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Transaction Levels Drop 15%, Reports Land Registry
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Transaction Levels Drop 15%, Reports Land Registry
Transaction levels dropped in the first months of this year, according to the latest report from Land Registry.
Between February and May, the monthly average for completed sales in England and Wales was 61,283. The average for the same period last year was 70,029.
In May, the latest month for which Land Registry has sales figures, there were 65,619 transactions, a 15% decrease from the 77,488 recorded in May 2014.
In London, there were 7,488 completed sales in May, a 24% decline from 9,808 in May last year.
Land Registry also revealed that the average house price in England and Wales was £183,861 in July, a 1.7% monthly increase and a 4.6% annual rise.
The highest growth in prices was witnessed in the East of England, at 2.8% on a monthly basis and 8.9% yearly.
London house prices are still significantly higher than the average, at £488,782, up 2.5% on the month and 8.3% annually.
