Glossary

Additional price paid data (category B) covers sales such as repossessions, buy-to-let purchases and company buyers, recorded separately since 2013.

The asking price is the price a seller puts on a home when it goes on the market. It is a starting point for offers, not the price paid.

An average price usually means the mean: all the sale prices added up and divided by the number of sales. Expensive sales pull it upwards.

Buy-to-let is buying a home to rent it out. These purchases are real sales and appear in sold price data alongside sales to owner-occupiers.

Comparables are recent sales of similar homes nearby, used to judge what a property is likely to sell for or is worth.

Completion is the day a property sale finishes: the money is paid, the buyer becomes the owner and the keys are handed over.

Conveyancing is the legal work of transferring ownership of a home, from the draft contract to registering the new owner with HM Land Registry.

A council tax band places a home in a value range that sets its council tax. England uses 1991 values and Wales uses 2003 values.

A detached house stands on its own and shares no walls with another home. HM Land Registry records it as property type D.

An Energy Performance Certificate rates a home's energy efficiency from A to G. It is needed to sell or let a home and lasts 10 years.

Exchange of contracts is the point when a property sale becomes legally binding in England and Wales. The buyer pays a deposit and a completion date is fixed.

A flat is a home on part of a floor or floors of a larger building. A maisonette is a flat on two floors. Both are property type F in the data.

Freehold means you own the building and the land it stands on outright, with no time limit. Most houses in England and Wales are sold freehold.

Gazumping is when a seller accepts a higher offer after already agreeing a sale. Gazundering is when a buyer cuts their offer just before exchange.

A guide price is an indication of what a seller expects a home to sell for. At auction it shows roughly where the reserve price is set.

A home survey is an inspection of a property's condition by a surveyor, paid for by the buyer. RICS surveys come in three levels.

The UK House Price Index is the official monthly measure of house price change, produced by HM Land Registry and the ONS from registered sales.

Land Transaction Tax is the tax a buyer pays on a property purchase in Wales. It replaced Stamp Duty Land Tax in Wales in April 2018.

Leasehold means you own a home for a fixed number of years under a lease from a landlord. Most flats in England and Wales are sold leasehold.

A market appraisal is an estate agent's view of what a home could sell for. It is usually free and is not the same as a formal valuation.

Material information is what a buyer or tenant needs to know about a home before deciding to view, offer or rent, set out in the property listing.

The median price is the middle price when all the sales in an area are lined up from cheapest to dearest. A few unusual sales cannot pull it far.

A mix-adjusted price allows for the types of homes sold each month, so the figure does not move just because more flats or large houses sold.

A mortgage valuation is the lender's check that a home is worth enough to lend against. It is for the lender's benefit and is not a survey.

A new build is a home sold for the first time after it was built. HM Land Registry flags each sale as new build (Y) or established (N).

A postcode area is the one or two letters at the start of a UK postcode, such as N or SY. It is the largest level of the postcode system.

A postcode district is the first half of a UK postcode, such as N7 or SY1. It is the level House Price Monitor uses for its sold price pages.

A postcode sector is a postcode district plus the first digit of the second half, such as N7 6. It sits between a district and a single postcode.

A postcode unit is a full UK postcode, such as N7 6PA. It covers about 15 addresses on average, often part of a single street.

Price Paid Data is HM Land Registry's public record of residential property sales in England and Wales, with the price, date and address of each sale.

At a property auction, homes are sold to the highest bidder. In a traditional auction the sale is binding when the hammer falls.

A property chain is a line of linked sales where each buyer is also selling. Every sale in the chain depends on the others going through.

Property type is how HM Land Registry classes each sale: detached, semi-detached, terraced, flat or maisonette, or other.

A repossession is when a lender takes back a home after the mortgage is not repaid, then sells it to recover the debt. These sales appear in sold price data.

A seasonally adjusted figure removes the regular pattern that repeats each year, so the underlying change in prices is easier to see.

A semi-detached house is one of a pair of houses joined by a single shared wall. HM Land Registry records it as property type S.

Sold subject to contract (SSTC) means the seller has accepted an offer, but the sale is not legally binding until contracts are exchanged.

Stamp Duty Land Tax is the tax a buyer pays on a property purchase in England. Rates rise in bands, with relief for first-time buyers.

A terraced house is part of a row of three or more joined houses. End of terrace homes are included. HM Land Registry records it as type T.

Under offer means a seller has received or accepted an offer on a home. The sale is not legally binding until contracts are exchanged.