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Property sales hit high for the year in November

Thursday, 22 December 2011 9:36 AM

November saw the highest level of home sales of the year so far, according to figures released by HM Revenue and Customs.

The 85,000 property sales across the UK during the month was up eight per cent on October and 12 per cent on November 2010.

On a seasonally adjusted basis this was the highest level of sales seen since December 2009.

However, the total sales of 787,000 for the first 11 months of 2011 were still down on the 810,000 seen in the same period of 2010. The year as a whole seems likely to see less than 900,000 sales for the third year in succession.

Before the credit crunch property sales were averaging more than 1.6 million a year.

However, as mortgages became much harder to come by that total fell to a low of 859,000 in 2009.

Within the UK total, England saw 73,000 sales in November, a rise of seven per cent on October and 11 per cent on a year ago. England accounted for 762,000 of the 886,000 sales in the UK last year.

The next few months could see a temporary pick-up in sales as first-time buyers look to take advantage of the stamp duty holiday on homes below £250,000 that ends in March.

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