Prices rising, transactions rising… but is it a recovery? | Alex Johnson | Independent Property Blogs

Prices rising, transactions rising… but is it a recovery? | Alex Johnson | Independent Property Blogs

Latest figures from the property world suggest that the market is becoming increasingly active again. According to the LSL Acad E&W house price index, first time buyers have been active in a bid to beat stamp duty with transactions rising by 32% in March following a 10% rise in February.
David Brown, commercial director of LSL Property Services, said: “The bulk of the boost in activity came from first time buyers rushing to complete their purchases before the end of the stamp duty holiday. Although transaction numbers rose rapidly last month, the bulk of the activity was for properties below the £250,000 threshold. It’s also important to remember that the relatively stable national picture of house prices masks a far more volatile picture at a regional level. Although price growth has slowed in London over the last few months, the capital is currently the only region in which prices are rising. The price rises enjoyed by London homeowners mean the national figures do not reflect what have, in some areas, been relatively steep price falls, with the north of England a notable example, showing annual price falls of 6.1%.”
According to Winkworth, first time buyers are expected to suffer from the ending of the stamp duty holiday, while the middle market of family homes in Greater London is showing signs of revival. Meanwhile sales at haart rose by over a third last month. Their best performing areas of the country were London and the South East followed by the East Midlands and East Anglia. The top performing individual branch was Colchester which has seen sales rise by 22% since the start of the year.