House sales 'continuing to rise'

Continuing with the hopeful news regarding the housing market. It has reported today that the number of homes sold in the UK has infact continued to rise. According to HM Revenue and Customs (HMRC), some 62,000 residential properties costing more than £40,000 were sold in May, which is around 7% on the previous month of April. Is is reported that this figure is the highest since October of last year but obviously still well down on the level of transactions seen during the recent boom in the UK housing market.

This information is the latest to show a steady rise in interest from buyers, and following similar rises in mortgage approvals from lenders. Earlier in the week, the British Bankers' Association (BBA) reported the fact that there had been a steady rise in mortgage approvals over the last six months. The detailed showed that the number of approvals for house purchases by BBA members rose to 31,162 in May, up 15.8% compared with the same month a year ago.

The HMRC figures also reflect the typical "spring bounce" in the housing market, with buyers showing more interest at this time of year.

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