Sales of £1m-plus properties down 43%

Published by Max Salsbury for 24dash.com in Housing and also in Finance

Data from Land Registry's (LR) House Price Index shows a 43% drop in the sales of properties that have sold for over £1 million.

In the last 12 months to April the amount sold in England and Wales dropped from 825 to 468.

However, on average the amount of house sales has risen slightly. Between January to April 2011 there was an average of 43,686 sales per month; the figure was 47,242 per month in the same period of 2012.

LR's figures for June also show an annual price increase 0f 0.9% across all properties, making the average house price £161,777.

Wales experienced the highest increase in prices with a 2.5% rise, whilst Yorkshire and the Humber suffered the greatest decrease with prices falling 2.5% in June.

London saw a 0.2% price rise from May, and continues to be far and away the most expensive place in the country for property, with the average home going for £359,476.