The Land Registry has recently started publishing data on individual residential property sales, and the two charts below use the data to compare housing markets in London and the rest of England and Wales.
The first chart shows the distribution of prices (up to £1m) in the capital and elsewhere in 2012, broken down by the tenure type (leasehold and freehold, roughly corresponding to flats and houses) and whether or not the property was newly built at the time of sale. Average prices are higher in London across all categories. You can also see the effects of stamp duty in the kinks of the price distribution curves just before the threshold values of £125,000, £250,000 and £500,000.
The second chart plots the total value of new build and non-new build residential property sales in 2012 by local authority area, with London boroughs in cyan and other local authorities in pink. In the vast majority of cases the value of new build sales is far lower than the value of older home sales. London boroughs account for the top four new build markets, Tower Hamlets (in the top left) leading the way with new build sales that account for around 30% of total sales value in 2012. Kensington and Chelsea (bottom right) is at the other end of the spectrum, with very few new build sales (because it doesn’t really build any new housing) but an incredibly valuable resale market. Westminster (top right) combines both a lot of resale and lot of new build sales.