Property sales for registration in England and Wales fell in September

The number of property sales received for registration in England and Wales fell in September month on month, the latest official figures show.

Some 96,355 sales were received for registration, down from the 99,765 recorded in August but up slightly from the 95,721 recorded in July, according to date published by the Land Registry.

Of the total sales received for registration, some 73,463 were freehold, an increase of 1.3% year on year, and 11,270 were newly built, a 25% increase on September 2017.

There is a time difference between the sale of a property and its registration at HM Land Registry.

Of the 96,355 sales received for registration some 21,016 took place in September, of which
450 were of residential properties in England and Wales for £1 million and over and 251 were of properties in Greater London for £1 million and over.

Only two were of residential properties in West Midlands for more than £1 million, three were of properties in Greater Manchester for more than £1 million and none were properties in Cardiff for more than £1 million.

The most expensive residential sale taking place in September 2018 was of a terraced property in Kensington and Chelsea for £14,000,000 while the cheapest sale in September 2018 was of a terraced property in Hyndburn for £18,000.

The most expensive commercial sale taking place in September 2018 was in Ascot for £23,625,000 and the cheapest commercial sales in September 2018 were in Ruislip and Benfleet for £100.

According to Andy Soloman, chief executive officer of Yomdel, the figures indicate that current market conditions remain erratic at best. ‘Even the smaller economic and political influences, such as a marginal rates change or the Budget, are causing a more notable impact on both buyer demand levels and overall sales activity,’ he said.

‘Although current transaction levels, price growth and other leading market indicators are much harder to predict that they would be in a more stable landscape, we should see the market finish the year on the front foot,’ he added.

According to Neil Knight, business development director of Spicerhaart Part Exchange & Assisted Move, official data indicates that the housing market is starting to plateau.
‘Last week, ONS figures revealed that house prices rose at their lowest annual rate in five years and so far, we haven’t seen the usual autumn pick up in sales volumes, possibly because many potential buyers are put off making any big decisions about buying or selling due to the current political and economic uncertainties,’ he said.

‘But having said this, we know there is still an appetite out there for people to move, and the Spicerhaart group of estate agents has seen an increase in the number of buyers looking for property. This should manifest itself down the line as home owners see that there are buyers and realise that selling their homes may not be as difficult as they might fear,’ he pointed out.

‘It’s first and second steppers that are struggling the most, which is why we are working with lots of developers to offer part-exchange and assisted move options, which eliminate chains and helps get things moving,’ he added.