Property Sales Up:

Posted on: 10 February 2017

Completed property sales in the first half of the year were 11% up on the same period last year, figures from HM Revenue & Customs (HMRC) show.

Sales rose by 7,000 in June to 83,000, taking the total across the UK for the first six months of the year to 431,000.

That was higher than the 387,000 recorded in the first half of 2011.

Some commentators have suggested that sales may tail off in the rest of the year due to the economic downturn.

This week the British Bankers' Association (BBA) reported that new mortgages approved by its members but not yet lent - a key indicator of forthcoming trends - had dropped by 11% in June compared with the previous month. It blamed the exceptionally wet weather.

Last week the Council of Mortgage Lenders (CML) said its members' total lending, to both house buyers and those just switching lenders, fell back in June from May.

However it pointed out that this had still left total lending for the first half of the year 7% higher than in the same period last year.

One factor boosting sales and borrowing in the first half was the reintroduction of stamp duty for first-time buyers on homes worth up to £250,000. Some buyers pushed through their purchases in the early months of the year, to beat the reintroduction of the tax on 24 March.

Sales then fell back sharply but have rebounded in the past couple of months.

 

Source - bbc.co.uk - © 2012 BBC

Share:


Recent Articles

8 April 2021

Is This The Right Time To Sell Your Home?

There has been a lot of talk about the property market being a seller’s market of late. There is no denying there is considerable demand for property, but also, it seems as though many vendors have been cautious about entering the marketplace. If the end of lockdown, the optimism of...

23 March 2021

Homeownership Dreams Are Alive And Well

If you are keen to buy a home, we are here to help you. At Frank Schippers, we are pleased to say we have assisted many buyers, and it has been a busy time of late. We appreciate that some people believe the housing market will slow down for some time, but there will always be people moving....

15 March 2021

Making The Most Of Space At Home

We all know space is vital at home, and if you can create more space at your property, it is advisable to do so. Whether your focus is on utility or value, there is always a great deal to be said for having more space around your home. Research carried out by an agent comparison site says the...

Request a valuation

Find out how much your property is worth