The Land Registry has released its pricing index recorded for May 2016. This release holds information on how the housing market was performing before Britain voted to leave the European Union, the result of which has been accused of already negatively impacting prices and sales.
The figures show that during May monthly house prices rose by 1% in England and 0.9% in Wales since the previous month, both regions to be out performed once again by London where monthly house prices rose by 1.5%. The average price for a property in the UK came in at £211,230, a slight increase from April’s average price of £209,054.
Sales figures for March 2016 were also released in the index, as there is a period of 2 to 8 weeks from completion and registration of sales; these are the most up to date figures the Land Registry can provide. This month saw buyer’s rushing to complete buy to let and second home purchases to avoid higher rates of Stamp Duty Land Tax that came into action on April the 1st 2016. This is reflected in significant increases in completed house sales across the country; England saw 52% more completions than in March 2015, Wales 49% and London increased by 60.6%.
The next publication of the Land Registry House Pricing Index will reveal what impact the build-up and result of the referendum had on house prices and whether there was a slowdown in completions throughout April after the introduction of the SDLT changes.
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