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Land Registry’s latest residential property price report, published today shows only 159,116 properties changed hands during the first three months of the year, 35% fewer than the 243,914 that were sold during the same period of 2004.
The number of properties sold for more than £1 million in England and Wales also dropped, with 655 homes sold for seven figures compared with 795 during the first quarter of 2004. 52,963 properties were sold for less than £120,000, said the report.
The average house price in England and Wales for the quarter was £183,486 an annual increase of 10.27 per cent compared to an average of 14.06 per cent for the same period last year.
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Average price by region |
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Region |
Jan-Mar 2004
Ave. price |
Jan-Mar 2005
Ave. price |
% increase |
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|
|
|
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England & Wales |
£166,404 |
£183,486 |
10.27% |
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|
|
|
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North |
£102,330 |
119,581 |
16.86% |
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Wales |
£115,179 |
133,630 |
16.02% |
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Yorks & Humber |
£113,320 |
130,328 |
15.01% |
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North West |
£111,124 |
127,754 |
14.97% |
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East Midlands |
£132,113 |
149,487 |
13.15% |
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East Anglia |
£155,374 |
172,075 |
10.75% |
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West Midlands |
£137,644 |
151,537 |
10.09% |
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Greater London |
£262,685 |
288,507 |
9.83% |
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South West |
£179,412 |
196,819 |
9.70% |
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South East |
£204,307 |
221,055 |
8.20% |
Greater London
In Greater London the average property price increased by 9.83 per cent from £262,685 in 2004 to £288,507 for the same period in 2005. The volume of sales decreased by 35.93 per cent from 32,448 in 2004 to 20,788 for the same period in 2005.
402 properties over £1 million were sold in Greater London compared to 470 for the same period in 2004.
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