Fall in number of £2m-plus house sales
The number of houses sold for more than £2m in March, the latest month for which the figures are available, dropped to 124 from 205 the previous year, the Land Registry said.
A seven per cent stamp duty rate was imposed on homes in this bracket towards the end of March, causing estate agents to warn that some property chains will crumble as a result.
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Hide AdElsewhere, the Land Registry said average house prices in May in England and Wales rose 0.5 per cent month-on-month to £161,677.
The region that experienced the highest increase in its average property value over the last 12 months is London with a movement of 7.7 per cent.