Sales of homes in England and Wales jumped 9 per cent in October 2014, according to the latest report from LSL Property Services/Acadata, the highest number of completed home sales in a month for seven years. This surge, driven by an uplift in activity outside of London, pushed prices up 0.7 per cent (£2,026) in one month.
David Newnes, director of Reeds Rains and Your Move estate agents, says part of the rise in activity is due to the completion of sales that had been stuck in the pipeline for some time.
“This increased level of house sale completions marks a considerable – though laborious – reflection of the increased buyer activity earlier in the year since the recession zapped the energy from the market,” he explains.
“Recent hiccups in the market have not shaken the overall underlying stability and the average UK homeowner has seen the value of their property rise £26,500 (or 10.5%) in the past year. Average house prices across England and Wales have reached a new record for the sixteenth successive month,” he adds.
“Not only this, but activity is starting to shift towards areas where the recovery still requires support and attention. The biggest uplift in completions in Q3 2014 compared to Q3 2013 has been witnessed outside of London – completed house sales in both the West Midlands and East Midlands have risen 22%, while in London house sale completions are up by just 3% over the same period.”
Source: The Movechannel