Property sales increase in February

Mortgages and Home

Updated on 13 March 2012 | 0 Comments

Number of homes sold at highest level for nearly 18 months, but prices still fell, says Royal Institution of Chartered Surveyors.

The number of homes sold in February in England and Wales was the highest since September 2010, says the Royal Institution of Chartered Surveyors (RICS).

Its monthly UK Housing Market Survey said the average number of sales per surveyor was up 4% on January. RICS attributes much of this increased activity to the looming Stamp Duty deadline for first-time buyers. The Council of Mortgage Lenders has also reported a 23% increase in the number of first-time buyers in January 2012 compared to a year ago.

However, the RICS survey reports that the number of homes for sale per surveyor is still well below the long-term average.

There was also a slight increase in the number of new homes coming onto the market.

However, the number of new buyers was flat, with surveyors saying that mortgage finance continues to hinder first-time buyers.

And house prices fell across most parts of the UK in February, with only London once again bucking the trend. Northern Ireland and the West Midlands saw the sharpest falls.

But more surveyors are now predicting that prices may rise over the next 12 months.

Yesterday, the Government launched its NewBuy scheme to offer mortages of 95% loan-to-value on new-build properties.

More on mortgages and property:
Government NewBuy scheme and mortgages launched
Why now's the time to get a fixed rate mortgage
Spa towns see house prices jump £1,000 a month
How to rent out your home
How to beat Stamp Duty
How to cut the cost of moving home

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