Mortgages  

House sales up by 34% in 12 months: Land Registry

In its latest 17-page House Price Index for England and Wales, the Land Registry showed that between October 2013 and January 2014 house sales were 34 per cent higher than the previous year.

In this period, sales volumes averaged 74,941 transactions a month, compared to 55,824 in 2012/2013. Based on actual sales prices, the report suggested signs of improved confidence in the housing market.

Figures for January showed the number of completed house sales in England and Wales increased by 46 per cent to 63,123 compared with 43,373 in January 2013. Both the East and North East saw the biggest monthly price rises by recording growth of 1.1 per cent, while average prices in regions stand at £99,313 for the East and £184,980 for the North East.

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David Brown, commercial director of LSL Property Services, said: “Price rises may have slowed slightly, but this isn’t a backward step for the market. Year-on-year house-price growth remains strong and buyer sentiment is high. In terms of volumes, the UK property market continues to show significant, sustained growth.”

According to a statement from the Mortgage Advice Bureau, however, the introduction of the MMR might affect house prices in the coming months.

ADVISER VIEW

Danny Waters, chief executive of London-based mortgage adviser Enterprise Finance, said: “This week’s GDP figure, an improving jobs market and falling inflation will add to the feel-good factor. How the MMR truly affects the market remains to be seen, although we would expect to see some impact on house prices.”