British home transactions jump in June

Chris Papadopoullos
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THE HOUSING market picked up pace in June as both buyers and sellers returned to the market after shaking off uncertainty from the General Election.

There were 104,590 residential property transactions in June, according to figures released yesterday by HMRC. It marks a 16-month high as well as a 4.7 per cent jump on May.

Experts warn the increased activity could lead to higher prices, especially for first-time buyers.

“The pick up in property transactions signals an end to election uncertainty that caused buyers and sellers to postpone entering the market,” said Stephen Smith, director of the Legal and General Mortgage Club.

But he said it could lead to a rise in prices, making it “increasingly difficult for first-time buyers to reach the first rung of the property ladder”.