Liquid error: wrong number of arguments (2 for 1) Invezz (Web): UK home sales highest in 18 months | Marsh & Parsons Sales and Lettings Estate Agents London

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Invezz (Web): UK home sales highest in 18 months

Tue 22 Sep 2015

Data from Her Majestys Revenue and Customs (HMRC) revealed yesterday that seasonally-adjusted home salesreached 106,480 in August, the highest in 18 months and the third month in a row to see more than 100,000sales.

The reading is also 3.1 percent higher than in July and represents a 5.7 percent increase year-on-year.

With the spectre of higher interest rates being kept at bay, buyer demand is in full swing and summer sales havecontinued to blossom in August, said Peter Rollings, chief executive officer of Marsh & Parsons. Significantly,Rollings noted that there was a new enthusiasm and readiness to enter the [London property] market.

The subsequent squeeze on available property for sale in the capital should keep pushing house price growthalong well into the autumn.

Meanwhile, mortgage services provider Halifax reported that London flat prices have outperformed every otherproperty type in every other region in the UK over the past decade, with a price increase of 67 percent since2005.

London terraced houses are a close second with a 65 percent appreciation in value. The London-average acrossall types of property is 61 percent, while the UK average is 38 percent, Halifax noted.

The average UK house price reached an all-time high of 294,834, research published by online real estate agentRightmove revealed earlier this week.

High demand, lack of suitable supply, and increasingly stretched affordability are leading to some extremes inmarket forces in different sectors and parts of the country, said Miles Shipside, director at Rightmove.

If London homes continue appreciating as they have, prices could easily reach 1 million by the end of 2020, thebroker noted.

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