House sales leap 20% in June
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The number of houses sold rose by 20% in June to 63,500, according to the LSL/Acad House Price Index.
But despite the leap from 52,975 in May the figure was still down on the long-term national average.
The HPI also reveals house prices dropped 0.5% in June but year on year figures saw a 7.7% rise.
David Brown, commercial director of LSL Property Services, says June’s figures are the highest this year.
But he adds: “We can’t discount further house prices falls over the next few months, as the market continues to stabilise and normalise.
Brown says there may be an army of first time buyers waiting to for market conditions to improve meaning house price falls may be temporary.
He adds: “The key to recovery is more attractive first-time buyer mortgage deals offered by lenders.”
Peter Williams, chairman of Acadametrics, says the average price of a home in England & Wales is now £218,119 which is a £13,709, or 5.9% fall from its February 2008 peak.
He adds; “We normally expect the number of houses sold in June to increase over May levels and, in that regard, June 2010 has not proved to be an exception.
“We estimate that the number of properties sold in June will be 63,500, an increase of 20% over May transactions, although May sales were abnormally low, possibly due to uncertainties in the market not least as a consequence of the General Election.”
