The number of properties sold in the UK has reached an annual high, according to the latest figures.
Property sales hit their highest level for the year last month, HM Revenue and Customs (HMRC) figures show.
There were 85,000 properties sold in November, compared to 79,000 in October.
Despite this positive news within the housing market, the amount of sales in the first 11 months of the year were actually lower than the figures for 2010.
HMRC figures also show that there were 9,000 more property sales in November, compared with the same month in the 2010. This represented the highest number of properties sold since July 2010.
The property market has been particularly stagnant over the last two years. Since 2007, following the economic crash, lenders and banks have restricted their mortgages making it hard for people to purchase properties. Lenders also requested higher deposits and with the economic climate as it is many simply canít afford it, forcing them to rent.
Currently, lenders are loosening their grip on mortgages and various high loan-value mortgages are becoming more widely available.
Peter Bolton King, from the National Association of Estate Agents, commented on the state of the housing market. He expects that things will pick up gradually over the next year; “I don’t believe that we will see a significant fall in house prices over the next 12 months as some have feared. But equally, it is unlikely we will see any great upturn to help the market back to full capacity.
ìIt is likely that property transactions will remain at a similar level to that in 2011,î he continued.
If you are considering taking out a mortgage, it would be advisable to shop around for the best deal.
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