News: Property Sales Up 15%, Says HMRC

Wed, 22 Jul 09

Property sales have increased by 15%, according to latest figures from HM Revenue and Customs (HMRC).

The tax authority’s latest report into housing market activity shows that 75,000 residential properties costing more than £40,000 were sold during June, up 15% on the previous month.

This is the highest monthly figure HMRC has recorded in the last 12 months. HMRC concedes though that the figure is partially skewed by a traditional seasonal pick up in early summer.

Nevertheless HMRC’s seasonally adjusted figures still show a rise between May and June from 63,000 to 65,000. Although modest by comparison June’s figure is still the highest seasonally adjusted monthly total since October 2008.

Quarterly figures from the HMRC also give cause for optimism in the property market.  Property sales rose from 141,000 in the first quarter of 2009 to 198,000 in the second quarter.

Taken into account seasonal factors the figure for the second quarter of 2009 is still 191,000, the same as the third quarter of 2008.

The HMRC figures broadly mirror a sense of optimism shown in recent house price and asking price figures from among others Home.co.uk, which show that prices are beginning to stabilise.The Home.co.uk latest asking price index for July shows that the average mix-adjusted asking price for homes on the market in England and Wales has risen by 0.3% since June.


By Joe Lepper


See also: Asking Price Index, House Prices and Trends by Town and Postcode, Mortgages

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