House sales increasing

House sales have increased despite gloomy fortellings by much of the media. Property transactions rose by 11% in the last month according to the latest survey of property transactions from HM Revenue and Customs. House sales in England and Wales rose from 146,000 in April to 157,000 in May. This compares with last years totals of 148,000 in May. Overall, the number of properties changing hands is up 11% in the last three months compared with the same period last year.

Jerome Thompson from Reef explained " The figures should be treated with some caution because there is no doubt that the expected introduction of Home Information Packs in June caused a rush of sellers trying to beat the deadline. An added factor is the expectation of interest rate rises which may have driven some buyers to sort their mortgages before further increases by the Bank of England."

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