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Hometrack records surge in house sales

Hometrack records surge in house sales (Buying)

by administrator @, Monday, June 27, 2011, 13:33

House sales in the last month have risen 10.6 per cent, with more buyers registering interest with agents.

The Hometrack monthly housing survey shows the number of applicants registering with agents rose from -0.5 per cent in May to 1.9 per cent in June.

The report suggests that the improvement in sales volumes is largely the result of a bounce back in activity following a subdued May market, but also a reflection of lower prices and greater realism by sellers over achievable pricing levels.

Average prices fell by 0.1 per cent in June, and the supply of homes for sale continues to grow well ahead of demand. The number of properties for sale on agents’ books grew by 3.5 per cent in June following a 3 per cent increase in May.

Average prices have slipped back by 1 per cent over the first half of the year, and average prices today are 3.9 per cent lower than at the same time last year.

Richard Donnell, director of research at Hometrack, said: ‘The first six months of 2011 have seen the housing market holding up better than many had expected. Low transaction volumes, low mortgage rates and forbearance by lenders limiting the number of forced sales have all played their part.

‘While average prices have slipped back by 1 per cent, sales volumes have increased off the back of higher demand and greater realism over achievable prices on behalf of sellers.’

http://www.insidehousing.co.uk/

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