Liquid error: wrong number of arguments (2 for 1) What Mortgage: UK property sales up 6.3% in October | Marsh & Parsons Sales and Lettings Estate Agents London

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What Mortgage: UK property sales up 6.3% in October

Fri 27 Nov 2015

The number of UK residential property transactions was up 6.3% for the year to the end of October, officialfigures show.

According to data from HM Revenue & Customs, a total of 105,490 homes were sold in October, compared to the99,290 homes sold in the same month last year.

There was a slight dip in sales of 0.2% from September, but this cooling off is typical following a busy summer.

The number of non-residential transactions was 2.6% higher than in October 2014 at 10,160.

Peter Rollings, CEO of Marsh & Parsons, said: October marks the fifth consecutive month that home sales havecleared 100,000, putting activity in a whole other league to the first half of 2015. There has been a slightcorrection on a monthly basis, but were still head and shoulders above a year ago, as buyers ride high on thewave of low interest rates and attractive mortgage products.

In London, supply and demand are moving in different directions. Weve seen the number of available propertiesfor sale fall 5% during the third quarter, compared to a 4% boost in buyers over the same period. As a result,there are currently 14 buyers competing for every home on the market in the capital. Where property is pricedsensibly, it is changing hands quickly, but if not, there is still a lot of hesitation in the mix in London. With a lotmore stamp duty riding on transactions now, purchase decisions are more price sensitive than a year ago.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: Demand from potential buyers remains high,with many taking advantage of the excellently priced mortgage rates available on the market. Affordability hasalso benefited from an improving economic outlook, with low inflation and rising wages helping to offset houseprice rises, which have been more moderate compared to last year. The outlook is certainly positive for thosewho meet lenders criteria.

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