An increase in property sales registrations has been recorded by the Land Registry during June this year.
According to the Land Registry’s Price Paid data, there have been 79,690 sales lodged for registration in June. This is up by 3.2% on May.
There has now been an increase in lodged transactions at the Land Registry for two months in a row. This is the first time such an increase has occurred this year since May.
Looking at the figure in June, however, it was down 7% annually. 387 of the sales registered during June were for residential properties in England and Wales for £1m and higher. London saw the highest amount of property sales over the £1m, at 230. Birmingham, Manchester and Cardiff only saw one each.
The most expensive residential sale during the month was in Kensington & Chelsea. This London detached property sold for £28.5m.
Looking at the other end of the scale, the cheapest sale was for a terraced property in Country Durham. This residential property went for just £17,250.
Commercial property sales saw the most expensive property in June 2018 going for £71.2m, which was located in the City of London. The cheapest commercial sales from June 2018 included property in Waltham Forest, London, and the Isle of Wight, both for £100 each.
There has also been a recent increase in home sales by 13% between May and June. This is according to provisional data from HM Revenue & Customs (HMRC). Annually, however, the number of residential transactions appear to have dropped by 8.8% for June.
Neil Knight, the Business Development Director or Spicerhaart Part Exchange & Assisted Move, has commented: “At the moment, it appears that it is first time buyers – being incentivised by schemes like Help to Buy – purchasing new builds that are driving both the property and mortgage markets.” Take a look out our full article, to find out more.