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House sales at their highest since 2007

July 2014

UK property sales in June hit their joint highest monthly total since the financial crisis began, however sales amongst young adults remains low.

There were 110,000 sales in June, which were the same as in November last year and the highest since the end of 2007 according to HM Revenue and Customs’ data just out.

This give further evidence that a recovery in the housing market in being spurred on by the government schemes and general positivity in the wider economy.

However there remains an historical low of buyers aged under 30. The NAEA (National Association of Estate Agents) said that 3% of those buying property in June were aged between 18 to 30. This compares to 48% of buyers aged 31 to 40 .

Following new legislation on lenders, it means there are tougher affordability checks on potential borrowers and greater delays in getting an application through.