Liquid error: wrong number of arguments (2 for 1) UK property sales rise one-third in a year | Marsh & Parsons Sales and Lettings Estate Agents London

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UK property sales rise one-third in a year

Tue 25 Mar 2014

UK property sales rise one-third in a year

Almost 85,000 homes were sold in the UK in February, more than 20,000 up on the same month in 2013, according to figures from the Inland Revenue.

Property sales in the United Kingdom in February rose by almost a third compared to the previous year, according to official data.

Figures from HM Revenue and Customs show that 84,950 properties were sold during the month, compared to 64,270 in February 2013.

Nevertheless, due to the seasonal slowdown in the market, this was the lowest number of transactions since April 2013.

At the same time, rents rose 1.6% year-on-year in February, with the average rent in England and Wales increasing to 743 per month on average, according to LSL Property Services, which owns Your Move and Reeds Rains.

Much of the growth in the UK property market has been attributed to government initiatives like Chancellor George Osborne's flagship 'Help to Buy' scheme, which has seen more than 17,000 households buy homes in its first nine months. The first phase of the scheme, which uses equity loans and mortgage guarantees to encourage lenders to offer homes to buyers with a deposit as little as 5%, was last week extended to 2020 as part of the Chancellor's Budget announcement.

Peter Rollings, Chief Executive of London-based Marsh and Parsons estate agents, says, "The momentum of economic growth continues to lift the UK property market and shows little sign of abating. The government seems intent on oiling the cogs of the housing market, facilitating property transactions at all rungs of the ladder."

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