The latest available sales data, for last September, show transactions at their lowest level since 2012, Land Registry figures reveal.
Its latest House Price Index showed there were 77,421 transactions recorded across the UK during September 2018, down 21.5% and the lowest figure since 62,415 sales were registered for September 2012.
The biggest drops were in England and Wales, where volumes were down 23.5% and 21% respectively, while Scotland registered a fall of 11.7% and the Northern Ireland market was down 12.4%.
The estimate for September 2018 is calculated based on around 85% of the final registered transactions, the Land Registry said.
Its price data showed annual growth increased slightly from 2.7% in October 2018 to 2.8% in November 2018, putting average values at £230,630.
Average prices were also down 0.1% on a monthly basis.
Prices in Wales were up by the most annually at 5.5% to £161,499, followed by a 4.6% boost in the West Midlands to £197,387.
London registered the biggest annual and monthly fall, down 0.7% and 1.2% respectively, but still has the highest average property price at £472,901.
Commenting on the figures, Nick Leeming, chairman of Jackson-Stops, said: “Despite many regions across the UK experiencing annual house price growth, with the West Midlands continuing to be the star of the show, more than half saw prices fall on the month in the lead up to the Christmas period.
“Over the last year there has generally been a mismatch between vendor expectations and the price that buyers are prepared to pay, particularly at the top end of the market. It will be interesting to see if these price dips have any impact on transaction levels.
“The outcome of the Brexit vote was of course disappointing, leaving the country once again waiting to understand our fate.
“However, as we continue to remain in this void, we expect both buyers and sellers to become more resilient as an uncertain economic and political landscape becomes the ‘new normal’.
“We expect the brave souls of Brexit to continue playing the housing market to their advantage and making the most of lower house prices, while the ‘must movers’ will keep the market ticking along.”
| Country and government office region | Price | Monthly change | Annual change |
|---|---|---|---|
| England | £247,430 | -0.1% | 2.6% |
| Northern Ireland (Quarter 3 – 2018) | £135,060 | 2.3% | 4.8% |
| Scotland | £150,638 | -0.7% | 2.9% |
| Wales | £161,499 | 0.2% | 5.5% |
| East Midlands | £192,061 | 0.3% | 4.4% |
| East of England | £294,530 | 0.8% | 2.6% |
| London | £472,901 | -1.2% | -0.7% |
| North East | £132,257 | 1.2% | 4.0% |
| North West | £162,717 | -0.6% | 3.1% |
| South East | £323,876 | -0.1% | 1.1% |
| South West | £260,177 | 1.1% | 4.3% |
| West Midlands Region | £197,387 | -0.4% | 4.6% |
| Yorkshire and The Humber | £160,155 | -1.3% | 2.0% |
Keep positive, keep focused.
Don’t let negative press become your reality.
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When the going gets tough only the High Street is best placed as the consumer expects more from agents. Keep focused and never take your eye off your own strategy. Don’t worry about others and become a lemming, time has proven they fall by the side.
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