House sales at highest level for 5 years, says Halifax

Activity is at its highest level for five years with home sales increasing by 5% in 2012 to 932,000; the highest annual total since 2007 (1,619,000). This is according to the latest Halifax house Price Index. Sales in the final three months of 2012 were 4% higher than in the preceding quarter on a seasonally adjusted basis, data from HMRC shows. Commenting on the figures, Martin Ellis, housing economist at Halifax, said: "Market activity has improved with sales in 2012 at their highest for five years. Rising mortgage approval numbers point to further increases in home sales in the coming months. The Funding for Lending scheme has helped lenders to lower interest rates and improve availability in the past few months.” Updated Monday 11, 2013