13th Aug 2010
According to the latest LSL Property Services / Acadametrics House Price Index for July 2010, housing market transactions increase for the second consecutive month, rising by 11% in July from 64,915 in June to an estimated 72,100 in July.
Transaction activity has doubled since January.House prices registered their first rise in five months, rising by 0.1% in July. Average prices over the last three months have remained largely stable.
The annual increase in house prices has slowed to 8.1%, owing to the stronger year on year comparisons.
David Brown, commercial director of LSL Property Services comments: "House sales showed particularly strong growth in July, ahead of the usual seasonal uptick. The influx of quality properties on to the market in recent months has alleviated upwards pressure on prices, while buyers took advantage of a slight easing in lending conditions to secure their new home.
"We don't expect a return to the mini-boom of late last year, but the likelihood of a significant downturn is small too. Small monthly house price fluctuations are likely to continue in the short-term, and there will be considerable regional differences, particularly as the coming budget cuts hit some parts of the country worse than others.
"Longer term recovery is dependent on an improvement in the mortgage products on offer for first-timers. With thousands of frustrated buyers waiting in the wings, unlocking first-time buyer demand is key to re-energising the whole market."
Source: http://www.acadametrics.co.uk
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