House Sales Down at the End of Last Year

Property transactions fell in the last part of 2015, according to Land Registry statistics.

The figures reveal that between August and November – the last period for which data is available – there was an average of 78,652 transactions per month in England and Wales.

House Sales Down at the End of Last Year

In the same period of the previous year, the average was 81,656.

In November alone, there were 72,167 property transactions, down by 2% from the 73,282 recorded in November 2014.

In London, there was a 7% annual decrease in transactions – down from 8,837 in November 2014 to 8,194 in the same month last year.

Despite Stamp Duty increases for the higher end of the property market, sales of homes costing £1m or more actually rose.

There was a 19% increase in properties sold over £1m, at 380, a 4% fall for homes worth between £1.5m to £2m, from 135 to 129, and a rise in the number of homes costing £2m+, from 147 to 148.

This may be an indication of confidence returning to the prime market after buyers were put off by a proposed mansion tax ahead of last year’s general election.

Land Registry data for January shows that the average house price in England and Wales rose by 7.1% over the year to £191,812.

In the capital, the average property price at the start of the year was £530,409.

Meanwhile, the House of Commons has published a new briefing paper on the condition of the property market.

The paper – using Office for National Statistics data rather than Land Registry figures – details house prices and Bank of England statistics on mortgages and house building.

Read the full report here: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN02820#fullreport