In its latest property sales report, Halifax found that all regions saw a fall in sales in 2015, but there was a clear north-south divide, with sales falling more in the south.
Greater London, for example, saw the biggest decline, falling 14 per cent. Whereas the smallest fall was in the north west, which slumped by 3 per cent.
The figures, which are based on the latest Land Registry data, found 2015 in stark contrast to 2014 when nearly all towns (97 per cent) recorded a rise in sales.
Property Sales and % changes by region, 2014-2015
Sales 2014*
Sales 2015*
% Change
North
28,171
27,050
-4%
Yorkshire and the Humber
51,545
48,297
-6%
North West
61,316
59,206
-3%
East Midlands
49,109
45,063
-8%
West Midlands
52,059
48,731
-6%
East Anglia
30,115
26,313
-13%
Wales
26,996
25,747
-5%
South West
67,960
62,503
-8%
South East
150,979
137,150
-9%
Greater London
80,531
69,435
-14%
England & Wales
598,908
549,639
-8%
Source: Land Registry, *January to August
Those areas which saw the biggest declines in activity did not necessarily see a drop off in house price rises, so although Greater London saw a decline in sales, average house prices increased by £55,095.
However, there were still marked differences in local markets, with pockets of higher and lower activity in all regions. In Yorkshire and the Humber for example, sales were down 6 per cent, but in Batley they were down 27 per cent, and in Pontefract they were up 20 per cent.
Craig McKinlay, mortgages director at Halifax, said: “While sales have declined in all regions, there is a clear north versus south pattern with sales falling the most in southern regions. An acute shortage of properties for sales has also added to the constraints on activity.
“Nonetheless, there remain substantial local variations in housing activity with a small number of towns recording significant increases. These towns are largely in the north and are where prices are relatively low.”
Salford and Pontefract recorded the biggest rises in home sales in 2015, seeing an increase of 23 per cent and 20 per cent retrospectively.
Ten Towns with the highest % increase in property sales, 2014 – 2015
Post town
Region
Sales % Change 2014-2015
Salford
North West
23%
Pontefract
Yorkshire and the Humber
20%
Halesowen
West Midlands
18%
Bridlington
Yorkshire and the Humber
18%
Poulton Le Fylde
North West
17%
Aberdare
Wales
16%
Barrow In Furness
North
16%
Penrith
North
14%
Bedworth
West Midlands
13%
Pontypridd
Wales
13%
Source: Land Registry, *January to August
All ten towns experiencing the biggest increases in sales were outside southern England.
Market Rasen in Lincolnshire saw the biggest fall in sales with a 30 per cent decline between the first eight months of 2014 and the same period in 2015.
Kensington and Chelsea was the worst performing London borough with a 28 per cent decline, followed closely by Hammersmith and Fulham.
Thirty London boroughs recorded a fall in sales with two experiencing an increase.
Towns with a fall in property sales, 2014 – 2015
Post town
Region
Sales % Change 2014-2015
Market Rasen
East Midlands
-30%
Uckfield
South East
-29%
Walton On Thames
South East
-28%
Esher
South East
-28%
Kensington & Chelsea
Greater London
-28%
Batley
Yorkshire and the Humber
-27%
Petersfield
South East
-27%
Hammersmith & Fulham
Greater London
-27%
Sutton in Ashfield
East Midlands
-27%
Westminster
Greater London
-26%
Source: Land Registry, *January to August
katherine.denham@ft.com
