House sales 'jumped 40% in March'!

I would take that with a very large pinch of salt. HMRC has some new figures and they are suggesting that there is an improvement in the housing market. I am not alone in welcoming such a move. Any market that stagnates is no good to anyone. However, I sense Treasury spin here. These "average sales" amount to about £40,000 each. I would hazard a guess that these are not all first time buyers, but more those with ready cash buying up houses for future events. As with previous slumps, it is the cash-rich speculator that can buy on the cheap.

I think the Council of Mortgage Lenders is nearer the mark by saying, "Despite this small improvement, the CML does not foresee a lasting, significant increase in lending volumes until funding conditions improve." Nicely said, with no spin!

Posted in: banks,housing market,mortgages