House prices in London jumped 8.2% in the 12 months to July, according to the latest data from the Land Registry.

The average price of a home in the capital now stands at £488,782 – nearly five times higher than north-east England, where residential property costs an average of £100,670.

The average price of a home in England and Wales, according to the Land Registry, is now £183,861 – 4.6% higher than a year ago.

But the latest data from the Land Registry shows the number of transactions is down. The number of completed house sales in England and Wales dropped 15% to 65,619 in May 2015 compared with 77,488 in May 2014.  

And the average number of sales between February and May 2015 was 61,283 per month compared with 70,029 in the same months a year earlier.

The value of those transactions is also shrinking. In the 12 months to July 2014, the number of properties sold in England and Wales for over £1 million was 1,113 compared with 878 in the 12 months to July 2015.

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About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.


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