UK property sales
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Housing Market
UK property sales hit 16-month high
Residential property sales have improved across the UK, reaching a 16-month high in September, the latest index report from RICS has revealed. It was the fifth month in a row that agreed sales rose, with the greatest increases over the month witnessed in the North, East Anglia and Scotland. According to RICS, this was the sixth consecutive month that the number of new buyer enquiries has increased, supported in part by less stringent mortgage lending conditions, with 18 per cent more chartered surveyors reporting a rise in demand. Despite the increase in activity levels, the report also identified a lack of new instructions, which has fallen in 13 of the past 14 months, for continuing to hold back sales growth. “Activity is now picking up which is encouraging, but unless the stock being sold is replenished there is a limit to how sustainable this modest improvement in market turnover will prove to be. And, unfortunately, the indications are that we are locked in a cycle where the lack of available properties on agents’ books is itself deterring some potential vendors from thinking about putting their own property on the market,” said Simon Rubinsohn (left), RICS Chief Economist. RICS forecast that…
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Housing Market
Property transactions go from ‘strength to strength’
Residential property sales in the UK hit an 18-month high in August, following a 3.1 per cent month-on-month rise, the latest figures published by HMRC have revealed. The seasonally adjusted data shows that 106,480 property transactions took place in August – more than any month since February 2014. It is the third month in succession the home sales of more than 100,000 have been recorded, which is welcome news for agents. But sales still remain significantly below the monthly sales of close to 150,000 recorded at the height of the property boom in 2006. The seasonally adjusted estimate of the number of residential property transactions in August rose by 5.7 per cent compared with the corresponding month last year. Peter Rollings (left) CEO of Marsh & Parsons, commented, “Taking into account seasonal adjustment, property sales are going from strength to strength, and showing great improvement from this time last year. “With the spectre of higher interest rates being kept at bay, buyer demand is in full swing and summer sales have continued to blossom in August. After slightly fewer home sales than we would expect in a typical July, buyers last month were showing a new enthusiasm and readiness to…
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