Sales levels notch up – but there's a long way to go

Transaction levels edged up 11% in July compared with the previous month, says the LSL/Acadametrics report this morning.

It said there were an estimated 72,100 transactions in the month, compared with 64,915 in June, and roughly double the number of house sales in January this year.

However, the figure is a very long way short of the 15-year July average of 104,362 transactions.

Of more concern, Acadametrics says that house sales for the period from January to July are an estimated 375,643.

That, too, is way below the long-term average for the same months of 608,301 house sales. 

House prices, says the report, rose by just 0.1% in July.

The report claims the average house price is now £220,685 – a great deal higher than the figure the Land Registry, Nationwide and Halifax are all reporting.

Admitting to the mixed picture being painted by various ‘analysts’, Dr Peter Williams, chairman of Acadametrics, said: “We are clearly in a picture of considerable uncertainty and, at best, the market is likely to continue to remain close to flat. That said, there will be strong regional and local variations.

“There is little to suggest we will see any strong recovery in the market in 2010 or indeed into 2011.”