Citation
(1998), "Land Registry publishes October-December 1997 residential property price report", Property Management, Vol. 16 No. 3. https://doi.org/10.1108/pm.1998.11316cab.015
Publisher
:Emerald Group Publishing Limited
Copyright © 1998, MCB UP Limited
Land Registry publishes October-December 1997 residential property price report
Land Registry publishes October-December 1997 residential property price report
The Land Registry (25 February) published the latest in its series of quarterly residential property price reports, covering the period October-December 1997. The Registry also launched a new "bespoke" service, offering detailed information on average property prices and sales volumes down to areas as small as the Postcode Sector level.
The data in the main report, which covers the whole of England and Wales, are broken down by property type and by County and Unitary Authority, to include the new Unitary Authorities introduced on 1 April 1997. As before, the figures also incorporate average prices and number of sales within Greater London by individual London boroughs.
The report for the fourth quarter of 1997 compares average prices and volume of sales with those for the same period in 1996, illustrating trends over the last year.
It also updates the figures for the previous (July-September 1997) quarter, by including all transfers relating to that period which were received in the registry by 31 January 1998.
A breakdown of the average sale prices of old and new properties by property type is also incorporated.
Sales in this context are taken to mean the transfer of ownership for value of freehold and long leasehold residential properties, whether or not the purchase was supported by a mortgage.
No weighting or adjustment is applied to the information collected to reflect any seasonal or other factors. The price data can be said to be actual unadjusted averages, drawn from the great majority of all residential sales in England and Wales completed during the period.
Commenting on these latest figures, Chief Land Registrar and Chief Executive, Dr Stuart Hill, said: "These Land Registry reports are intended to complement information available from other sources. Any comparison with other data should have regard to the differences in volume, timeliness and coverage of contributing transactions.
"12 new unitary authorities were created on 1 April 1997, and it is important to bear in mind the creation of these new authorities when considering price movements in those counties affected by these boundary changes direct comparisons may not be meaningful.
"I am sure that those receiving these reports, which continue to be available free of charge, will want to put their own interpretation on the data they contain, in order to arrive at a balanced view of what is really happening within the residential property market.
"The Land Registry intends to improve still further the range and quality of the data which it provides and can now offer its customers a new and even more detailed 'bespoke report' service, for which a charge will be made. The new 'bespoke reports' will contain data by Postcode Area (for example GL) Postcode District (GL1) and even right down to Postcode Sector (GL1 2).
"The Land Registry reports continue to provide a detailed and authoritative insight into what is actually happening to average prices and sales volumes in the residential property market for England and Wales.
"The Land Registry Internet site contains a full copy of this and previous reports, together with other useful information on the work of the Land Registry. The figures shown for the most recent quarterly report will be updated each month."