LONDON REMAINS FAVOURITE HOME FOR MILLIONAIRES
(8 February 2005)

According to the latest Land Registry figures, Greater London remains the most popular centre for house-buying millionaires with 93 properties costing over £2 million sold in the last quarter of 2004. This compares with Surrey, the second highest county, which saw just seven change hands. 765 properties costing over £1 million were sold across England and Wales during the quarter (October-December 2004), five more than sold in the same period last year (October-December 2003).

The average house price in England and Wales for the quarter was £182,920, an annual increase of 11.82 per cent compared to an average of 12.62 per cent for the same period last year. The report compares average prices and volume of sales with those for the same quarter in 2003. It also gives a breakdown of the average sale prices of old and new properties by property type. The figures are taken into account by the Bank of England along with other housing market and economic indicators.

The following information is contained in the report:

England and Wales

• The average price increased by 11.82 per cent from £163,584 in 2003 to £182,920 for the same period in 2004.
• All economic regions in England and Wales showed an increase in average prices.
• The volume of sales decreased by 23.78 per cent from 301,405 in 2003 to 229,724 for the same period in 2004.
• 765 properties over £1 million were sold compared to 760for the same period in 2003.

Greater London

• The average property price increased by 6.15 per cent from £260,659 in 2003 to £276,698 for the same period in 2004.
• The volume of sales decreased by 22.51 per cent from 36,185 in 2003 to 28,041 for the same period in 2004.
• 436 properties over £1 million were sold compared to 469 for the same period in 2003.

With the world’s largest property database, Land Registry underpins the economy by guaranteeing ownership of many billions of pounds worth of property. Around £1 million worth of property is processed every minute in England and Wales. As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Constitutional Affairs and Lord Chancellor, Land Registry keeps and maintains the Land Register for England and Wales. There are 24 offices in England and Wales, each providing land registration services for different counties and unitary authorities. The Land Register has been an open document since 1990.

Details of individual registered properties can be obtained from www.landregisteronline.gov.uk There is a £2.00 fee for each search.

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