Housing transactions across England and Wales are down almost 30% on pre-crash levels.
A new report, analysing Land Registry data for the year to and including August, also says that excluding London, transactions in England and Wales are up on a quarterly basis by 15.2% but down 1.3% measured annually.
The report, from London Central Portfolio, says that the wider market in England and Wales – excluding Greater London – is more robust than in the capital.
Without London, the average house price stands at £262,910, up 2.1% annually, and while transactions have fallen, they have not done so at the same rate as in London.
In prime central London, transactions are at a record low of 3,771.
The report says: “This continued slide is putting further pressure on sellers, estate agents and home builders alike. It is also likely to reduce tax revenues for the Treasury.”
Average prices in prime central London in August stood at £1,781,990, representing annual growth of 1.5%.
In Greater London, excluding prime central areas, the number of transactions has fallen 6% year on year to 84,883, the lowest level since 2011.