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Housing transaction levels rise for October

Housing transactions and mortgage lending were higher in October than in September, according to figures from HM Revenue & Customs (HMRC) and the Council of Mortgage Lenders.
At 65,000, housing sales were 5,000 higher than in September, the first time since May that there has been an increase.

However, they were still 50% less than at the same time last year and the level of mortgage agreements was 44% down.

Chief economist at the Royal Institute of Chartered Surveyors (Rics) Simon Rubinsohn said the figures were evidence that the dramatic slump in sales over the past year had stabilised recently and that falling house prices and lower interest rates were encouraging some cash-heavy buyers back into the market.

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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