Firstly, it’s worth remembering that HMRC records all the Stamp Duty charges across the Untied Kingdom. The Land Registry just registers transactions in England & Wales. HMRC reports transactions over £40,000 and there are certain transactions that the Land Registry does not publish. These include;-
1. All commercial transactions (which usually means all repossessions)
2. Before Jan 2000 – All sales below £10,000 and over £1million . (On line data for Jan 2000 onwards includes details of these sales).
3. Transfer, conveyances, assignments or leases at a premium with nominal rent which are:
• ‘Right to buy’ sales at a discount
• subject to a lease
• subject to an existing mortgage
• to effect the sale of a share in a property
• by way of a gift
• by way of exchange
• under a Compulsory Purchase order
• under a court order
• to Trustees
• Vesting Deeds
• Transmissions or Assents of more than one property
• Leases for 7 years or less.
The long term difference between the two is 26% but over the past year this has grown peaking at over 40%. The difference is coming back with April (the latest month we have formal numbers from Land Registry) back down nearer 30%.
The initial figures made available by Land Registry for June total just 18,500 which I expect will grow to around 44,000 although this will still be below June 2007 (57k) and June 2007 (121k).