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House sales up by 40%

Friday, 11 August 2006 12:00 AM

House sales are up by 40 per cent on last year, despite a slowdown in the housing market of late, according to estate agents.

Agents sold 14 properties each on average in July, a slight fall on June when they sold 15 per agent, but a large increase on last year when only 10 per agent were sold.

The National Association of Estate Agents (NAEA), which reports a 1.6 per cent increase in average asking price to £207,011, says the level of sales and lack of a significant dip shows the housing market is in great shape.

A notable lack of detached houses for sale led to prices in this sector of the market increasing by 3.6 per cent. Terraced and semi-detached properties also enjoyed increases in prices, but the price of flats fell by 1.4 per cent.

The holiday period has also not led to big dips in buyers registering with estate agents. Although there was a five per cent fall on June's figures, the number of buyers is still 10 per cent above last July.

Levels of housing stock have also begun to climb. Estate agents are reporting an average of 66 homes on their books, compared to 55 in July last year.

First-time buyers are continuing to return, accounting for 11.3 per cent of the market - above last year's figure of 7.8 per cent.

"Things are looking up for the wider housing market," said NAEA president Charles Smailes.

"The market is clearly stable and the continuation of a reasonable supply of properties coming on to the market bodes well for the future. The market remains very positive at present and I am confident that it can withstand the quarter of a per cent rise in interest rates announced at the beginning of August."

Mr Smailes expects a small dip in August, but maintained that the year-on-year growth was what the industry was hoping for.

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