New figures from HM Revenue & Customs suggest the property market is showing signs of recovery.
The number of house sales rose by 40 percent in March compared with the month before, according to statistics released by HM Revenue & Customs (HMRC).
Figures show 60,000 property sales during the month, up from 43,000 in February, with each home selling for at least £40,000. Even when the numbers are adjusted for seasonal trends there is still a rise of 13 percent between the months.
The report is the latest piece of good news from the beleaguered housing market. Bank of England data showed that mortgage approvals rose in February, while Nationwide reported a small increase in house prices during March.
But there have still been negative reports on the state of the market. The Council of Mortgage Lenders (CML) released a study last week which showed that two million homeowners are unable to move because of a lack of equity, while house prices are still around 20 percent below their 2007 peak.
CML director general Michael Coogan, commenting on a Trends in Lending report from the Bank of England, warned yesterday that any recovery in the mortgage market is at a "delicate stage". He explained: "The report says some increase is expected in mortgage availability, but the volume of lending - and demand from consumers - will remain weak in the coming months."
