Huge Decrease in House Sales
There has been a huge decrease in the amount of property sales, Land Registry figures have found.
Between November 2014 and February 2015, there was an average of 64,196 transactions per month, down from 73,156 per month for the same period a year earlier.
In February alone, there were 54,103 transactions, a 17% decline on the 64,994 recorded in February 2014. There were decreases in every price bracket.
In London, transactions in February dropped 24% compared with February 2014, down from 9,125 to 6,925. There were declines in all price brackets, with the most significant drops below £250,000.
The average property price in England and Wales hit £179,817 in April, Land Registry also revealed. This was up 0.9% on March and 5.1% annually.
London’s average house price was £474,544, a 2.3% monthly increase and a 10.9% yearly rise.
There was monthly growth in all regions, except the North East (down 0.5%) and Wales (down 1.1%).
Repossessions have continued falling, with drops in all regions. In February, there were 639 repossession sales, down 37% from the 1,016 in February 2014.