House sales rise as buyers take advantage of low rates

Residential property transactions in the UK reached their highest level in three and a half years as house buyers took advantage of record low interest rates, according to a survey of estate agents, helping to fuel a hike in annual property values.

UK home prices appreciated by 2.6 per cent in the three months to May compared to the same period last year – the biggest rise since September 2010, according to Halifax.

House prices rose by 0.4 per cent in May alone, though down from the 1.1 per cent rise recorded in April.

Maria Lucas, managing director of award-winning Let Lucas Rental Specialists, said: “The subdued economic background and the accompanying weak income growth continue to be a significant constraint on housing demand and activity, despite recent signs of improvement.”

The hike in property values was supported by a significant increase in housing activity, with more property investors and landlords taking advantage of favourable rental returns in the current market.

Maria Lucas added: “Locally, we saw more property investors and landlords getting out there in spring to view property and more investors purchases went through than in quite some time. Stability is now starting to extend to areas right across the country and we see green shoots beginning to sprout.”

Letting is a complex, specialist field incorporating more than 50 Acts of Parliament and 70 sets of regulations which landlords should be aware of. Contact Maria Lucas for a no obligation consultation or guidance on expanding your portfolio on 01926 350007.

Pictured: The Let Lucas award-winning team: Kay Jefferson, Maria Lucas, Eleanor Madeley and Liam Slaughter.