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property sales leap in March
April 22, 2009
The number of homes sold in the UK rose sharply in March compared to February. HM Revenue & Customs reported that sales were 40 per cent higher in March than they were in the previous month.
Sales tend to rise over the spring period in any event, but even adjusting for seasonal factors, sales were up 13 per cent on the month.
The results appeared on the same day that the Council of Mortgage Lenders reported gross mortgage lending in March up 16 per cent on February. They are also consistent with recent data from the Bank of England showing a substantial rise in mortgage approvals and suggest that activity in the property market could be recovering.
Nevertheless, the number of homes coming on to the market and the number of sales are still at less than half the levels seen this time last year.