Member Article

Home sales in 30% spring upswing

There has been a massive jump in property sales in March according to the Your Move House Price Index. The research showed we’ve just had the strongest March for home sales since 2007 – a nine year record – with 80,000 properties sold during the month.

House price growth is also accelerating, up 6.9% year-on-year, with a typical home now worth £18,745 more than a year earlier.

The London property market has also taken off again, as the capital is now leading the way with the largest house price growth of any region for the first time in over a year. The average value of a home in the capital is now 8.2% (£44,548) higher than a year ago. This growth equates to an uplift of £122 each day – more than double the £58 earned from eight hours working at the Government’s new living wage.

Adrian Gill, director of Reeds Rains and Your Move estate agents, comments: “This Spring, with a frantic flurry of activity, the housing market has come to life. As a result of the impending stamp duty hike, this has been the strongest March for home sales in nine years. The surge was widespread across England and Wales, with a 30% upswing in transactions since February. This goes beyond any normal seasonality, with second-home and buy-to-let investors rushing to beat a bigger tax bill.

“House prices have also reached a new record in March, with the value of the typical home rising 6.9% (£18,745) year-on-year. This is an acceleration from the previous month’s 6.5% annual growth and represents the largest year-on-year growth since February 2015. The green shoots are resplendent right across the country, with 73% of local authorities in England and Wales experiencing a monthly upswing in home values – the highest proportion of areas seeing positive property price rises since July 2014. This will be welcome news for homeowners, who now have a fantastic opportunity in the current sellers’ market. The pervasive shortage of homes on the market is still driving up values, as buyers have to compete for each available property. If they are going to make it easier to get a foot on the property ladder, the Government will have to double-down on its help to first-time buyers, or let up on landlords.”

Click here to read the full Your Move House Price Index

This was posted in Bdaily's Members' News section by Property Editor .