Property sales volumes take a dive in the UK & over valuing steadily increases…..

Sales volumes have dipped sharply, the Land Registry has reported.

Its latest data shows that between last December and this March, transactions averaged 61,789 a month – down from an average of 69,282 per month for the same period a year earlier.

In March itself, the fall was very evident with just 59,311 transactions across England and Wales, down 12% on the 67,321 home sales in March of last year.

In London, there was a 20% fall in transactions year on year – with 7,386 sales in March this year compared with 9,217 in March 2014.

The Land Registry also reported that the average price was £179,696 in May – the same as in April.

While the Land Registry monthly index bears almost no resemblance to the Office for National Statistics house prices, or HMRC’s figures for transactions, the figures are nonetheless just as official as the other sets of data.

According to HMRC, in May there were 98,460 transactions across the UK. Even including Scotland and Northern Ireland, that is a massive difference on what the Land Registry reports.

According to the ONS, the average UK house price in April (its latest data) was £271,000 – again, a massive difference from the Land Registry’s figure of almost £100,000 lower.

Once again, Eye points out that the conflicting official information is not helpful. Journalists quote whichever information suits their story best; consumers who bother to check out all the “official” data must be thoroughly confused; and agents who know exactly what prices and sales are doing in their own local areas often have a battle on their hands.

And that’s all before we get to those online valuation tools . . .