HMRC: House sales up in July

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by Kay Murchie

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

According to HMRC, 76,000 homes worth at least £40,000 or more were sold in July, a rise of 17% compared to the 65,000 sold in June, and represents the sixth consecutive month during which house sales have either increased or remained the same.

The figures indicate that the property market is benefiting from the usual house buying activity experienced in the summer.

Earlier this week, the Council of Mortgage Lenders (CML) revealed that mortgage lending continues to rise.

According to the CML, mortgage lending was up 26% during July when compared with June, with gross lending at £16 billion.

The improvement in mortgage lending in July was due to the traditional summer bounce.

However, it must be noted that mortgage lending and the number of house sales are a far cry from the levels experienced during the housing boom.

In related news, the Department for Communities and Local Government has revealed a rise in the number of homes being built since the spring.

Builders started on an estimated 29,980 homes in England in the April to June period - a rise of 63% compared with the first quarter of the year.