UK Home Sales to Remain Basically flat Through New Year
As the year 2010 comes to an end, the milestone of 100,000 properties sold for a month is becoming more than just a faraway vision. An estimated 85,000 homes were sold during the month of November, an improvement of 6,000 in the number sold during October. Compared with the same time last year, the news is even more encouraging. An increase of 9,000 occurred during the same month as last year.
Sales figures were assisted greatly by the numbers which were taken off the market in England. More than 72,000 properties were sold, compared with only 68,000 during the month prior, according to HMRC.
Sales figures in Scotland, Wales and Northern Ireland continued to be consistent, in line with the previous month’s sales. Lenders are increasingly stating that the housing market will more than likely remain flat next year. This is far less troubling to the sales side of mortgage products than hearing the bottom will fall out next year. Although, market insiders believe transaction levels could fall to record lows during 2012. According to the Council of Mortgage Lenders, housing transactions are expected to descend by more than 25,000 for the year, to 825,000.
The Royal Institution of Chartered Surveyors has a slightly different bend on how transaction figures will proceed. The group believes transaction figures will be higher than this year, saying: "Transaction levels are likely to see a slight resurgence next year and climb back to ... roughly the level of activity recorded in 2010."