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LAND REGISTRY PUBLISHES LATEST RESIDENTIAL PROPERTY REPORT

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The Land Registry has published the latest in its series of quarterly residential property price reports, covering ...
The Land Registry has published the latest in its series of quarterly residential property price reports, covering the period April-June, 1997.

The data, which covers the whole of England and Wales, is broken down by property type and by County and Unitary Authority, to include the new Unitary Authorities introduced on April 1, 1997. As before, the figures also incorporate average prices and number of sales within Greater London by individual London boroughs.

The report for the second quarter of 1997 compares average prices and volume of sales with those for the same period in 1996, illustrating trends over the last year.

It also updates the figures for the previous (January-March, 1997 quarter, by including all transfers relating to that period which were received in the Registry by 31st July, 1997.

A breakdown of the average sale prices of old and new properties by property type is incorporated, as are details of mortgaged sales as a percentage of total sales by property type.

Sales in this context are taken to mean the transfer of ownership for value of freehold and long leasehold residential properties, whether or not the purchase was supported by a mortgage.

No weighting or adjustment is applied to the information collected to reflect any seasonal or other factors. The price data can be said to be actual unadjusted averages, drawn from the great majority of all residential sales in England and Wales completed during the period.

These Land Registry reports are intended to complement information available from other sources. Any comparison with other data should have regard to the differences in volume, timeliness and coverage of contributing transactions.

Commenting on these latest figures Dr Stuart Hill, the Chief Land Registrar and Chief Executive, said:

'As a result of many requests, updated figures for the previous quarter have been reinstated. Similarly, we have now included information on mortgaged sales by property type and expressed as a percentage of total sales.'

'It is interesting to note that for England and Wales as a whole during the quarter in question, nearly 30 per cent of all sales were not supported by a mortgage.

'12 new unitary authorities were created on April 1, 1997 and house price data is published for these new areas in this reportIt is important to bear in mind the creation of these new Authorities when considering price movements in those counties affected by these boundary changes - direct comparisons may not be entirely meaningful.'

'I am sure those receiving these reports will want to put their own interpretation on the data they contain, in order to arrive at a balanced view of what is really happening within the marketplace.'

'The Land Registry is now able to offer 'bespoke reports', showing aggregated data for any local authority district in England and Wales; there is a charge of£25 (VAT inclusive) for each district requested.'

'The Land Registry internet site contains a full copy of these and previous reports, together with other useful information on the work of the Land Registry. The figures shown for the most recent quarterly report will be updated each month.'

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