News: UK house sales jump 40% from February to March

Thu, 23 Apr 09

Positive news for the troubled UK housing market - Government figures show the number of homes sold jumped 40 per cent last month.

HM Revenue & Customs (HMRC) revealed provisional figures indicating that 60,000 properties, worth more than £40,000, were sold in March up from 43,000 in February. However, compared to the UK sales volume for March 2008 the figures are still down, by 28%.

Such a jump in transactions suggests that UK house sale volumes may have bottomed out, but the figures are along way from their boom-highs, 57% lower than in March 2007.

Lower house prices are helping the market get going again.

Last week, property website Home.co.uk said asking prices fell 0.4 per cent since March, with an annual decline of 6.9.

The Royal Institution of Chartered Surveyors (RICS) has said interest from potential homebuyers gained 'real momentum' in March, increasing for the fifth month in a row, while the Council of Mortgage Lenders (CML) reported a four per cent jump in the number of loans for home purchases in February.

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

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