Summer brings housing transactions pick-up
According to the latest LSL Property Services / Acadametrics home price Index for July 2010, home market transactions increase for the second successive month, rising by 11% in July from 64,915 in June to an approximate 72,100 in July. Exchange activity has doubled since Jan. Home prices registered their first rise in 5 months, rising by 0.1% in July.
Average costs over the past 3 months have stayed principally stable. The yearly increase in house costs has decelerated to 8.1%, due to the stronger year to year comparisons. David Brown, commercial director of LSL Property Services comments : “property sales showed especially robust expansion in July, before the common seasonal uptick.
The in-flow of quality properties on to the market in the last few months has assuaged upwards strain on costs, while buyers made use of a slight easing in lending conditions to secure their new home.
“We do not expect a return to the mini-boom of late last year, but the possibility of a major recession is little too. Little monthly home price fluctuations are probably going to continue in the short term, and there’ll be substantial regional differences, especially as the approaching budget cuts hit some pieces of the country worse than others. “long term recovery is reliant upon an enhancement in the loan products on offer for first-timers.
With thousands of annoyed customers waiting in the wings, unlocking first-time purchaser demand is critical to re-energising the entire market”.
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- Scotland’s house price rise is at odds with the rest of the UK’s housing market.
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Tags: buy to let, first time buyers, house prices, property rental
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