Housing boom as deals near pre-crisis high
HOUSE sale volumes hit their highest level in seven years in January, and are now just four per cent below the average seen in the boom years of 2000 to 2007, according to figures out today from LSL Property Services.
Last month 73,000 properties changed hands, rocketing up 67 per cent compared with last January.
The boom in activity helped drive up prices further – the average price in England and Wales hit £241,101, up 5.2 per cent on the year.
Similarly E.surv, the chartered surveyors, recorded 65,000 transactions in January, up 75 per cent on the year.
And Connells Survey and Valuation saw a 35 per cent jump in the number of first-time buyers compared with January 2012.
The industry does not predict any slowdown in the market thanks to rock-bottom interest rates and support for buyers from the Treasury.
“This astounding turnaround can largely be pinned down to the resurgence of the first-time buyer. The wide range of attractive mortgage deals on offer, cheaper rates and wider product choice has been pivotal,” said David Newnes from estate agent Your Move.
“With mortgages still historically cheap and interest rates set to remain stable for the time being, we’ll continue to see that new buyers will rush to the market nationwide.”
Meanwhile repossessions fell to their lowest level since 2007, according to the Council of Mortgage Lenders.