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Property transactions rise

Property transactions rise

Category: Mortgages

Updated: 04/08/2009
First Published: 22/07/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Further positive news regarding the seemingly improving state of the housing market has been delivered by HM Revenue and Customs.

The authority revealed the number of residential property transactions completed with a value of £40,000 or above increased to 75,000 in June, a 15 per cent rise on the previous month.

While the figure remains lower than the 84,000 reported in June last year, it is the highest amount of monthly activity seen since that time, although it is still well down on historic levels.

As a result, the number of transactions completed in the second quarter of 2009 amounted to 198,000, 40 per cent higher than was recorded in the first three months of the year, when 141,000 sales were completed.

Transactions are now at a similar level to the third quarter of last year and an improvement on the following two quarters.

Earlier this week, the Council of Mortgage Lenders revealed gross mortgage lending increased by 17 per cent in June compared with May, rising from £10.5 billion to £12.3 billion.

These latest figures could well prompt further calls for lenders to make funds more accessible to take advantage of increasing buyer enthusiasm, especially from first time buyers.

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