The figures show a sharp slowdown in house price inflation to 5.4 per cent for the year to Q2, from 10.3 per cent in Q1.
The fall in price rises is not surprising in view of many other surveys reporting more subdued market conditions. House price inflation is the slowest since the third quarter of 1996, and is slowest in southern England, at less than 5 per cent.
Land Registry figures record completed transactions, and can be several months after a sale is agreed. The figures encompass both cash and mortgage finance purchases.
Completed transactions fell by 27.7 per cent in Q2 from a year ago levels, though the pace of decline is less than 34.8 per cent recorded in Q1. This is consistent with recent evidence that housing market activity has shown a moderate rebound as fears over further interest rate hikes have receded. With interest rates having now fallen by 0.25 per cent to 4.5 per cent last week, RICS expects a modest improvement in the second half of the year as consumer confidence improves.
More timely statistics released by RICS found that June's new purchase enquiries from would-be buyers showed the strongest increase in 18 months as fears over further interest rate rises have faded. RICS expects a modest upturn in housing activity to continue, but a cooling economic climate means interest rate cuts will not spark a renewed housing market boom.
