Big drop in house sales, Land Registry reports

Big drop in house sales, Land Registry reports

The Land Registry has reported a big drop in sales.

Between November last year and February this year, transactions averaged 64,196 per month – down from 73,156 sales per month for the same period a year earlier.

In February itself there were 54,103 transactions – a 17% drop on the 64,994 recorded in February 2014. There were falls in every single price bracket.

In London, February’s transactions fell 24% compared with the same month last year – down from 9,125 to 6,925. Again, there were drops in all price brackets, with the most notable falls below £250,000.

The average house price in England and Wales reached £179,817 in April, the Land Registry has also reported.

The price was 0.9% up on March and 5.1% annually.

In London, the average price was £474,544 – a 2.3% monthly rise and a 10.9% annual increase.

There were monthly increases in all regions apart from the north-east (down 0.5%) and Wales (down 1.1%).

Repossessions continue to fall, with decreases in all regions. In February there were just 638 repossession sales, down 37% from the 1,016 in February last year.