UK real estate market needs boost as transactions remain very low, according to experts

[Nicholas Wallwork]

Transaction activity in the UK real estate market remains subdued but stamp duty exemption for first time buyers should be continued to help the industry, it is claimed.

The latest figures released by HMRC shows residential property transactions are well below the levels preceding the onset of the credit crunch, partly because of a shortage of mortgage finance as well as, until recently, the lack of stock on the market.

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[madison85]

actually, global real estate market needs boost, no country did not get hit.

 

[PatrickF]

Research conducted by the Council of Mortgage Lenders in July 2010 revealed that gross mortgage lending in June 2010 increased seasonally by 15% compared to May 2010, signalling a strong return of confidence in the market. This somewhat contrasts with the British Banker's Association (BBA) who reported that the number of mortgages approved was 4.6% less (34,813) in June 2010 than the amount approved in May 2010 (36,418).