House sales doubled since January

| August 14, 2010 | 0 Comments

Housing market transactions increased for the second consecutive month in July, according to the LSL/Acadametrics House Price Index.

The Index, which is based on every house sale in England and Wales, showed an 11% rise, to 72,100, meaning that activity has doubled since January.

July also saw house prices increase for the first time in five months, with an 0.1% rise taking the value of a typical home to £220,685.

The research suggests prices in England and Wales have remained stable over the last three months, although annual inflation has slowed to 8.1%, owing to stronger year-on-year comparisons.

LSL Property Services commercial director, David Brown, comments: “The influx of quality properties on to the market in recent months has alleviated upwards pressure on prices, while buyers took advantage of a slight easing in lending conditions to secure their new home.”

He Adds: “We don’t expect a return to the mini-boom of late last year, but the likelihood of a significant downturn is small too.”

In the short term, the managing director is predicting that monthly house price fluctuations will continue.

He is also expecting considerable regional differences as Government spending cuts due in the autumn are likely to hit some parts of the country worse than others.

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