October building sales registration down 11.7%

Yet the number of searches of land registers made during the month was 518,029 up 6.1%.

The number of sale and purchase agreements for all building units received for registration in October was 12,140, an 11.7% decrease compared with September but a 9.3% increase over a year earlier, the Land Registry announced on Tuesday.

The 12-month moving average for October was 13,107, up 0.7% on the 12-month moving average for September and 30.1% above that for October last year.

The total consideration of sale and purchase agreements rose 6.3% from September to $56.9 billion, representing a 25.1% year-on-year increase, according to a Land Registry report.

Among the sale and purchase agreements, 9,552 were for residential units – an 8.4% decrease compared with the previous month but a 2.7% increase compared with October 2009.

The total consideration for the sale and purchase agreements of residential units was $44.9 billion, a 9.1% increase over September and a 23.7% increase compared with a year earlier.

The number of searches of land registers the public made during the month was 518,029 – up 6.1% compared with September and up 12.1% compared with October 2009.