LAND REGISTRY DATA: MARCH 2015 (released 30 April 2015)

The March 2015 Land Registry data show a monthly fall of minus 0.8 per cent in house prices across England and Wales as a whole, compared to a rise of 0.5 per cent in February. London saw a monthly price increase of 0.2 per cent, while the South East region experienced the highest monthly rise at 0.8 per cent. Every other region experienced a fall, the greatest drop being in the North East at minus 4.0 per cent.

On an annual basis, the increase for London was 11.3 per cent, followed by the South East region at 10.1 per cent, while the North East saw the only fall at minus 2.9 per cent. The overall annual growth in prices dropped for the sixth month in a row to 5.3 per cent making the average house price in England & Wales £178,007 and £462,799 in London. By property type, semi-detached properties had the highest annual increase at 6.1 per cent.

In greater detail, 20 counties and unitary authorities saw an annual price fall, the greatest being Darlington at minus 6.2 per cent, while Bracknell Forest and Hertfordshire showed the highest annual rise at 13.6 per cent. Conwy experienced the strongest monthly growth with an increase of 3.4 per cent, while Blackburn With Darwen saw the most significant monthly fall with a movement of minus 4.3 per cent.

Trafford overtook Salford as the metropolitan district showing the largest annual price rise at 9.2 per cent, while Bolton again experienced the greatest annual fall at minus 3.5 per cent. Sunderland saw the highest monthly price increase at 1.9 per cent, while its near neighbour South Tyneside had the greatest monthly fall at minus 1.8 per cent.

No London borough exhibited an annual price increase above 20 per cent compared to the 17 that did so in November 2014. Newham maintained the highest annual price rise at 19.8 per cent, while Kensington & Chelsea continued to experience the lowest annual growth for the fourth month running at 5.2 per cent. On a monthly basis, Hackney’s fortunes reversed from February and showed the highest increase at 1.6 per cent, while Kensington & Chelsea had the greatest monthly fall at minus 1.6 per cent.

The volume of properties sold in January 2015 was 18 per cent lower than in January 2014 in England and Wales and 26 per cent lower in London; similarly, properties sold for more than £1 million fell by 19 per cent in England and Wales and by 23 per cent in London over the same period.

Month on month, the total number of properties sold across England and Wales fell by nearly 25 per cent from 70,470 in December 2014 to 53,168 in January 2015, compared to a rise of 3.5 per cent between November and December 2014. The number of property transactions from October 2014 to January 2015 averaged 71,090 per month, compared to 76,056 over the same period a year earlier.