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Value of land and buildings in the UK from 1995 to 2016 (trillions) [15] Property companies state that land values follow house prices and that a developer assesses what new build house price is achievable in any particular location with reference to prices and sales rates in the second-hand market and on nearby comparable new build sites.
In June 2016, the UK House Price Index (UK HPI)[1] was launched as a collaboration between the Office for National Statistics, HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland. The index is calculated using land registration data (such as HM Land Registry).
The registry contains 87% of land in England and Wales as of 2019. [5] HM Land Registry is internally independent and receives no government funding; it charges fees for applications lodged by customers. The current Chief Land Registrar (and CEO) is Simon Hayes. [6] The equivalent office in Scotland is the Registers of Scotland.
Domestic real estate represented the largest non-financial asset in the UK, with a net worth of £5.1trillion (2014). [3] Foreign investment plays a substantial role in the UK's real estate market, particularly in London, and foreign companies and individuals invested around £20billion in UK real estate in 2012. [4] [needs update]
The final legislation to introduce a new map-based system was the Land Registration (Scotland) Act 1979 (c. 33) which introduced a map-based Land Register of Scotland. The 1979 act provided that each county of General Register of Sasines would transfer over to the new Land Register. The 'live' date for each county was: [9]
In September 2015 the average house price was £286,000, and affordability of housing as measured by price to earnings ratio was 5.3. [59] The UK's home dwelling cost per type in July 2018 was on average: [60] Detached: £378,473; Semi-detached: £230,284; Terraced: £200,889; Flat/maisonette: £230,603
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The Land Registry has been dealing with the registration of all transactions (purchase, sale, mortgage, remortgage and other burdens) concerning registered land since 1892, and issued land certificates which are a state guarantee of the registered owner's good title up to 1 January 2007. Land Certificates have been abolished by virtue of ...