HMRC: UK house sales in June hit 7 year year peak
Mon 21 Jul 2014
Sales of property in June hit their joint highest monthly total since the start of the credit crunch, according to figures released by HMRC. There were 109,580 sales recorded in June, the same as in November last year, and the highest since the end of 2007, the data shows. This gives a further indication of a recovery in the housing market spurred, in part, by government schemes.
Peter Rollings , CEO of Marsh & Parsons, comments:
"The UK property market is singing a different tune to that heard at the start of this year. The fierce competition for properties and unprecedented house price growth has subsided as a new wave of supply has come onto the market, stabilising price rises and restoring normality to trading conditions. Both buyers and sellers alike are benefitting from this new calmness in the market, with a greater array of available property to choose from and slightly slower pace of activity making stepping onto the ladder or trading up a less daunting prospect.
The implementation of tighter lending criteria and affordability checks has lengthened the borrowing process and cooled the market during this transitional phase. On a seasonally adjusted basis, house sales have dropped 0.2% in the month to June 2014. But taking a longer term view, the housing market recovery is still gaining strength, with sales up 15.7% in the past year. This wave of regulatory change will ensure lasting sustainability and responsibility of growth, but the government and the Bank of England need to be careful that future interventions are not premature and over-zealous. Beyond the capital, the housing market recovery still requires a watchful eye."