DEFRA’S LATEST land report confirms the extent of the market downturn in transactions that has already been reported by land agents.
During the third quarter of 2004 only 191 sales were reported in England, down 62% on the same period in 2003.
However, contrary to survey results from the Royal Institution of Chartered Surveyors, DEFRA also shows land values decreasing for that quarter – 1.4% on the year.
The government’s figures are based on details of mandatory sales returns to the Inland Revenue so are generally considered accurate. However, because of a time lag in notifying the IR of some transactions, its numbers are often revised up to two years later.