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Home sales fall, but prices up

Oct 28, 2015
According to figures published by the Land Registry the number of homes sold in England and Wales has fallen significantly while prices in some areas have increased by around 13% due to a shortage of supply.

The figures show that in May this year there were 65,619 homes sold, a drop of 15% on the same period in 2014.

Some property experts see the trend as a welcome return to normality and a cooling of the market.

Guy Meacock, head of the London office of buying agency Prime Purchase said, "Normality has returned to the market, with the panic that has driven it in the past no longer present. It is more level and sensible, which is good news for buyers."

In August the Royal Institution of Chartered Surveyors reported the number of homes available for sale was at a record low and that demand was outstripping supply causing upward pressure on prices.

The Land Registry also published figures in August, which showed prices rising steeply in the East of England and on the outskirts of London.

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