Home sales jump 31%
Mon 19 May 2014
The volume of home sales in the UK in April jumped by 31% on the same month last year. According to HMRCs latest UK property transaction statistics, the seasonally-adjusted estimate of the number of residential transactions in April fell by 1.2% on March 2014 however. The UK transaction count for April was 103,690 residential and 9,340 commercial properties on a seasonally adjusted basis. HMRC said there had been a general month-on-month increase in transactions since the beginning of 2013-14 until February. Peter Rollings, chief executive at Marsh and Parsons, said: 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.