Todays News: UK property sales up over 30pc
Tue 27 May 2014
The provisional seasonally-adjusted UK property transaction count for April 2014 was 103,690 residential and 9,340 non-residential transactions. The seasonally-adjusted estimate of residential sales dipped 1.2 per cent month-on-month, but remains 30.8 per cent higher than the year before. The trend since the beginning of 2013/14 has been of a general month-on-month increase in transactions for the seasonally adjusted data until February 2014. Recent non-seasonally-adjusted transactions peaked in November 2013 this is the highest level since November 2007, when transactions were declining because of the credit crunch. Peter Rollings, CEO at Marsh & Parsons, comments: "Consumer confidence in the economic recovery is brimming over into the housing market, and has pushed the volume of property sales in April up by almost a third from the same point last year. Thousands more first-time buyers have been able to take the plunge, feeling the benefits of low inflation, steady rents, stronger wage growth and historic low interest rates. This buoyed demand at the bottom of the property ladder is driving activity up through the rungs. "London is an international hotspot and one of the most desirable cities in the world and levels of demand in the capital are incomparable to the rest of the country. The asymmetry between supply and demand here has determined the strong pace of growth weve witnessed in the Prime London property market in the first few months of 2014. Thankfully, we are noticing a fresh supply of property coming onto the market to ease the competition and stabilise price rises." 2 million Brits choose to improve not move. The latest Lloyds Bank research shows over 14 million people (44 per cent of respondents) have undertaken major work on their current property, or plan to do so within the next year in order to improve or add value to their home. As house price increases, almost 2 million homeowners say they couldnt afford to sell up and move, so opted to improve their current house instead. Those aged between 25 and 34 are most likely to undertake redevelopments in the next 12 months, with over a quarter (27 per cent) planning work. Within this age group, a further 30 per cent already have already completed significant home improvements on their current property. 33 per cent specifically made home improvements with the aim of adding value to their property, which would benefit them when finally being able to move.