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.