Liquid error: wrong number of arguments (2 for 1) TheMoveChannel.com: UK property sales hold steady | Marsh & Parsons Sales and Lettings Estate Agents London

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TheMoveChannel.com: UK property sales hold steady

Mon 26 Jan 2015

Gross mortgage lending in the UK reached 16.5 billion in December, unchanged month-on-month compared to
November 2014 and 1 per cent lower than December 2013. The latest House Price Index from LSL Property
Services / Acadata also showed that house prices in England and Wales stayed flat in December from
November.


Nonetheless, sales of UK residential property held steady, according to new figures from HMRC.


The data shows that the provisional seasonally adjusted UK property transaction count for December 2014 was
100,220 residential transactions, approximately the same as November 2014 and 0.4 per cent lower than the
same month last year. On a non-seasonally adjusted basis, though, residential property transactions were 2.3 per
cent higher year-on-year, as the Stamp Duty reform helped to give confidence a kick-start.


Peter Rollings, CEO of Marsh & Parsons, comments: "While other indicators of the health of the housing market
started to flounder towards the end of 2014, sales have held steady. The additional pressure of loan-to-income
caps and stricter affordability regulations has slowed mortgage lending somewhat, but consumer confidence
hasnt slipped and the Stamp Duty overhaul gave thousands of buyers an early Christmas present, injecting a
new lease of life into demand in the New Year.


"House price growth was fading in the final few months of the year, as increased supply of housing stock relaxed
the competition on the market and gave buyers a breather. Demand continues to be healthy, and combined with
rock-bottom interest rates and attractive mortgage products, activity will pulse through the market and push
forward further price rises in 2015 albeit at a more restrained level."


Number of Brits moving home on the up


The number of homeowners moving home increased by 8 per cent in 2014, according to the latest Lloyds Bank
Homemovers Review. An estimated 365,400 people moved home last year, according to the report, as an 8 per
cent rise in house prices in 2014 boosted homeowners equity in their current homes, making it easier for them to
fund a deposit towards the purchase of their next property.


This was the largest annual increase in the number of homemovers since 2010.


The number of homemovers in 2014 was 16 per cent higher than in 2009 at the depth of the recent housing
market recession. Despite the pick-up in recent years, the number of homemovers last year was still less than
half the all-time high recorded in 2004 (886,700) and just over half the average during between 2004 and 2007
(717,025).


Author - Dan Johnson

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