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Registered property transactions down in September: Land Registry

September saw a marginal decline in the number of registered property transactions, according to HM Land Registry.

The price paid data looks at all transactions above £40,000. The figures show the market has seen a reduction in property transactions between August and September and also on an annual basis.

In September 2018 96,355 sales were received for registration by the Land Registry, down from 99,765 in August.

Of the sales received for registration last month, 73,463 were freehold, a 1.3 per cent increase on September 2017, and 11,270 were newly built, a 25 per cent increase on September 2017.

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

There is a time difference between the sale of a property and its registration at HM Land Registry, typically between two weeks and two months.

Yomdel chief executive officer Andy Soloman says: “Current market conditions remain erratic at best and even the smaller economic and political influences, such as a marginal rate change or the budget, are causing a more notable impact on both buyer demand levels and overall sales activity.

“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.”

Emoov founder and chief executive officer Russell Quirk says: “A marginal decline in the number of transactions in September isn’t the most unusual of market movement for this time of year, as we see the tail wind of a slower summer period materialise in terms of actual completions.

“All in all, the market is far from living of scraps and has recorded a healthy level of property sales transacting, including those at the £1m and above mark. There is certainly still an appetite from UK buyers for those willing to brace the Brexit headwinds and commit to a property sale.”

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