Property buyers not quite ‘all in it together’
The latest figures from the Land Registry for England and Wales are out, and they show house sales increased by a rather paltry 1% from August 2009 to August 2010. Looking closer though, a significant chunk of that 1% increase (43.8% of it in fact) has been in the form of million pound plus properties, which despite these austere times seem to be going like hot cakes – a whopping 44% increase in Millionaire’s Row sales.
With the same report showing house prices up 3.4% overall (7.6% in London), first time buyers and low- and middle earners are being priced even further out of the property market than they already were. Such diverging experiences of the property market hardly bode well for us all being in it together.