This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-34085149

The article has changed 5 times. There is an RSS feed of changes available.

Version 0 Version 1
Property sales fall by 15% as market cools, says Land Registry Property sales down 15%, but prices up, says Land Registry
(35 minutes later)
The number of homes being sold in England and Wales has fallen significantly, according to figures from the Land Registry.The number of homes being sold in England and Wales has fallen significantly, according to figures from the Land Registry.
In May this year, there were 65,619 transactions in total, a 15% fall on the same month in 2014.In May this year, there were 65,619 transactions in total, a 15% fall on the same month in 2014.
The number of homes being sold for more than a million pounds dropped even more dramatically - down by 21%. However, prices in some property hotspots are still rising by up to 13% a year, due to lack of supply.
In London, there was a 26% drop in the number properties sold for more than a million pounds. The number of homes being sold for more than a million pounds dropped dramatically - down by 21%.
The Land Registry figures include cash sales, as well as properties bought with mortgages.The Land Registry figures include cash sales, as well as properties bought with mortgages.
Some experts have welcomed what they see as a cooling of the market.Some experts have welcomed what they see as a cooling of the market.
"Normality has returned to the market, with the panic that has driven it in the past no longer present," said Guy Meacock, head of the London office of buying agency Prime Purchase."Normality has returned to the market, with the panic that has driven it in the past no longer present," said Guy Meacock, head of the London office of buying agency Prime Purchase.
"It is more level and sensible, which is good news for buyers.""It is more level and sensible, which is good news for buyers."
Price rises
However, the fall in transactions appears to be putting further pressure on house prices.
Earlier this month, the Royal Institution of Chartered Surveyors (Rics) reported that the number of homes for sale was at a record low.
As a result it said demand was outstripping supply, and prices were likely to rise as a result.
The Land Registry has already reported that house prices in England and Wales rose by 4.6% in the year to July 2015.
It also published additional figures on Friday, which showed prices rising steeply in the East of England and on the fringes of London.
Prices in Cambridgeshire and East Anglia jumped by 2.8% during July alone.
Many of the London suburbs - and commuter towns nearby - saw price rises of more than 10% over the last year.
In Reading, Berkshire, prices rose by 13.6% in the 12 months to July.