Sales of £1m-plus homes stall despite a rise in property registrations

The number of property transactions lodged with the Land Registry increased for the second month in a row during November to 106,412.

The figure, which includes registrations of both commercial and residential properties in England and Wales, mainly reflected deals done months earlier and which may have completed up to two months before.

Of the total registered in November, only 30,458 transactions actually took place that month.

Transactions involving residential properties worth £1m or more, which typically ranged between 500 and 600 a month during the second half of 2017, remained low in November.

The figures showed that 489 of the 30,458 transactions in November were for residential properties worth £1m or more.

The highest proportion of homes worth at least £1m was in London at 293, followed by four in Manchester.

These numbers are broadly flat on both a monthly and annual basis.

In October, there were 479 sales of residential properties for more than £1m, 253 of which were in London and three in Manchester, while there were 488 residential sales for £1m or more in November 2016, 281 of which were in the capital.

The data on £1m-plus  sales is also down compared with August and September, when 663 and 568 transactions were recorded respectively. London appears to have contributed to much of this drop, with the number of million-pound sales down from 392 in August 2016 and 320 in September 2017.

The most expensive residential sale registered in November 2017 was a semi-detached property in Kensington and Chelsea for £13m.

The cheapest residential sale was for a terrace house in Burnley, Lancashire, for £15,000.

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One Comment

  1. ALT10092

    Corbyn and his chums will want to introduce a wealth tax. Those who buy such high end property, should be weary of potential taxation.

     

     

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