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Historically, HM Land Registry also published a separate house price index calculated by Calnea Analytics. It used the HM Land Registry’s data, which consists of the transaction records of all residential property sales in England and Wales. It uses Repeat Sales Regression. The UK House Price Index replaced this release in June 2016.
Land Registry figures for England and Wales show that housing prices rose from £70,000 to £224,000 in the 20 years between 1998 and 2018. [6] Growth was almost continuous during the period, save for two years of decline around 2008 as a result of the banking crisis.
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.
[3] [4] However, the cost of housing as a proportion of income is higher than average among EU countries, [3] and the increasing cost of housing in the UK may constitute a housing crisis for many especially in London, [5] [6] [7] — the rate of over fivefold house price increases far exceeding the inflation rate of just little above twofold ...
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]
OnTheMarket members signed up to a 'one other portal' rule as a measure they saw as necessary for the portal to enter the UK market, which was overwhelmingly dominated by two players. On 5 July 2017 the Competition Appeal Tribunal ruled OnTheMarket.com's one other portal rule - which stipulates estate agent members can list on a maximum of one ...
The Office for National Statistics estimated in 2008 that the public estate has a book value of £380 billion, which is about £6,000 for every UK resident. [2] Of this, approximately £240 billion is held by local government , while the rest—£130 billion—is held by the central government and public corporations .
In the UK, the average commission rate is 1.42%, significantly lower than in Canada or the US, meaning that FSBO is less common. [13] Property sales must be registered with the UK Land Registry which applies a registration fee to record the legal ownership.
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related to: house prices uk land registry