Volume of house sales recovering but still well below pre-crisis levels

house plansThe number of house sales is slowly pushing back up to the levels seen before the economic crash of 2008 but the rate in London is lagging behind some regions of England.

There were 118,000 homes sold in London last year, which is 28% below the 2007 level. That’s average for the country, but in the South West of England sales have climbed to back 17% below the 2007 level and in the neighbouring regions of the East and South East they around 20% lower.

Data from the Land Registry shows that at their peak in the late 1990s sales were running at about 160-170,000 a year. This fell to 75,000 in 2008.

house sales london

In the last 5 years house prices have climbed steeply, particularly in London, while the rise in the number of sales has been more gradual. But the picture in London has some exceptions. Tower Hamlets was just 5% below the 2007 level last year, and the City of London was 16% higher.

In terms of activity, the average number of sales per 1,000 homes in London is 34, compared to 38 across England. But in the City it was 64 last year and 43 in Tower Hamlets.

house sales map

 

As the map shows, boroughs south of the river are showing higher rates of sales than those in North London.

Source data

See also

Booming population will struggle to find a place to live

House price rises fuel affordability crisis for Londoners

Rents rise by 31% in 10 years

The battle for Elephant and Castle – do we need more estate agents?