October sees growth in completed HMLR applications
The latest data from HM Land Registry shows that completed applications saw an increase last month.
This growth is on both a monthly and yearly basis, with the transaction data indicating that in October, 1,740,068 applications were completed.
Of these, 408,685 were applications to update existing titles, up from 363,990 recorded in the previous month.
Also seeing an increase was the number of applications to gain an official copy of a register, growing from 747,090 in September to 823,267 last month.
The uplift for official searches was slightly more modest, the completed applications reaching 226,488 compared with 210,805 in September.
Postal applications from non-account holders also saw a subtle growth, with the total rising from 24,136 to 26,260 in October.
The region home to the highest number of completed applications was the South East at 407,148. Following this was Greater London at 329,865 and the North West at 195,045.
Where local authority areas were concerned, Birmingham saw the greatest number of applications being completed at 26,232. The City of Westminster was just behind at 24,087, with Leeds following at 19,895.
Commenting on the statistics was chief executive of LMS, Nick Chadbourne. He stated:
“October’s housing market was buoyant ahead of November’s rate rise.
“It will be interesting to see the impact that this small change in the Bank rate has on volumes over the coming weeks and months. The hike is set to remind consumers that today’s affordability will not last forever, increasing demand for remortgages and five-year fixed deals while similarly incentivising first time buyers to act now before the next increase.”
“All eyes will be on the Chancellor on Wednesday and on how his Budgetary policies will integrate with current housing strategy.”
The full dataset can be accessed here.