Increases in the price of semi-detached houses are contributing to rises in the average value of property transactions being handled by residential conveyancing solicitors, according to data released by the Land Registry.
The non-ministerial governmental organisation reported that the value of semi-detached properties rose by 5.6% over the past twelve months, ahead of rises in the price of flats (5.4%) and the price of detached houses (5.1%).
Predictably, it is in London – the city where residential conveyancing solicitors are busiest – that the biggest increases were seen (10.9%); however, the South East also saw pronounced growth, with price rises in places such as Brighton and Lewes resulting in a regional rise of 8.8%.
Taken at a glance, though, the national figures can easily mask the marked North-South divide currently afflicting the UK property market, with many areas in the North struggling to remain buoyant.
“The property market in Wales and the North East is a million miles away from the south-east corner of England,” Jonathan Samuels, chief executive of Dragonfly Property Finance, told the BBC.
If you would like help and advice in relation to a property transaction, whether you are a first time buyer, an investor or someone looking for a retirement home, click here for more from Healys LLP’s residential conveyancing team.