• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Property

House transactions in London down 40%

House prices are continuing to rise but sales have slumped by one fifth – with transactions in London down by a staggering 40 per cent, it was announced yesterday. The latest figures from the Land Registry revealed the average house in England and Wales cost £217,928 in November. This represents an annual price increase of […]

Jack Peat by Jack Peat
2017-01-17 14:11
in Property
TLE
FacebookTwitterLinkedinEmailWhatsapp

House prices are continuing to rise but sales have slumped by one fifth – with transactions in London down by a staggering 40 per cent, it was announced yesterday.

The latest figures from the Land Registry revealed the average house in England and Wales cost £217,928 in November.

This represents an annual price increase of 6.7 per cent and a monthly increase of 1.1 per cent on October.

However, figures show the number of completed house sales fell in September by 22 per cent to 64,311 from 82,452 in the same period in 2015.

And in London, where the average house price is now £481,648, house sales were down by 40 per cent.

There were 6,698 sales in the capital – down from 11,065 – with just 100 homes bought in the Royal Borough of Kensington and Chelsea, where the average house costs £1.3 million.

TLE

While house prices in London are up overall by 8.1 per cent year-on-year, Hammersmith and Fulham has seen an annual fall of 0.7 per cent with a number of other areas around the same price as they were 12 months ago.

The latest sales completion data is for September, with property experts partially attributing the referendum result on June 23 to the fall.

RelatedPosts

How to build a golf course in paradise

Average first-time buyer deposit now £125,000 in London

Modular Construction Trends Paving the Way for the Future

Does a vendor have to tell you about nuisance neighbours when you are buying their home?

Henry Pryor, a buying agent, said: “Today’s transaction numbers cover the period immediately following the referendum and it comes as no surprise to see that there was a significant drop in sales being agreed in August.

“Buyers held back in London where the cost of moving is so much greater and where the risk of an expensive mistake equally significant.

“The fall in transactions in London compounded the problems already dragging transactions down.

“Changes introduced to Stamp Duty at the higher end in 2014 was already making buyers think twice and the surprise result on 23rd June compounded this. Only the brave or the opportunistic committed to a purchase last summer.”

TLE Property

Mr Pryor has predicted house prices will fall by four per cent this year.

Russell Quirk, boss of online agent eMoov, believes transactions will start to increase as there has been “no detrimental impact” following the Brexit vote.

He said: “Although there is no definitive proof that the Brexit vote has caused a fall in transactions, there is no doubt it has influenced the decision of many not to sell.

“The shock of the result has evidently seen many home sellers freeze in their tracks and decide to hibernate through the Brexit fall out.

“That said, we are far enough down the line now to know that as far as the property market is concerned, there has been no detrimental impact and sellers with sellers emerging from their bolt holes for 2017 we should see transactions pick back up.”

In England, the November data shows an annual price increase of 7.2 per cent which takes the average property value to £234,278.

Monthly house prices have risen by 1.1 per cent since October 2016.

Content Protection by DMCA.com

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

Elevenses: Fear and Loathing in the New Conservatives

More from TLE

Richard Madeley flexes his guns as he wades into Chris Rock controversy

Watch: Is this Rees-Mogg admitting Brexit isn’t that great after all?

Sardinia: The best holiday destination for toddlers? 

Lamb and Green Bean Stew

Restaurant Review: Cottons, Notting Hill

Comedian confronts Hancock over his lockdown affair with aide

Investment Companies Roundup – March 2020

WATCH: Iron & Wine Back After 4 Years with Beast Epic

Dominic Raab knocked out and Boris Johnson cements lead in second round of Tory Leadership contest

New era of digital payment mechanism has risen with OPEN

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.