Figures released today by HMRC have suggested that the number of residential property sales throughout 2012 reached their highest peak since 2007, and there is a positive feeling for 2013.

The main driving force behind this increase has been the ability for homeowners to gain access to mortgages. This was particularly true for first time buyers, where at the end of last year the mortgage loans were up 8%, which was the highest for three years. The re-launch of the Bank of England’s Funding for Lending Scheme has also helped stimulate this area of the economy as it has made mortgages cheaper. Despite this positive news, there is still some doubt around the recovery as businesses are still finding things tough. The Bank of England has said that the funds that it has available should be lent by the banks to businesses. Figures are suggesting that borrow by businesses has continued to decrease and it is believed that it is this lending which is crucial to business growth. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.  Setfords Solicitors are a national full service law firm, with residential property solicitors in Epsom andacross the country.