Transaction levels for house sales in the UK has reached a three-year high

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Following a subdued start to the year, conveyancing solicitors are now experiencing greater volumes of house sale transactions, to the delight of home owners and estate agents, as the RICS reports that transaction levels for house sales in the UK has reached a three-year high with chartered surveyors reportedly selling an average of 17.4 homes over the previous three months, the highest number since March 2010.

The main reason is increased confidence in the housing market which continues to translate into sales, as well as a stagnation of fresh stock coming on to the market, with the result that those buyers are re-visiting current properties.

Following a survey by RICS by 327 respondents covering a total of 506 offices, a net balance of 19% surveyors expect sales to rise even further over the next three months.

Peter Bolton King, RICS global residential director, is reported as saying that: “A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick-up. The increase in potential buyers getting out there and viewing property is particularly encouraging. Thanks to initiatives such as Funding for Lending, mortgages are becoming more accessible to buyers, which is gently easing the pressure on the market and freeing up stagnant chains.”