Property Sales remain Low according to the Land Registery |
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30th June 2010
The climate of low house sale transactions is continuing, the Land Registry has reported. Separately, this morning Nationwide reported an influx of properties on to the market as a result of the abolition of HIPs, and said that prices in June went up by just 0.1%, to reach an average of £170,111.
With transaction figures not yet available for April, May and June, the average monthly transaction level for the period December to March was 50,658.
This is much less than half the levels of 2006 and early 2007, when average monthly transaction levels reached 120,000.
However, the levels are higher than for the same period a year ago when they dipped to 32,009.
Whilst the Land Registry insisted that transaction levels are recovering, its own graphs do not appear to suggest any such pronounced pattern.
The report also showed house prices dipped 0.2% in May from the month before. The average for England and Wales in May was £165,314 – in line with Halifax and Nationwide reports, but drastically out of line with asking prices listed on Rightmove.
Ed Ogden, Sales Director of Bushells commented "Whilst transaction levels aren't huge, we are selling far more than we were last year. June has provided a record number of new properties coming on to the market and buyers are just taking a little more time to ensure they find what they want. Many agents have been overvaluing and as such there are a significant number of properties where the owners expectations need to be reassessed. Properties at the right price are still selling but the key is to be realistic and competitive.One also has to remember that these are national statistics and not always indicative of London where recovery in full swing"
