Property registrations were down in England and Wales in March compared to the same time last year, according to a report Monday from the U.K. government’s Land Registry.
There were 90,284 properties registered in the two countries in March, a 6.5% decrease from the same period in 2017, when 96,565 properties were registered.
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When comparing numbers in the short term, March logged 5.9% more transactions than February, but saw a 22.6% drop from the 116,795 registrations the Land Registry received in January, the data shows.
Of the properties registered, 23,036 were terraced houses, which were the most popular type of property registered in February and January and at the same time last year, too.
In England and Wales, all land or property either purchased, given, inherited, exchanged or mortgaged must be registered with the Land Registry. There can be a time difference between the sale of a property and its registration, according to the report.
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Of the 90,284 sales received for registration, 25,075 actually took place in March 2018.
Just 2.2%, or 463, of those sales were priced at £1 million (US$1.36 million) or more, and more than half of those were located in Greater London, the report said.
A report last week from Knight Frank found that London dominates the more-than-a-£1 million market. The capital accounted for 60% of all £1-million-plus sales last year, the report said.