House market hopes as sales jump 40% in March

Published 22nd Apr 2009

Hopes of a revival in the UK property market were given a fresh boost today as official figures showed that home sales jumped 40 per cent last month.

According to HM Revenue & Customs, 60,000 homes worth at least £40,000 each were sold in March.

This compares with 43,000 flats and houses that were sold in February, according to HMRC.

The figures, which are not adjusted for seasonal trends, will fuel hopes that the prolonged downturn in the property market may finally be coming to an end.

They follow mixed figures on house prices over the first few months of the year, with leading lenders warning of big seasonal variations in sales patterns.

When seasonally adjusted, today's figures from HMRC still show a strong sales recovery, with a 13 per cent sales increase from 54,000 to 61,0000.

Leading housing market observers, including the Halifax and Nationwide, say that prices continue to fall.

Figures from HMRC come as the Council of Mortgage Lenders is expected to publish its data on mortgage lending later today.

The CML, which is made up of all the main mortgage lenders, including banks and building societies, has recently noted a slight pick-up in activity in the housing market, but has stressed that it is far too early to talk of a recovery.

Source: ' Times '

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