481 £120,359 £187,622 £171,285 £164,210 £172,490 £171,855 £158,438 £124,171 £163,128 £212,752 £280,691 £166,360 £152,681 £184,608 £249,626 £155,839 £161,488 £162,443

Q1 2009 £153,126 £116,849 £142,500 £170,248 £122,657 £133,949 £152,505 £174,386 £136,704 £140,814 £236,153 £140,987 £237,157 £149,374 £179,207 £137,356 £148,874 £218,105 £185,506 £170,778 £154,631 £141,854 £131,572 £118,968 £178,656 £165,416 £161,191 £170,293 £174,284 £154,785 £123,155 £160,053 £210,840 £277,541 £164,304 £150,074 £180,545 £244,878 £154,069 £159,004 £156,442

Q2 2009 £148,532 £113,804 £138,947 £164,864 £120,090 £129,258 £148,849 £168,367 £132,415 £132,912 £230,340 £137,448 £235,695 £145,135 £174,655 £133,029 £147,817 £212,400 £178,889 £166,968 £151,052 £136,442 £130,678 £115,014 £173,994 £161,581 £161,549 £163,746 £168,535 £148,707 £119,942 £157,773 £208,524 £281,310 £163,357 £141,316 £173,302 £235,040 £151,318 £157,033 £152,903

Quarterly % change

Q3 2009 £148,466 £112,339 £138,348 £162,091 £118,165 £127,674 £148,592 £169,570 £127,059 £128,358 £218,843 £136,862 £233,612 £143,537 £172,473 £132,867 £147,488 £207,192 £176,356 £165,866 £148,190 £135,631 £129,822 £114,289 £176,180 £161,823 £165,461 £159,679 £160,044 £146,575 £122,214 £155,240 £208,165 £260,037 £163,651 £139,303 £165,954 £231,835 £151,792 £154,952 £150,645

2008 to Q1 2009 -1.69 -1.71 -2.72 -1.52 -3.69 -2.48 -1.29 -4.83 -3.32 -3.02 -0.82 -1.13 -2.79 -2.12 -2.51 -0.18 -0.78 -5.22 -1.02 -0.86 -2.05 -1.50 -1.43 -1.16 -4.78 -3.43 -1.84 -1.27 1.41 -2.31 -0.82 -1.88 -0.90 -1.12 -1.24 -1.71 -2.20 -1.90 -1.14 -1.54 -3.69

Q1 to Q2 -3.00 -2.61 -2.49 -3.16 -2.09 -3.50 -2.40 -3.45 -3.14 -5.61 -2.46 -2.51 -0.62 -2.84 -2.54 -3.15 -0.71 -2.62 -3.57 -2.23 -2.31 -3.82 -0.68 -3.32 -2.61 -2.32 0.22 -3.84 -3.30 -3.93 -2.61 -1.42 -1.10 1.36 -0.58 -5.84 -4.01 -4.02 -1.79 -1.24 -2.26

Q2 to Q3 Detached -0.04 £215,263 -1.29 £163,104 -0.43 £201,054 -1.68 £226,730 -1.60 £182,408 -1.23 £157,387 -0.17 £205,475 0.71 £255,525 -4.05 £187,939 -3.43 £188,055 -4.99 £299,114 -0.43 £213,591 -0.88 £318,161 -1.10 £173,604 -1.25 £248,375 -0.12 £206,518 -0.22 £209,057 -2.45 £280,427 -1.42 £279,020 -0.66 £229,013 -1.89 £214,540 -0.59 £224,358 -0.65 £193,110 -0.63 £164,980 1.26 £255,588 0.15 £230,760 2.42 £228,515 -2.48 £192,690 -5.04 £225,309 -1.43 £225,398 1.89 £199,981 -1.61 £228,806 -0.17 £271,028 -7.56 £295,878 0.18 £228,883 -1.42 £166,887 -4.24 £218,938 -1.36 £306,937 0.31 £231,649 -1.32 £203,519 -1.48 £214,484

Average Price Semidetached £122,940 £103,250 £110,389 £136,993 £103,987 £108,993 £129,039 £149,481 £116,245 £121,192 £168,254 £126,480 £176,795 £118,426 £138,306 £116,720 £119,128 £169,657 £157,505 £141,849 £127,688 £139,177 £122,445 £98,320 £143,711 £122,431 £128,063 £124,587 £134,937 £135,360 £112,647 £137,207 £175,965 £178,021 £129,073 £112,122 £132,479 £180,930 £123,426 £121,085 £128,448

Terraced £96,160 £79,016 £87,942 £122,955 £77,629 £92,305 £109,978 £127,383 £92,347 £105,833 £133,355 £99,577 £149,233 £105,509 £115,253 £95,528 £101,367 £138,231 £125,114 £120,211 £111,079 £118,070 £102,941 £80,642 £119,499 £105,917 £110,891 £113,866 £111,266 £123,629 £91,675 £118,673 £149,439 £164,127 £113,926 £94,223 £126,862 £166,730 £101,879 £99,897 £106,320

Lower Quartile Flat or maisonnette

£129,235 £71,942 £97,032 £96,867 £72,500 £84,956 £99,067 £112,988 £86,401 £88,657 £136,078 £93,386 £172,628 £92,924 £95,174 £90,049 £98,155 £120,147 £125,658 £93,678 £80,104 £94,432 £114,528 £102,727 £112,729 £91,095 £97,900 £88,297 £124,913 £100,269 £123,193 £99,528 £104,632 £138,667 £107,489 £97,112 £112,972 £151,417 £82,024 £99,055 £105,706

house price House price to incomes ratio Q3 8.08 £95,000 5.56 £74,000 6.91 £88,000 9.87 £124,950 7.11 £80,000 8.48 £96,000 8.01 £106,000 9.30 £120,000 6.91 £83,250 6.91 £89,000 6.65* £131,500 7.71 £96,500 10.88 £136,000 6.76* £110,000 5.87 £111,000 7.23 £90,000 7.04 £99,200 7.29* £135,000 8.28 £115,000 9.37 £117,000 5.62 £100,000 7.73 £94,000 6.00* £95,000 6.28 £73,000 10.98 £118,500 8.39 £99,000 7.93 £113,000 9.36 £115,000 8.00 £101,000 7.88 £105,000 6.62 £79,950 6.64* £120,000 9.88 £143,450 7.33* £148,000 8.08 £113,500 8.09 £107,500 8.55 £115,000 12.91* £160,000 6.34* £100,000 9.51 £110,000 8.18 £104,227

LQ incomes 11,754 13,312 12,740 12,656 11,244 11,320 13,233 12,903 12,056 12,883 19,757 12,516 12,504 16,270 18,915 12,448 14,087 18,525 13,882 12,485 17,807 12,161 15,842 11,615 10,793 11,796 14,245 12,292 12,619 13,329 12,070 18,067 14,526 20,200 14,045 13,290 13,448 12,393 15,777 11,572 12,738

Quarterly Land Registry data 2009

Average Price Strategic Housing Market Area Central Lincolnshire Coastal Lincolnshire Derby Leicestershire North Northamptonshire Northern Nottinghamshire Core Nottinghamshire Outer Peak Dales Peterborough Partial West Northamptonshire

Q1 2009 £154,239 £144,373 £149,496 £169,293 £158,003 £140,804 £148,658 £134,310 £209,372 £180,809 £189,613

Q2 2009 £151,276 £140,230 £146,211 £164,941 £154,084 £138,038 £147,317 £131,491 £206,067 £170,953 £184,526

Quarterly % change

Q3 2009 £149,152 £139,052 £145,969 £163,533 £151,958 £137,247 £148,660 £131,688 £203,471 £163,154 £182,252

Q1 to Q2 -1.92 -2.87 -2.20 -2.57 -2.48 -1.96 -0.90 -2.10 -1.58 -5.45 -2.68

Lower Quartile

Average Price

Q2 to Q3 Detached -1.40 £196,527 -0.84 £170,386 -0.17 £218,462 -0.85 £244,482 -1.38 £225,698 -0.57 £202,831 0.91 £224,443 0.15 £194,350 -1.26 £302,633 -4.56 £201,337 -1.23 £274,267

Semidetached £122,963 £115,511 £126,145 £143,780 £128,646 £114,366 £128,699 £108,818 £165,869 £127,958 £154,062

Flat or maisonnette Terraced £104,540 £107,929 £100,610 £91,268 £101,059 £102,794 £121,443 £106,095 £108,825 £86,492 £90,042 £93,089 £102,344 £110,608 £87,039 £89,817 £134,191 £143,592 £122,930 £108,584 £129,866 £116,464

House price (Q3 2009) £105,000 £103,000 £99,000 £114,000 £102,000 £90,000 £95,000 £83,500 £125,000 £128,500 £120,000

KEY

Note: Price Lower quartile prices are based on Q3 sales only * 2009 LQ household income not available - this has therefore been calculated using median annual percentage change All other price data is for the 12 months ending in 30th September (Q3)

5 lowest prices 5 highest prices 5 biggest increases/highest affordability ratios 5 smallest increases/lowest affordability ratios

Total sales volume for the East Midlands in 2008 and 2009 6000

Note that 2009 figures may be understated as all sales may not have yet been registered

5000

4000

No of Sales 3000

2000

1000

0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

East Midlands 08

4693

5138

4941

5273

5524

4946

4389

4048

3516

3874

3106

3476

East Midlands 09

2330

2326

3326

3554

4025

4656

4959

4617

4095

Month (09 data is sales registered to 30th September and therefore no available comparison beyond this date)

East Midlands 08

East Midlands 09

Summary Data provider Dec-08 £125,065

Jan-09 £125,429 £149,887

Land Registry indexed CLG indexed Nationwide indexed £133,102 FTHPI £157,825 £156,008 Halifax indexed £140,671 Hi4em analysis of Land Registry data 3 month prices £155,453 £153,338 12 month prices £162,358 £161,464

Dec-08 Land Registry indexed -13.9 CLG indexed -11.5 Nationwide indexed -14.2 Halifax indexed -14.2 FTHPI -10.2 Hi4em analysis of Land Registry data 3 month prices -6.2 12 month prices -3.2

Feb-09 £121,318 £149,746 £155,213

Mar-09 £120,301 £148,813 £126,673 £154,674 £135,873

£150,878 £160,990

£148,943 £159,824

Jan-09 -14.4 -14.1

Feb-09 -17.0 -12.7

-11.1

-12.1

Mar-09 -16.4 -13.2 -17.2 -18.8 -11.7

-4.6 -4.0

-4.3 -4.3

-4.2 -5.2

Average house price Apr-09 May-09 £121,996 £121,154 £148,029 £149,046 £153,550

£153,214

£150,493 £159,094

£150,563 £157,750

Annual change (%) Apr-09 May-09 -15.0 -16.3 -12.5 -11.1

Sep-09 £125,185 £156,050 £133,973 £156,413 £133,887

£151,545 £156,526

£156,318 £155,136

£155,512 £155,149

£150,645 £155,294

Jul-09 -12 -9.0

Aug-09 -8.9 -5.0

-8.7

-6.9

Sep-09 -5.8 -3.5 -3.1 -5.1 -4.8

3.7 -7.6

3.2 -7.0

-0.6 -6.1

-11.9

-11.0

Jun-09 -15.3 -10.9 -11.42 -13.5 -10.9

-1.9 -5.6

-0.2 -6.3

1.7 -6.7

Data sources: Halifax Index Land Registry CLG Index Nationwide Index Summaries

Jun-09 Jul-09 Aug-09 £119,849 £122,950 £124,127 £149,580 £152,069 £154,038 £130,579 £153,790 £155,549 £156,199 £134,038

http://www.lloydsbankinggroup.com/media1/research/halifax_hpi.asp http://www1.landregistry.gov.uk/houseprices/ http://www.communities.gov.uk/publications/corporate/statistics/hpi062009 http://www.nationwide.co.uk/hpi/ http://www.hi4em.org.uk/EastMidlands/MapsAndReports/houseprices.htm

Summary Land Registry Index The Land Registry Index is based on calculating the change in prices paid for individual properties at different times, e.g. property X sold for £60,000 in 1995, then £85,000 in 1998 and £130,000 in 2007 CLG Index Mix-adjusted house prices are based on around 50,000 completions per month from 60 lenders through the Regulated Mortgage Survey. Weighting factors are revised each January which means that prices cannot be compared between years although the resultant index figure can. As comparisons over periods of less than a year could be affected by seasonal fluctuations CLG suggest that a month on month comparison is not advisable. Nationwide Index This is a model that includes floor area, house type, region and ACORN neighbourhood classifications and uses a statistical 'regression' technique. Halifax The Halifax Index and prices are based on sales financed by the Halifax. Their index models the price of 'typical' houses based on a wide range of house characteristics including region, house type, age, rooms, separate toilets, central heating, garages and gardens. FTHPI The Financial Times Index is seasonally and mix-adjusted by house type and uses all Land Registry records. FT have found that only around a third of sales will be reported to Land Registry in the month of sale and that within 3 months 95% of sales will have been reported. Incomplete data for the latest index is filled out using an "index of indices" and is replaced by actual data in subsequent months. Hi4em analysis Land Registry data is received monthly and is analysed purely on the data received without any seasonal or property type mix adjustments.

Council of Mortgage Lenders data The average number of mortgage loans written per month in: • Q3 2008 was 2900 • Q4 2008 was 2566 • Q1 2009 was 1933 • Q2 2009 was 2900 • Q3 2009 was 2000 Showing a 3.35% decline in mortgages written from the beginning of Q1 2009 to Q3 2009 During March 2008 the median income multiplier for mortgages seemed to peak at 3.10 with the median advance for buyers being 81% then there is a steady decline in both until they reach 75% advances and 2.75 multiples by Q3 2009

House purchase loans, all buyers, number, value and affordability, East Midlands Age of borrower

Advance

Income

Percent advance

£m

median

median

median

median

£m

£

£

£

%

Number of loans Value of loans number 2008

2009

Interest Income payments as % multiple of income median

Jan

3,200

388

35

106,200

36,283

78

2.98

17.5

Feb

3,200

394

35

108,000

36,369

80

3.03

17.9

Mar

3,300

416

35

111,486

36,357

81

3.10

18.1

Apr

3,500

425

35

109,000

36,819

80

3.01

17.3

May

3,800

463

35

110,000

36,480

81

3.04

17.4

Jun

3,400

412

35

109,800

37,158

79

3.00

17.4

Jul

3,300

402

35

107,000

36,643

78

2.97

17.6

Aug

2,900

340

37

102,063

36,208

76

2.89

17.4

Sep

2,500

289

35

101,215

36,786

77

2.86

17.3

Oct

2,800

324

36

99,379

36,014

75

2.83

16.6

Nov

2,400

270

35

97,749

35,400

75

2.85

15.5

Dec

2,500

281

35

99,000

36,482

75

2.79

14.6

Q1

5,800

613

36

75

2.70

91,095

35,173

Q2

8,700

926

35

94,000

36,000

75

2.71

Q3

10,700

1,171

36

95,960

36,226

75

2.75

Source: Regulated Mortgages Survey, CML/BankSearch Notes:

median

1. Estimates of % of number and value of loans are indicative only. 2. Averages shown are medians, as this tends to give more realistic figures for affordability for the typical borrower. However we state mean for size of advance, as this is used directly in the calculation of estimated value of advances.

Council of Mortgage Lenders data Possessions on mortgaged properties - UK The total number of properties taken into possession in the UK during Q3 2009 was 11,700 - a decrease of 11% from 12,800 in Q1. Voluntary repossessions also fell - from 3,440 in Q1 2009 to 3,010 in Q2 - a decrease of 12.5% - and, at 3,000, remained static in Q3. Mortgages Properties Properties oustanding, taken into taken into end period possession in possession in period period

2008

2009

Q1 Q2 Q3 Q4 Q1 Q2 Q3

number 11,787,000 11,763,000 11,718,000 11,667,000 11,107,000 11,110,000 10,991,000

number 8,500 10,000 11,100 10,400 12,700 11,400 11,700

% all loans 0.07 0.09 0.09 0.09 0.11 0.10 0.11

Properties Properties in Possessed Properties taken into possession at properties taken into possession at end period sold in period possession in end period period

number 15,600 18,700 22,700 24,200 23,600 20,600 18,000

% all loans 0.13 0.16 0.19 0.21 0.21 0.19 0.16

number 5,200 6,400 6,800 10,900 12,200 14,300 13,400

% change on last period 17.6 11.0 -6.3 14.4 9.6 2.6

Voluntary possessions

Voluntary possessions share

number 1,200 1,600 2,100 2,530 3,440 3,010 3,000

% of posessions 14.1 16.0 18.9 24.3 27.1 26.4 25.9

Source: CML Research Notes:

1. Figures are estimates of arrears on all first charge loans held by CML members, both regulated and unregulated, and include buy-to-let. They do not include arrears relating to other secured lending or to firms that are not CML members. As our figures also relate to the number of borrowers rather than individual loan accounts, they will be materially lower than, and not strictly comparable with, the aggregate MLAR figures published by the FSA. 2. These estimates are based on reporting by a sample of CML members, which are then grossed up to be representative of the lending undertaken by CML members as a whole. In H1 2008 these accounted for over 95% of first charge mortgages. 3. Figures are subject to revision as we get better information about rates of growth and performance in different parts of the market, lenders report to us for the first time or re-submit earlier figures. 4. Care should be taken when looking at changes over time as lenders newly reporting figures may distort comparisons. 5. Properties in possession are not counted as arrears. Buy-to-let mortgages, where a receiver of rent has been appointed, also are not counted as arrears. 6. Arrears and possession figures are rounded to the nearest hundred. Quarterly, semi-annual and annual figures may not tally exactly due to rounding.

Council of Mortgage Lenders data Possession actions on mortgaged properties, local authority and private, England, Wales and Northern Ireland Period

2008

Q1 Q2 Q3 Q4** 2009 Q1 Q2 Q3 Source: Ministry of Justice Notes

England & Wales Actions entered 40,880 38,993 38,078 24,675 23,968 26,419 24,938

England & Wales Orders made 14,269 15,615 15,919 14,834 7,699 8,760 9,253

England & Wales Orders suspended 12,697 14,607 13,939 12,416 8,823 10,363 11,663

1. Includes all types of mortgage lenders. 2. Figures for the latest quarter are provisional. 3. The court, following a judicial hearing, may grant an order for possession immediately. This entitles the claimant to apply for a warrant to have the defendant evicted. However, even where a warrant for possession is issued, the parties can still negotiate a compromise to prevent eviction. 4. Suspended order is where the court grants the claimant possession but suspends the operation of the order. Provided the defendant complies with the terms of suspension, which usually require the defendant to pay the current mortgage or rent installments plus some of the accrued arrears, the possession order cannot be enforced. ** The Mortgage Pre Action Protocol for possession claims relating to mortgage or home purchase arrears was introduced on 19th November 2008. Its introduction has coincided with a substantial fall in the number of new mortgage possession claims. The effect of the MPAP is not visible yet on the number of mortgage possession orders, as orders are typically made around 8 weeks after claims are issued. More details are available in the recent county court possession actions bulletin available on the Ministry of Justice website.

Ministry of Justice possession claim data Ministry of Justice figures indicate large falls in the numbers of mortgage possession claims issued across the region when compared with figures from a year ago. The largest falls were in North West Leicestershire (down 49%) and Ashfield and Broxtowe (both down 45%). The smallest fall were in Daventry (20%), Boston (21%), Chesterfield and East Lindsey (both down 25%). The highest rate of possession claims was in Corby at 2.8 per 1,000 households for the quarter and 10.2 per 1,000 households for the year. The lowest rates were in Derbyshire Dales at 0.5 and 2 per 1,000 households respectively. Mortgage possession claims issued in 2009 Q3 and most recent completed four-quarter period (Q4 2008 - Q3 2009) by local authority 2009 Q3 2008 Q4 - 2009 Q3 % Change in total since 2007 Q3 Per 1,000 2008 Q2 households1

Total

% Change in total since 2008 Q2

Per 1,000 households1

Total

Derby Leicester Nottingham Rutland

120 125 155 10

-28% -43% -50% -

1.2 1.1 1.2 0.7

425 555 705 35

-35% -33% -40% -37%

4.3 4.8 5.6 2.3

Derbyshire Amber Valley Bolsover Chesterfield Derbyshire Dales Erewash High Peak North East Derbyshire South Derbyshire

375 50 45 50 15 80 50 30 55

-24% -26% -35% -9% -62% -14% -18% -24% -25%

1.2 1.0 1.4 1.1 0.5 1.7 1.3 0.7 1.5

1,380 195 170 185 60 265 175 135 200

-33% -40% -34% -25% -43% -33% -28% -30% -33%

4.3 3.8 5.3 4.1 2.0 5.5 4.5 3.2 5.4

Leicestershire Blaby Charnwood Harborough Hinckley and Bosworth Melton North West Leicestershire Oadby and Wigston

260 40 45 25 70 15 30 30

-21% -25% -32% -37% 3% -38% -

1.0 1.1 0.7 0.8 1.6 0.7 0.8 1.3

920 145 210 95 185 65 130 95

-39% -39% -40% -38% -30% -41% -49% -35%

3.5 3.8 3.2 2.9 4.2 3.1 3.4 4.1

Lincolnshire Boston East Lindsey Lincoln North Kesteven South Holland South Kesteven West Lindsey

335 45 65 55 30 45 55 35

-27% -23% -22% 2% -44% -45% -25% -28%

1.1 1.8 1.1 1.4 0.7 1.3 1.0 1.0

1,280 170 265 165 135 200 205 145

-32% -21% -25% -36% -36% -39% -35% -29%

4.3 6.8 4.3 4.2 3.1 5.7 3.7 4.0

Ministry of Justice possession claim data 2009 Q3

2008 Q4 - 2009 Q3 % Change in total since 2007 Q3 Per 1,000 2008 Q2 households1

Total

% Change in total since 2008 Q2

Per 1,000 households1

Total

Northamptonshire Corby Daventry East Northamptonshire Kettering Northampton South Northamptonshire Wellingborough

430 65 40 45 55 155 30 40

-34% -38% 3% -49% -42% -27% -18% -46%

1.5 2.8 1.3 1.3 1.4 1.8 0.8 1.3

1,700 235 145 205 230 585 100 200

-34% -34% -20% -32% -35% -37% -27% -34%

6.0 10.2 4.5 5.9 6.1 6.8 2.8 6.3

Nottinghamshire Ashfield Bassetlaw Broxtowe Gedling Mansfield Newark and Sherwood Rushcliffe

350 60 60 35 35 65 60 35

-38% -51% -45% -43% -52% -32% -5% -13%

1.1 1.2 1.3 0.7 0.7 1.5 1.3 0.8

1,360 245 250 140 175 220 220 105

-40% -45% -37% -45% -38% -41% -31% -40%

4.1 4.9 5.2 2.9 3.6 5.1 4.6 2.3

HSSA 2008-09 In the East Midlands there are a total of 1,946,919 dwellings with Nottingham, Leicester and Derby predictably having the most. The total number of vacant dwellings in the region is 62,134 of which 48.1% are classed as long term empty. Dwellings

Amber Valley Ashfield Bassetlaw Blaby Bolsover Boston Broxtowe Charnwood Chesterfield Corby Daventry Derby Derbyshire Dales East Lindsey East Northamptonshire Erewash Gedling Harborough High Peak Hinckley and Bosworth Kettering Leicester Lincoln Mansfield Melton Newark and Sherwood North East Derbyshire North Kesteven North West Leicestershire Northampton Nottingham Oadby and Wigston Rushcliffe Rutland South Derbyshire South Holland South Kesteven South Northamptonshire Wellingborough West Lindsey East Midlands

Total 54,086 51,551 49,647 38,857 33,895 27,846 48,699 67,676 48,342 25,297 32,442 105,114 32,480 65,005 36,810 49,518 50,220 35,061 40,352 45,868 40,789 125,116 42,018 46,988 21,669 51,033 43,710 46,542 39,763 90,850 130,235 22,511 46,794 15,775 38,840 37,923 59,125 35,729 32,748 39,995 1,946,919

LA Dwelling s 23 7,020 6,949 0 5,388 0 4,653 5,859 9,808 4,811 0 13,734 0 0 0 10 7 0 4,099 3,424 3,821 22,371 7,956 6,772 1,902 5,433 8,201 3,808 4,496 12,238 28,910 1,264 0 1,242 3,095 3,905 6,265 0 12 0 187,476

Vacant dwellings

Total 2371 1881 2662 1190 1805 924 2968 2500 1623 238 733 2337 1426 2698 977 975 1700 879 778 1786 1049 5668 1794 2076 475 1209 1432 1715 1399 3958 .. 381 1507 685 1029 723 719 764 1118 1982 62,134

LA Vacant 6 owned months + 14 1067 124 1000 86 711 0 1190 40 701 0 393 30 17 177 836 169 740 103 41 0 394 346 1991 0 579 0 1518 0 734 1 245 3 567 0 416 23 778 56 486 54 687 161 2683 72 537 250 250 69 126 22 1041 123 820 40 732 123 748 336 1719 783 2682 10 276 0 637 28 337 15 469 46 224 27 59 0 336 0 412 1 700 3,332 29,879

% long term empty 45.0 53.2 26.7 100.0 38.8 42.5 0.6 33.4 45.6 17.2 53.8 85.2 40.6 56.3 75.1 25.1 33.4 47.3 100.0 27.2 65.5 47.3 29.9 12.0 26.5 86.1 57.3 42.7 53.5 43.4 72.4 42.3 49.2 45.6 31.0 8.2 44.0 36.9 35.3 48.1

HSSA 2008-09 The East Midlands has seen a 10.5% drop in total households on the housing waiting list as of 1st April 2006 to 2009.

Total households on the housing waiting list at 1st April Amber Valley Ashfield Bassetlaw Blaby Bolsover Boston Broxtowe Charnwood Chesterfield Corby Daventry Derby Derbyshire Dales East Lindsey East Northamptonshire Erewash Gedling Harborough High Peak Hinckley and Bosworth Kettering Leicester Lincoln Mansfield Melton Newark and Sherwood North East Derbyshire North Kesteven North West Leicestershire Northampton Nottingham Oadby and Wigston Rushcliffe Rutland South Derbyshire South Holland South Kesteven South Northamptonshire Wellingborough West Lindsey East Midlands

2006 3,170 4,364 6,111 1,064 2,509 1,882 2,508 2,173 4,334 2,432 1,744 12,648 2,600 5,136 1,286 1,633 5,218 1,355 3,235 1,662 2,939 8,654 3,467 5,626 1,208 5,062 2,501 2,518 1,856 5,355 13,201 1,316 1,442 546 1,085 1,862 2,661 1,749 1,928 1,783 135,829

2007 2,982 4,602 5,780 1,569 2,800 1,026 2,293 2,144 5,217 2,782 1,919 7,654 1,591 5,331 1,083 2,482 3,251 1,571 1,878 1,793 3,753 10,451 2,272 7,575 492 6,392 2,730 2,301 2,554 4,833 14,159 1,604 1,535 768 1,180 1,432 5,156 1,935 1,558 1,993 136,428

2008 1,875 4,462 5,184 2,016 2,499 1,693 2,448 1,992 5,803 2,241 1,948 9,732 2,219 5,453 1,319 2,386 4,074 1,636 2,981 1,167 3,123 6,925 3,102 7,836 690 8,046 2,921 2,193 1,120 5,849 15,668 1,083 1,451 836 1,410 1,918 4,500 1,642 1,243 1,861 138,553

2009

Total LA dwellings let to homeless households in priority need

2005/06 0 44 73 24 85 0 0 97 195 20 15 464 0 0 0 0 58 11 60 28 83 233 146 59 13 148 7 41 145 285 761 26 0 14 48 74 138 40 125 0 122,905 3,560

2533 5835 4008 1885 2529 1977 2759 2131 1566 2273 1986 9314 2708 5452 1527 1112 1800 2096 3759 1082 2220 6655 3559 6871 959 9602 1986 1583 581 3705 9398 1115 1231 432 1078 2082 4260 1689 1621 1937

2006/07 0 37 46 2 86 0 4 98 135 25 22 380 0 0 0 0 41 20 132 48 78 184 146 75 26 92 16 34 84 297 541 26 0 16 50 67 289 45 108 0 3,250

2007/08 0 32 58 15 105 0 2 103 83 46 2 195 0 0 0 0 62 15 81 34 83 116 141 85 25 89 54 100 33 238 662 22 0 16 36 46 252 30 57 0 2,918

2008/09

0 26 16 0 78 0 14 47 68 48 0 157 0 0 0 0 35 0 35 37 60 60 187 94 50 69 23 50 27 264 498 26 0 11 42 21 49 0 0 0 2092

HSSA 2008-09 No of Dwellings

No of Local Authority owned dwellings

These maps are produced from Ordnance Survey material with the permission of Ordnance Survey on behalf of the Controller of Her Majesties Stationery Office © Crown Copyright 2009. All rights reserved Licence Number: 100018986. Unauthorised reproduction infringes Crown copyright and may lead to prosecution or civil proceedings.

Total No of vacant dwellings

HSSA 2008-09 Local Authority owned dwellings that are vacant

No of dwellings that have been vacant for 6 months or more

These maps are produced from Ordnance Survey material with the permission of Ordnance Survey on behalf of the Controller of Her Majesties Stationery Office © Crown Copyright 2009. All rights reserved Licence Number: 100018986. Unauthorised reproduction infringes Crown copyright and may lead to prosecution or civil proceedings.

% of vacant dwellings empty long term

HSSA 2008-09 No of homeless housed 2007/08

No of homeless housed 2008/09

These maps are produced from Ordnance Survey material with the permission of Ordnance Survey on behalf of the Controller of Her Majesties Stationery Office © Crown Copyright 2009. All rights reserved Licence Number: 100018986. Unauthorised reproduction infringes Crown copyright and may lead to prosecution or civil proceedings.

Valuation Office Agency - Local Housing Allowance October 2009 Broad Rental Market Area

Cherwell Valley Chesterfield Derby Doncaster Eastern Staffordshire Grantham & Newark Grimsby Leicester & Surrounds Lincoln Lincolnshire Fens Milton Keynes North Nottingham Northampton Northants Central North-East Greater Manchester Nottingham Nuneaton & Hinckley Peaks & Dales Peterborough Rugby & East Scunthorpe Sheffield Southern Greater Manchester Wolds and Coast

1 Room (shared) £80.77 £54.50 £48.00 £56.00 £71.00 £60.00 £56.00 £59.00 £50.77 £58.00 £72.00 £60.92 £53.00 £60.00 £58.27 £65.00 £64.00 £66.00 £71.00 £69.00 £56.00 £65.00 £67.00 £68.00

1 Bedroom

£126.92 £92.31 £89.50 £83.08 £91.15 £81.92 £75.00 £92.41 £86.54 £91.15 £121.15 £80.00 £103.85 £91.15 £91.15 £91.15 £91.15 £96.92 £98.08 £98.08 £75.00 £91.15 £103.85 £77.00

2 3 4 5 Bedrooms Bedrooms Bedrooms Bedrooms £150.00 £103.85 £107.31 £95.00 £108.23 £103.85 £91.15 £115.38 £103.85 £110.77 £150.00 £98.08 £126.92 £114.23 £103.85 £109.62 £114.23 £115.38 £121.15 £116.54 £92.31 £110.00 £126.92 £96.92

£177.12 £120.50 £126.92 £109.62 £125.77 £120.00 £95.00 £126.92 £115.08 £126.92 £173.08 £109.62 £138.46 £129.23 £126.35 £121.15 £126.92 £137.31 £138.46 £138.46 £103.85 £121.15 £150.00 £114.23

£229.62 £160.38 £183.46 £138.46 £173.08 £161.54 £138.46 £173.08 £150.00 £155.20 £239.39 £145.96 £196.15 £173.08 £160.38 £173.46 £183.46 £160.96 £184.62 £183.46 £126.92 £155.77 £206.97 £138.46

£334.62 £160.38 £206.54 £178.85 £224.43 £219.23 £173.08 £224.43 £184.62 £167.31 £345.00 £178.85 £253.85 £219.23 £196.15 £207.69 £206.43 £230.77 £265.38 £253.85 £173.08 £178.85 £288.46 £150.00

Average

£159.81 £107.66 £91.84 £100.93 £118.23 £114.69 £91.01 £118.02 £108.79 £118.34 £160.83 £102.20 £117.46 £124.03 £112.23 £105.63 £118.08 £123.91 £139.09 £121.71 £94.24 £104.07 £136.40 £96.95

The lowest rates of LHA are generally in the more Northern parts of the region - in the Derby, Grimsby, Scunthorpe and Wolds and Coast Broad Rental Market Areas. The highest rates are payable in the South in the Milton Keynes, Cherwell Valley and Peterborough BRMAs. The lowest LHA is for shared accommodation in Derby - £48, whilst the highest is for 5 bedroom accommodation in the Milton Keynes BRMA at £345 per week.

LHA is a new way of calculating Housing Benefit for tenants renting privately. It is based on Broad Rental Market Area (BRMA), number of occupiers in the property and household size. It is means-tested and the above figures are the maximum amounts payable for any given property size/type in each BRMA. Tenants are currently allowed to keep up to £15 of any allowance that exceeds their actual rent. LHA is based on the median rent for each category. Average rents are the sum of all data collected by VOA divided by the number of records. The VOA define a Broad Rental Market Area as an area within which a person could reasonably be expected to live having regard to facilities and services for the purposes of health, education, recreation, personal banking and shopping, taking account of the distance of travel, by public and private transport, to and from those facilities and services. Their boundaries cross regional boundaries and have no relationship with Local Authority, Ward or Strategic Housing Market Area boundaries.

Experian 2009 - House type

Amber Valley Ashfield Bassetlaw Blaby Bolsover Boston Broxtowe Charnwood Chesterfield Corby Daventry Derby Derbyshire Dales East Lindsey East Northamptonshire Erewash Gedling Harborough High Peak Hinckley and Bosworth Kettering Leicester Lincoln Mansfield Melton Newark and Sherwood Northampton North East Derbyshire North Kesteven North West Leicestershire Nottingham Oadby and Wigston Rushcliffe Rutland South Derbyshire South Holland South Kesteven South Northamptonshire Wellingborough West Lindsey East Midlands

No Of Households 53,447 51,268 49,144 38,918 32,483 26,285 48,830 66,987 46,017 23,700 33,077 102,323 30,403 63,639 36,369 48,803 49,766 34,610 40,240 45,040 39,138 117,956 39,106 44,319 21,185 49,112 88,463 43,045 45,321 38,784 129,431 23,304 46,748 15,661 38,848 36,883 57,843 37,550 32,959 37,662 1,904,667

Detached 13,754 9,528 12,879 11,754 5,709 7,195 12,377 17,667 7,577 3,763 12,880 17,860 12,134 22,174 11,517 10,229 13,937 15,279 9,618 13,663 9,679 8,417 5,196 8,259 7,720 14,991 17,154 11,193 17,278 11,925 11,031 5,848 19,291 6,619 13,399 12,930 19,849 15,543 7,142 13,118 478,076

Number SemiDetached Bungalow 17,704 5,306 20,077 4,573 17,768 4,136 16,591 4,034 11,705 3,226 7,536 3,422 17,061 4,917 24,699 5,428 18,304 3,855 9,296 1,173 9,221 2,810 36,923 7,224 6,969 2,743 15,046 9,927 11,214 2,842 18,677 4,241 16,331 4,587 9,206 2,748 12,470 2,780 16,167 4,674 12,558 3,203 41,899 4,142 12,918 2,143 17,634 4,239 6,848 1,872 15,001 4,319 26,782 6,085 16,959 5,043 13,328 6,765 13,140 3,906 47,413 5,464 9,887 2,569 13,633 3,632 4,140 1,304 12,452 3,239 10,817 5,507 17,077 5,479 11,521 3,440 11,708 2,938 9,508 4,631 638,188 164,566

Terraced 12,225 13,724 9,774 4,218 9,914 5,080 9,695 12,541 10,958 7,623 4,816 28,857 3,120 7,524 7,421 12,607 9,942 3,868 10,174 7,092 9,887 44,446 13,162 10,548 2,962 9,675 26,901 6,959 4,764 7,021 38,571 3,587 4,976 1,808 7,030 4,609 10,100 3,723 8,400 6,623 416,925

Flat Detached 4,401 25.7 3,311 18.6 4,546 26.2 2,287 30.2 1,914 17.6 3,049 27.4 4,717 25.3 6,593 26.4 5,300 16.5 1,851 15.9 3,327 38.9 11,381 17.5 5,431 39.9 8,951 34.8 3,341 31.7 3,006 21.0 4,910 28.0 3,490 44.1 5,174 23.9 3,417 30.3 3,784 24.7 19,059 7.1 5,692 13.3 3,627 18.6 1,763 36.4 5,095 30.5 11,485 19.4 2,853 26.0 3,152 38.1 2,772 30.7 26,890 8.5 1,384 25.1 5,192 41.3 1,791 42.3 2,696 34.5 2,999 35.1 5,276 34.3 3,313 41.4 2,730 21.7 3,760 34.8 205,710 25.1

Percentage SemiDetached Bungalow Terraced 33.1 9.9 22.9 39.2 8.9 26.8 36.2 8.4 19.9 42.6 10.4 10.8 36.0 9.9 30.5 28.7 13.0 19.3 34.9 10.1 19.9 36.9 8.1 18.7 39.8 8.4 23.8 39.2 4.9 32.2 27.9 8.5 14.6 36.1 7.1 28.2 22.9 9.0 10.3 23.6 15.6 11.8 30.8 7.8 20.4 38.3 8.7 25.8 32.8 9.2 20.0 26.6 7.9 11.2 31.0 6.9 25.3 35.9 10.4 15.7 32.1 8.2 25.3 35.5 3.5 37.7 33.0 5.5 33.7 39.8 9.6 23.8 32.3 8.8 14.0 30.5 8.8 19.7 30.3 6.9 30.4 39.4 11.7 16.2 29.4 14.9 10.5 33.9 10.1 18.1 36.6 4.2 29.8 42.4 11.0 15.4 29.2 7.8 10.6 26.4 8.3 11.5 32.1 8.3 18.1 29.3 14.9 12.5 29.5 9.5 17.5 30.7 9.2 9.9 35.5 8.9 25.5 25.2 12.3 17.6 33.5 8.6 21.9

Flat 8.2 6.5 9.3 5.9 5.9 11.6 9.7 9.8 11.5 7.8 10.1 11.1 17.9 14.1 9.2 6.2 9.9 10.1 12.9 7.6 9.7 16.2 14.6 8.2 8.3 10.4 13.0 6.6 7.0 7.1 20.8 5.9 11.1 11.4 6.9 8.1 9.1 8.8 8.3 10.0 10.8

Experian 2009 - House type

No of dwellings (red = higher numbers)

No of detached dwellings

No of terraced dwellings

No of flats or apartments

No of semi-detached dwellings

No of bungalows

These maps are produced from Ordnance Survey material with the permission of Ordnance Survey on behalf of the Controller of Her Majesties Stationery Office © Crown Copyright 2009. All rights reserved Licence Number: 100018986. Unauthorised reproduction infringes Crown copyright and may lead to prosecution or civil proceedings.

Experian 2009 - Tenure

Amber Valley Ashfield Bassetlaw Blaby Bolsover Boston Broxtowe Charnwood Chesterfield Corby Daventry Derby Derbyshire Dales East Lindsey East Northamptonshire Erewash Gedling Harborough High Peak Hinckley and Bosworth Kettering Leicester Lincoln Mansfield Melton Newark and Sherwood North East Derbyshire North Kesteven North West Leicestershire Northampton Nottingham Oadby and Wigston Rushcliffe Rutland South Derbyshire South Holland South Kesteven South Northamptonshire Wellingborough West Lindsey East Midlands Key 5 smallest percentages 5 greatest percentages

No Of Households 53,447 51,268 49,144 38,918 32,483 26,285 48,830 66,987 46,017 23,700 33,077 102,323 30,403 63,639 36,369 48,803 49,766 34,610 40,240 45,040 39,138 117,956 39,106 44,319 21,185 49,112 43,045 45,321 38,784 88,463 129,431 23,304 46,748 15,661 38,848 36,883 57,843 37,550 32,959 37,662 1,904,667

Owner Occupied 42,616 36,626 34,978 35,052 21,912 18,293 38,093 52,828 30,259 14,122 28,318 65,512 27,026 48,173 29,998 38,999 40,697 31,244 32,845 39,356 30,725 63,982 22,556 29,441 17,970 37,064 32,120 37,189 32,160 60,923 51,738 20,124 40,510 13,147 33,010 28,931 46,005 34,768 24,565 29,777 1,393,652

Number Private Renting 3,654 3,721 3,715 1,654 2,600 2,930 4,264 6,934 3,390 1,254 1,477 12,932 1,555 8,922 2,487 3,376 3,194 1,452 3,051 2,562 3,347 20,237 6,411 3,390 1,369 3,754 2,180 4,285 2,498 9,955 27,200 1,175 3,256 1,527 2,125 3,859 4,590 1,260 2,301 3,943 183,786

Social Owner Renting Occupied 7,147 79.7 10,904 71.4 10,434 71.2 2,191 90.1 7,960 67.5 5,059 69.6 6,462 78.0 7,203 78.9 12,350 65.8 8,329 59.6 3,259 85.6 23,833 64.0 1,811 88.9 6,525 75.7 3,870 82.5 6,403 79.9 5,855 81.8 1,899 90.3 4,335 81.6 3,108 87.4 5,066 78.5 33,742 54.2 10,129 57.7 11,491 66.4 1,842 84.8 8,265 75.5 8,733 74.6 3,839 82.1 4,113 82.9 17,563 68.9 50,418 40.0 1,993 86.4 2,968 86.7 981 83.9 3,697 85.0 4,079 78.4 7,212 79.5 1,498 92.6 6,082 74.5 3,925 79.1 326,573 73.2

Percentage Private Renting 6.8 7.3 7.6 4.2 8.0 11.1 8.7 10.4 7.4 5.3 4.5 12.6 5.1 14.0 6.8 6.9 6.4 4.2 7.6 5.7 8.6 17.2 16.4 7.6 6.5 7.6 5.1 9.5 6.4 11.3 21.0 5.0 7.0 9.8 5.5 10.5 7.9 3.4 7.0 10.5 9.6

Social Renting 13.4 21.3 21.2 5.6 24.5 19.2 13.2 10.8 26.8 35.1 9.9 23.3 6.0 10.3 10.6 13.1 11.8 5.5 10.8 6.9 12.9 28.6 25.9 25.9 8.7 16.8 20.3 8.5 10.6 19.9 39.0 8.6 6.3 6.3 9.5 11.1 12.5 4.0 18.5 10.4 17.1

Experian 2009 - Tenure

No of owner-occupiers (red = higher numbers)

No renting privately

No renting from social providers These maps are produced from Ordnance Survey material with the permission of Ordnance Survey on behalf of the Controller of Her Majesties Stationery Office © Crown Copyright 2009. All rights reserved Licence Number: 100018986. Unauthorised reproduction infringes Crown copyright and may lead to prosecution or civil proceedings.

CLG Housebuilding data • In the East Midlands dwellings started have steadily increased from the low of 1,030 in Q4 2008 to 2080 in Q3 2009. 2,260 dwellings were completed in Q3 2009. • Derbyshire had the least total house starts during 20008/09 at 749 dwellings compared to Lincolnshire who had the most with 1,748 starts. • Housebuilding starts by RSL’s decreased dramatically from 1,490 in 2008 to 840 in 2009. In the same period private housebuilding starts also slumped from 8,940 to 4,840 • RSL’s in Lincolnshire and Northamptonshire reported a 0 number of house starts in 20008/09, however they had the most number of dwellings completed at 429 and 480 repectively. • Nottinghamshire RSL’s had the lowest completion rate during the 2008/09 period with 123 dwellings completed and had the second lowest completion rate in private enterprise, with Derbyshire being the lowest.

Housebuilding: permanent dwellings started and completed, by tenure and district, 2008/09 Dwellings started

Dwellings completed

2008/09

EAST MIDLANDS Nottinghamshire Ashfield Bassetlaw Broxtowe Gedling Mansfield Newark and Sherwood Nottingham Rushcliffe Northamptonshire Corby Daventry East Northamptonshire Kettering Northampton South Northamptonshire Wellingborough

Private Enterprise 5,310 882 154 132 47 188 87 94 200 74 862 191 64 74 126 193 106 108

RSLs 1,490 115 77 0 0 0 3 235 35 0 472 52 5 45 95 184 13 78

Local authority 30 2 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0

2008/09 All 6,840 999 231 132 47 188 90 329 235 76 1,334 243 69 119 221 377 119 186

Q1 2009/10

31 31 6 43 12 27 10 11 65 13 53 76 120 9 *

Private enterprise 9,660 1,582 274 307 184 189 173 383 227 228 1,713 411 91 232 211 552 147 69

RSLs 1,430 123 52 0 8 14 23 0 2 24 480 89 30 6 101 175 34 45

Local authority 50 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Q1 2009/2010 All 11,140 1,705 326 67 307 34 192 55 203 121 196 166 383 109 229 426 252 75 2,193 500 89 121 25 238 25 312 113 727 153 181 31 114 *

CLG Housebuilding data Dwellings started

Dwellings completed

2008/09

Lincolnshire Boston East Lindsey Lincoln North Kesteven South Holland South Kesteven West Lindsey

Leicestershire Blaby Charnwood Harborough Hinckley and Bosworth Leicester UA Melton North West Leicestershire Oadby and Wigston Rutland Derbyshire Amber Valley Bolsover Chesterfield Derby Derbyshire Dales Erewash High Peak North East Derbyshire South Derbyshire

* No data available

Private enterprise 1,343 104 296 188 218 124 243 170 83 * 347 * 221 105 51 13 41 651 66 89 51 * 33 136 43 77 156

Local authority

RSLs 405 10 136 172 24 6 19 38

0 0 0 0 0 0 0 0

All 1,748 114 432 360 242 130 262 208

0 * 92 2 33 0 0 0 10 69 25 4 0 52 1 11 0 0 28

0 * 0 0 0 0 0 0 0 29 0 4 21 0 0 0 0 4 0

83 * 439 * 254 105 51 13 51 749 91 97 72 * 34 147 43 81 184

Q1 2009/10

9 74 5 72 58 126 67 14 * 29 38 48 24 * 10 5 9 24 7 * 6 44 26 21 35

Private enterprise 2,535 125 470 223 427 346 600 344 160 * 222 370 286 47 21 71 1,023 220 59 72 * 76 209 88 101 198

2008/09 Local RSLs authority 429 0 4 0 233 0 0 0 0 0 52 0 95 0 45 0 0 * 6 25 51 0 0 0 35 162 53 25 0 28 16 12 0 4 52

0 * 0 0 0 0 0 0 0 45 0 9 28 0 0 0 0 8 0

All 2,964 129 703 223 427 398 695 389 160 * 228 421 286 47 21 106 1,230 273 93 100 * 92 221 88 113 250

Q1 2009/10 49 170 75 101 54 139 67 33 * 141 56 173 75 * 20 35 32 53 51 * 16 108 102 22 64

CLG Housebuilding data House building: permanent dwellings started and completed, by tenure - East Midlands Started Registered Social Local Landlords Authorities 60 320 110 40 -

All Private Dwellings Enterprise 4,670 3,180 5,220 3,470 4,620 3,390 3,900 4,360

Completed Registered Social Local All Landlords Authorities Dwellings 230 3,410 230 3,710 170 3,550 150 4,510

2004 Q1 Q2 Q3 Q4

Private Enterprise 4,610 4,900 4,510 3,860

2005 Q1 Q2 Q3 Q4

4,360 5,010 4,360 3,500

130 210 150 140

50 30

4,490 5,270 4,510 3,670

3,440 3,830 4,070 4,470

260 300 350 330

2006 Q1 Q2 Q3 Q4

4,700 4,970 4,300 3,910

200 220 190 310

20 -

4,920 5,190 4,490 4,230

3,210 4,610 3,580 4,120

230 360 520 150

2007 Q1 Q2 Q3 Q4

3,890 3,550 3,890 3,320

190 150 180 170

20 -

4,090 3,690 4,070 3,480

4,350 4,180 3,870 4,780

2008 Q1 Q2 Q3 Q4

3,200 2,070 1,320 830

250 450 590 200

30 -

3,450 2,550 1,910 1,030

2009 Q1 Q2 Q3

1,100 1,260 1,680

250 190 400

-

1,350 1,450 2,080

50 20

3,700 4,180 4,420 4,820

30

3,460 4,970 4,100 4,270

270 340 300 390

20 -

4,650 4,520 4,160 5,170

3,320 3,290 2,010 2,330

350 320 320 530

50 -

3,670 3,650 2,330 2,860

2,040 3,040 1,830

260 470 430

-

2,310 3,510 2,260

-

2009 Households StreetValue Profile Sourced using 2007-based interim population projections from the Government Actuary's Department InSite © CACI Limited, 2009

Area: Base:

All rights reserved

10-Nov-09

East Midlands Great Britain Data as % Data as %

Total Households Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property Average Property

Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price Price

up to £50K £51K - £75K £76K - £100K £101K - £125K £126K - £150K £151K - £175K £176K - £200K £201K - £225K £226K - £250K £251K - £275K £276K - £300K £301K - £325K £326K - £350K £351K - £375K £376K - £400K £400K - £450K £450K - £500K £501K - £600K £601K - £700K £700K+

Total Value (£ mln)

Index

Profile

for area

for base

av=100

1,942,235 3,432 98,161 319,958 367,958 330,333 265,028 174,551 113,226 79,572 54,224 38,331 27,457 20,246 13,818 9,528 12,422 6,246 5,091 1,520 1,133

0.2 5.1 16.5 18.9 17.0 13.6 9.0 5.8 4.1 2.8 2.0 1.4 1.0 0.7 0.5 0.6 0.3 0.3 0.1 0.1

0.3 5.4 11.5 12.0 12.7 12.1 10.1 8.1 6.2 4.7 3.6 2.7 2.1 1.6 1.2 1.8 1.1 1.3 0.6 0.9

51 94 143 158 134 113 89 72 66 59 55 53 50 45 39 36 28 21 12 7

1,655,112 233,438 53,396

85.2 12.0 2.7

81.3 15.5 3.3

105 78 84

169,965 453,924 187,624 666,541 463,892

8.8 23.4 9.7 34.3 23.9

6.0 15.6 21.5 28.0 28.9

146 150 45 123 83

0

100

200

314,951

Households in Postcodes classified as*: Owner-occupied Social renting (council or housing association) Private renting

Bungalow Detached Flat/maisonette Semi_detached Terraced

* predominant types of households have been used for this Postcode classification

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