Number of UK property sales hits 16-month high

Number of UK property sales hits 16-month high

The UK property market is picking up pace once again, with more homes being sold in the UK in September than in any other month since the first half of 2014, it has been claimed in a report from the Royal Institute of Chartered Surveyors (Rics). 

The organisation said that in September of this year there was a slight rise in house prices as more homes were sold, thanks to the fact there was an improvement nationwide in the availability of mortgages, coupled with no real increase in the number of homes coming to market.

Across the UK in September, Rics said, some 14 per cent more chartered surveyors saw a rise in the number of homes being sold. This marked the fastest rate of improvement seen anytime in the UK market since May of 2014.

It is a 16-month high for the property market in terms of sales, and it also marks the fifth month in a row that we have seen the volume of sales increase across the UK.

Rics said that the main reason for there having been such a rise in the number of sales is the upturn in demand which has been visible in the data since the early spring. More homes coming up for sale, as well as the fact that we have seen buyer numbers swelling, has meant that there has been a rise in sales. 

Simon Rubinsohn, Rics' chief economist, said: "Activity is now picking up which is encouraging, but unless the stock being sold is replenished there is a limit to how sustainable this modest improvement in market turnover will prove to be. And, unfortunately, the indications are that we are locked in a cycle where the lack of available properties on agents’ books is itself deterring some potential vendors from thinking about putting their own property on the market."