Transaction levels soar as million-plus market jumps by 61%
Tue 29 Apr 2014
The number of 1m+ deals has rocketed by 61% as total sales volumes stand 46% up on last years level,
according to the latest from the Land Registry. Average prices, meanwhile, dipped a touch last month but remain
5.6% up on the year.
England & Wales
Some thoughts on this from Peter Rollings, CEO at Marsh & Parsons: UK house prices dipped slightly from
February as market conditions steady. This is largely due to the chequered regional picture, with areas such as
Wales seeing prices fall on both a monthly and annual basis.
But London homeowners are still holding the winning hand, with annual house price growth of 12.4% in the
capital. In Prime London, price increases have been even higher, with three-bedroom properties rising by 729 a
day over the past twelve months. Prime London is still a strong sellers market and with returns like these, its
easy to see why both UK and overseas buyers are queuing up to buy property in the capital.
However after a record start to the year, conditions in the capital are beginning to stabilise. More sellers are
marketing their properties for sale in the busier spring season, which is helping to ease the supply shortage. In
Prime London as a whole, the number of registered buyers per property has decreased from 24 in January, to 23
in February, to 20 in March, to 18 in April. This is giving buyers a bit more breathing space and will help to
The total number of completions across England and Wales in January (the Land Regs most up-to-date
numbers) stands at 63,123, up a whopping 46% on 2013's 43,373. The 1m+ market is even more impressive,
rising by a ginormous 61% from 628 1m+ deals in Jan 2013 to 1,011 in January this year. Theres a predictable
spike in the SDLT-shy 1.5-2m bracket, which saw the number of deals rise by 72%, from 141 in Jan 2013 to 243
in Jan 2014.
As youd expect, London owns the lions share of the national 1m+ market: here sales volumes rose by 67%
Jan-to-Jan, from 426 last year to 712 this. The sub-2m spike was even more pronounced in the capital, with the
1.5-2m bracket seeing 83% more deals go through (98 in January 2013; 179 in January this year).
In the months October 2013 to January 2014, sales volumes averaged 74,941 transactions per month,
significantly up on the same period in the previous year, when sales volumes averaged 55,824 per month.
The average selling price across England and Wales dropped by 0.4% from February to March, taking the new
average house price to 169,124; thats a way of it November 2007 peak of 181,618.
As ever, its not the same story across the nation: Wales, at one extreme, has seen prices fall by 1.6% over the
last 12 months; London, at the other, has seen an increase of 12.4% to take the current average price to