14 Apr

Property sales reach six-year high

Property sales reach six-year high

The first three months of the year saw property sales reach their highest level for six years.

Figures from the Royal Institution of Chartered Surveyors (Rics) support the suggestion that the country's real estate market recovery is well underway.

Each respondent to the survey sold an average of 22.7 homes in the first quarter of 2014 - the highest number since February 2008.

It was also revealed that all regions of the UK saw an increase in buyer activities, apart from Wales.

The survey also showed growing interest outside of London and the south east, especially regarding new house enquiries.

"Now that the housing market recovery is well and truly underway and mortgage finance is more readily available, buyers seem to be looking to test the market right across the country, not just in the usual hot spots of the south east," said Simon Rubinsohn, Rics chief economist.

However, he added that a lack of properties coming on to the market could undermine the recovery and may force up prices, which could limit the number of first-time buyers.

Recent data from Nationwide showed an 18 per cent increase in prices in London during 2013 - nine per cent more than the rest of the UK.ADNFCR-1222-ID-801712263-ADNFCR

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