The latest HMRC Property Transaction Statistics show that the seasonally adjusted estimate of the number of residential property transactions increased by 6% between April 2013 and May 2013 to 83,740 residential transactions.
This represents an increase of 9% from the same period last year. Over the last 18 months transactions have been fairly flat with the exception of a peak and trough in March and April 2012 caused by the ending of SDLT first time buyer’s relief.
The transaction number is the highest since March 2012 when seasonally adjusted transactions hit 89,650.
When looking at non-seasonally adjusted figures the number of transactions were 89,050, a high since August 2012.
Paul Smith, chief executive, haart said: "The strong increase in transactions is due, at last, to lenders doing what they should be doing – lending.
“The government’s Funding for Lending Scheme is undoubtedly encouraging lenders to offer more attractive mortgages and first time buyers, particularly, are taking advantage of this.
"However, with 13% fewer properties coming onto the market than last year we need more stock to sustain this significant boost in confidence.
“It is a perfect time to sell your home and as more people realise this, we will see stock levels increase and fluidity return to all levels of the market."
Are you worried about the lack of supply becoming a problem? Will conveyancers see work continue to increase? Or is a plateau in sight?