L&G: Property sales could grow go further
Adjusted data from HM Revenue and Customs revealed that transactions increased by 3.5% between January 2014 and February 2014.
In February sales were up by a third on the year before .
Duncombe said: “There is definitely some capacity in the market.
“If you look at transactions, in 2007 there were about £1.6m transactions, and last year we only had just over £1m, so we are not back to normal historic levels.”
The transaction count last month was 108,940 for residential and 9,120 for non-residential.
Non-seasonally-adjusted transactions peaked in November 2013, which was the highest level since November 2007.
Duncombe added: “There has been a change in the shape for the market, with first-time buyers coming back into the market.
“We need to make sure there is somewhere for those taking the second step to go. Ways to encourage this is for stamp duty to be looked at and unfortunately that hasn’t happened yet.”