The Land Registry has released its Transaction Data for the month of July, which provides information about the types of application the registry received and the quantity.
The results have shown that there were 1,469,380 application made by customers to the department, which shows a slight decline from the June report of 1,545,329. This is thought to be a result of the summer slowdown plus some uncertainty from the referendum result, although a bigger impact was expected on the property market from this. The South East continues to top the table, with the most applications by region, followed as usual by Greater London then the North West. This is a long standing trend in these reports and does not look likely to change anytime soon.
Just under half of all of the applications made to the registry this month was to obtain an official copy of a register or title plan. The other applications made included 198,423 searches, 88,583 transactions for value and 360,189 in respect of registered land. As with the table of regions, the three local authorities who made the highest number of applications has remained the same for some time. Birmingham is topping the table having made 21,536 applications this month, with the City of Westminster following at 19,706, then Leeds at 17,094.
The transaction data released show a minimal fall in transactions which reflects the continued strength in the property market at the moment. Factors such as the Brexit vote have not had as much of an effect as first thought but the lower of interest rates may provide a boost to get the market back on track.
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