HMRC: House sales up in May

Permalink: HMRC: House sales up in May
by Kay Murchie

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

According to HMRC, 62,000 homes worth at least £40,000 were sold in May - a rise of 7% when compared with April.

The figure represents the highest since last autumn but it is 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 60,000 sales completed during May, down from 64,000 in April.

In March, HMRC reported a 40% rise in the number of homes sold in March, compared with February.

The HMRC figures come just a day after the British Bankers’ Association (BBA) reported that the number of mortgage approvals by the UK’s major banks hit a 13-month high in May.

According to the BBA, 31,162 home loans were approved in May which was a 7% rise compared with April and a 16% increase on May last year.

However, the BBA cautions that the mortgage picture remained subdued overall.

Record low interest rates and falling house prices is luring many people back to the property market but the fact remains that without a significant deposit, mortgages are still hard to secure.