The number of residential property sales lodged at the Land Registry declined by 5.6% last year, official data shows.
The Land Registry’s latest Price Paid Data report shows it received a total of 994,246 registrations for residential property sales during 2019, down from 1,054,260.
This is not necessarily a reflection of total sales as there is a time lag between a sale completing and being registered with the Land Registry, but it gives an indication of market activity and how transactions were impacted by forces such as Brexit and the General Election.
The data shows the Land Registry had 78,825 registrations for residential sales in December, down 9.3% on a monthly basis and a 5.3% annual decline.
Of the sales received for registration, the Land Registry said 20,296 took place in December 2019 of which 453 were for residential properties in England and Wales worth £1m or more
London had the most million pound sales in the month at 275, with two in the west midlands and Manchester and one in Wales.
The most expensive residential property sold was in Westminster for £39.5m while the cheapest was Seaham, County Durham, for £20,000.
HMRC data earlier this month showed the total number of sales for 2019 was just above the million mark at 1,180,610, down 0.91% from 2018 when 1,191,460 were recorded.
How can there be nearly 184,000 discrepancy in number of transactions between two government bodies??
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Different recording / reporting methodologies. LandReg have a number of ‘exclusions’ from their HPI that may well account for some or all of the discrepancy.
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Far too early to be putting out headlines like that. As stated in the article, because of delays registering sales it can take three months for us to get a true reflection.
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