Land Registry property registrations decline 10% since January

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The number of properties sold in England and Wales during May and those lodged for registration at the Land Registry has slipped since the start of the year.

Price Paid Data from the Land Registry shows 87,019 residential and commercial properties lodged for registration in May, down 10% on the 97,445 recorded in January.

There were 25,707 sales during May, according to the data, compared with 25,875 in January, but the report does not break these down into residential and commercial properties.

This is still an improvement on April when there were 75,412 sales lodged for registration and 22,546 sales during the month.

The figures are also up annually in May to 75,937 registrations and 20,600 sales in the month.

Meanwhile, the report does provide some interesting purely residential data, showing the proportion of sales of residential properties worth £1m or more in London has hit a yearly high.

In recent months around 57% to 60% of these sales were in the capital: this has now increased to 63%, up from 61% in May 2016.

Of the 87,019 sales lodged for registration in May this year, which includes both residential and commercial properties, 63,634 were freeholds and 9,999 were new-builds.

There were 481 sales of residential property for £1m and more, of which 304 were in London.

The most expensive residential sale in May 2017 was of a detached property in the London Borough of Kensington and Chelsea for £37m, while the cheapest was of a terrace property in Wingate, County Durham, for £10,250, according to the data.

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Written by: Houseladder