September land registration of new build property sales up 25% year-on-year
Land Registry has released sales figures for property sales received in England and Wales for September. The official figures show a year-on-year increase of 25% in registered new build homes amounting to 11,270 of completed sales.
Freehold purchases were also up by 1.3% year on year with a total of 73,463. Although overall the volume of property registrations fell from 99,765 in August to 96,355, the total was higher than July’s figure of 95,721.
The Price Paid Data produced by Land Registry provides a good indicator of how the market is performing. Despite current market conditions affecting the top end of the property market, September recorded 450 residential properties registered being sold for in excess of £1m across England and Wales with 251 in Greater London.
Property prices – the highs and lows
The most expensive sale was a terraced house at £14m in Kensington and Chelsea registered in September. Just three properties in Greater Manchester and two in the West Midlands were sold for over £1m in September. Hyndburn in Lancashire recorded the lowest priced property at £18,000 for a terraced house.
Property transactions take time to complete and the reduction of September sale registrations of around 3,410 compared with August could reflect the summer holiday period when sellers and buyers are less active. There is also a time delay between when property sells and registration at HM Land Registry, of the 96,355 sales received for registration some 21,016 took place in September
Andy Soloman, chief executive officer at Yomdel said: “Even the smaller economic and political influences, such as a marginal rate change and the Budget, are causing a more notable impact on both buyer demand levels and overall sales activity.
“Although current transaction levels, price growth and other leading market indicators are much harder to predict that they would be in a more stable landscape, we should see the market finish the year on the front foot.”
Founder and CEO of Emoov.co.uk, Russell Quirk said: “All in all, the market is far from living off scraps and has recorded a healthy level of property sales transacting, including those at the £1m and above mark. There is certainly still an appetite from UK buyers for those willing to brace the Brexit headwinds and commit to a property sale.”
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