Date Published 28 March 2014
Supplied by EstateAgentToday:
Property prices across England and Wales stand at an average of £234,962, according to latest Land Registry data which is available to purchase.
The data covers all transactions and is at odds with the ‘official` – and free – Land Registry house price survey which is based on a repeat regression formula which measures houses which have been sold more than once. The latest Land Registry ‘official` survey puts house prices at £161,793 for the same month of March.
The latest Land Registry All Transaction Data (ATD) also show that house prices in prime central London rose by 25% between March last year and March this year – equivalent to £27 per hour 24/7, or the equivalent of £122 per hour for a working week.
The £122 is 14 times the London Living Wage of £8.55 per hour.
House prices in prime central London now stand at over £1m average – £1,186,817 – and transactions in the capital`s plushest postcodes have risen since the Chancellor`s Budget of 2012, when he announced punitive taxes for people who bought £2m-plus properties in the names of companies.
Analysis by London Central Portfolio of the Land Registry`s ATD shows that some buyers of the most expensive properties are now choosing to avoid Osborne`s new property taxes by purchasing units in their own names.
These transactions are now being lodged in HM Land Registry`s ATD where they did not appear before. Without this behavioural change, it is unlikely that we would have seen March`s most expensive transaction entered at the registry: Flat A at One Hyde Park which sold for £29,350,000.
The cheapest purchase by contrast was £8,000 for a terrace house on Blaenau Gwent`s Beaufort Rise.