House prices continue to fall – but strong growth in London
According to the latest figures published today by the Land Registry for England and Wales *, house prices across the UK continued to decline in February, down 0.6 per cent on a year earlier, with an average price of £161,588.
London is very different though. Here, house prices rose by 4.2 per cent in the past year and the average sale price was £354,300
Turning to the stamp duty increases on mansions valued over £2 million, the latest figures show that there were 103 sales in December 2011, of which 80 were in London. December is traditionally a very quiet month for house sales.
The chancellor could have chosen to levy some extra stamp duty on all house sales worth over £1 million. For comparison, there were 488 sales worth more than £1 million in December and 355 of those were in London.
* Note. The Land Registry Figures include the fair minority of house sales that are completed without a mortgage.
Today’s Land Regsitry House Price Index Report: http://www.landregistry.gov.uk/