'Higher transaction rates needed' for market boost

A higher rate of property transactions need to take place to help the market return to normal, it has been asserted.

FindaProperty.com content editor Michael O'Flynn recently suggested an increase in sales would be required before the industry could be given a clean bill of health.

"Transaction levels remain low by historic standards and this is a cause for concern," he explained, adding a rise in lending is needed to boost transaction levels and house prices.

Mr O'Flynn's comments come after Hometrack figures showed a slight rise in trading levels in April - but a slower rate than in previous months.

It also reported a 0.3 per cent fall in the average house price - the lowest monthly decline for a year.

Some may decide the market remains too volatile to move and decide that improving their property with a conservatory or kitchen extension is a better option.

HM Revenue and Customs recently reported that 60,000 properties had sold for more than £40,000 during March - an increase of 37.5 per cent over February's figures.