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UK home sales up 24%


The number of UK homes being sold has risen by 24% over the last year, with sales in November reaching the highest levels since December 2009.

HM Revenue and Customs figures shown that 96,979 flats or houses were sold in November, with these figures being further complimented by figures from the British Bankers Association (BBA) that claimed new mortgage approvals rose by 39% over the year.

Furthermore, there were 45,000 mortgages offered in November, which is subsequently the highest since September 2009, a trend that David Dooks of BBA claimed is likely to continue in the months ahead.

Despite rising levels of property sales, the figures are still below the pre-financial crisis peak, where up to 150,000 homes were sold every month, therefore giving support to those who argue against the risk of creating another housing bubble. However, others still continue to argue that there is an increased risk of a housing bubble, especially as recent figures from the Halifax that shown prices increasing by 7.7% over the last 12 months – the fastest rate of inflation for 6 years.

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