Spring bounce in house sales
House sales in the UK are reviving - according to HM Revenue & Customs (HMRC) of all people.
Figures said that sales rose in March by 22% with more than 72,000 properties being sold. That represents a jump of 24% on the same time last year.
In total 182,000 sales were completed in the first quarter of 2010, which is 28% higher than the same three-month period in 2009.
HMRC believes the figures show that property market is slowly but surely recovering which backs up the recent Trends in Lending survey, published by the Bank of England.
A spokesperson for the Bank said gross lending for house purchase increased in March according to data from the major UK lenders, and their mortgage approvals for house purchase rose after falls in the previous three months.
The Bank added that the major UK lenders expected the impact of
the new stamp duty land tax relief announced in the Budget to have
some positive impact on mortgage activity from first-time buyers,
though obtaining the deposit for house purchase - rather than the
cost of stamp duty - was perceived by some lenders to be the
greater constraint to house purchase.
The major UK lenders expected house prices to be broadly flat over
the coming year.