House sales in the UK hit their highest level in more than two-and-a-half years

The Royal Institution of Chartered Surveyors (Rics) has reported that UK house sales have hit their highest level in more than two-and-a-half years in February. On average, 17 homes were sold per surveyor in the three months to February. However, the Rics have stated that the figures do not signal a housing boom, and that property prices were also relatively unchanged. Figures from HM Revenue and Customs suggest that the number of homes being sold in the UK currently, is about half compared to 2007 before the financial crisis hit. Peter Bolton King, global residential director at Rics said “It is encouraging to see that the housing market now appears to be picking up across most parts of the UK despite ongoing concerns about the health of the economy.” The housing market has had little momentum in recent years, however the introduction of the Funding for Lending scheme by the government, has helped increase the availability of mortgages on the market. However, it is believed that many borrowers are still finding it tough to raise the deposit required to secure a home loan. 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 property solicitors in Tilehurst  and across the country.