Cardboard Houses on CoinsProperty sales in 2016 were 7% lower than in 2015, according to the latest research from Lloyds Bank. There were 848,857 home sales in England & Wales in 2016, compared to 915,096 in the previous year.
All regions saw a decrease in sales in 2016 compared to 2015, with the largest falls in Greater London (-20,660 sales, -18%) and the South East (-23,422 sales, -10%). Both East and West Midlands fared the best with just a one percent decline, followed by North West (-2%). Despite the recent dip in home sales, there has been an improvement compared to five years ago when the market started to recover from the financial crisis. The number of sales in England & Wales as a whole increased by 29% (188,386 sales) from 2011-2016 with the majority of regions seeing increases of between 23% (South East) and 46% (North West).
The exception – and the worst performer by some distance – was Greater London with a rise of just 2% in the past five years. The majority (82%) of towns in this survey saw a decrease in sales between 2015 and 2016. In Greater London all boroughs experienced a fall in sales.
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