HMRC: House sales up in June

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by Kay Murchie

HM Revenue & Customs (HMRC) has today revealed a rise in the number of homes sold in June in the UK.

According to HMRC, 75,000 homes worth at least £40,000 or more were sold in June - a rise of 15% when compared with May.

The HMRC said this was the highest level of activity for 12 months but the figures are still well below the level of transactions seen during the housing market boom.

Traditionally, this time of year attracts buyers but stripping out seasonal factors, there were 65,000 sales completed during June, down from a revised figure of 63,000 in May.

This week has seen some positive news for the housing market after yesterday the Council of Mortgage Lenders (CML) announced a surge in mortgage lending for the month of June.

Lending reached £12.3 billion for the month, up from £10.5 billion the previous month, according to the CML.

However, the organisation points out that the June rise is attributed to a seasonal increase and the gross lending figure is still 48% lower when compared with June last year.

However, while all positive news points to a recovery, housebuilders Bovis, Redrow, Barratt and Persimmon have all highlighted that the lack of mortgage finance continues to hinder a recovery in the housing market.