Sales of properties reach highest levels in two years
The sale of properties in the UK have reached their highest levels in two years according to recent reports, and this comes after a turbulent period during which the sale of properties all but came to a halt, with faltering prices resulting in homeowners being reluctant to sell and the mortgage drought resulting in would be buyers unable to purchase a property. Officials believe that the increase in sales is yet another sign that the property market in the UK is on its way to recovery.
The figures relate to sales of properties in December of last year, with the figures showing that property sales reached a two year peak during the month.
The data was released by HM Revenue and Customs, and showed that during the month of December around 104,000 sales involving properties that were £40,000 or more in value were completed. This signifies the first time since December of 2007 that property sales have exceeded the 100,000 mark.
January of last year saw property sales reach their lowest level, when the number of sales for the month slumped to a paltry 41,000. This was the lowest level of monthly sales seen since records began back in 1977. Many industry officials have been surprised at how property prices and sales have picked up in the latter part of last year, but many are still predicting that both sales and prices of properties in the UK will remain pretty static over the course of this year.
Overall the number of properties sold last year came in at slightly lower than the year before, coming in at 848,000 compared to 920,000 in 2008. However, the difference between last year and 2007, when the property boom was still in full swing, was far greater with 1.62 million properties being sold in 2007.
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