Sales down 48%, reveals Land Registry
Sales volumes declined to 30,997 per month between January and April.
This compares to 59,948 during the same period last year, according to the Land Registry’s House Price Index for June, out today.
In terms of prices, the average house price in England and Wales has increased 0.1% since May to £153,046, though this is a 14% decline since June 2008. On a regional basis, London property prices experienced the greatest monthly increase, up 2% to £301,859. Conversely, prices in Yorkshire & The Humber experienced the greatest decline, down 1.2% to £120,983.
On an annual basis, prices in the North East suffered the greatest fall, with the average price down 15.9% to £106,424, followed by a 15.3% fall in the East Midlands to £119,849. Within the North East, prices in Darlington in County Durham experienced the strongest monthly growth, with prices up 3.6% to £115,199, though moving south, prices in Hartlepool saw the most significant price fall, with prices down 5.5% to £94,445.
Peter Rollings, managing director of West London-based agency Marsh & Parsons, says: “London is leading the property market recovery and house price growth is far outstripping the rest of the UK. There’s strong competition in the London market from buyers with large deposits looking to take advantage of prices that are, in some cases, still 20% lower than a year ago in certain parts of the capital.
“The London market has helped put a shine on the national house price picture. However, as we’ve said before, there is not just one national property market and outside of the capital, we won’t see the same rate of recovery – the market is bumping along the bottom and will continue to do so until the end of the year.”
In terms of property type, flat sale prices suffered the greatest decline, down 14.8% to £143,528, while detached property prices suffered the smallest fall of 12.2% to £235,552.
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