Transaction rates must increase
There must be an increase in the number of properties being traded if the housing market is to return to a healthy state, an expert has suggested.
Recent Hometrack figures show property transactions increased slightly during April – but at a lower rate than in previous months.
The statistics also show a 0.3 per cent drop in the average value of a home – the lowest monthly drop in 12 months.
However, FindaProperty.com content editor Michael OFlynn asserted more people have to start buying to boost the market.
"Transaction levels remain low by historic standards and this is a cause for concern," he explained.
Mr OFlynn added a rise in lending is needed to boost transaction levels and house prices.
Some may have decided mortgages were too difficult to come by and chosen to invest in a conservatory instead.
A total of 60,000 properties sold for more than £40,000 during March, according to HM Revenue and Customs – an increase of 37.5 per cent over Februarys figures.