The so-called spring bounce appears to have turned into a summer slump for the property market after the Land Registry reported a decline in registrations of sales during June.
Price Paid data from the Land Registry had shown registrations increased between April and May, but they came back down in June, dropping 4% on a monthly basis and 4.3% annually to 76,260.
There is a time lag of between two weeks and two months between a property sale and its registration, but the Land Registry said that of those transactions received, 22,948 took place in June, of which 424 were for residential properties in England and Wales worth £1m or more.
Most of the £1m sales were in London, at 236, with three in the west midlands and two each in Manchester and Wales.
The most expensive residential property sold last month was in Kensington and Chelsea for £25.9m, while the cheapest properties were in Burnley, Bishop Auckland, Ferryhill and Sunderland, all for £20,000.
Comments (2)
How relevant do people actually think these numbers are, even for those not within the industry..?
Completion figures merely reflect viewings and market activity some 3-4 months (often longer) earlier than the actual completion. By the time the data is out, the mood at the coalface of the market is invariably very different.
That’s it…the world is going to end today. Lol.
Don’t worry about past figures too much, just focus on getting stock and realistic asking prices for stock now.
Keep positive and keep focused.