House sales up 23% on last year

There were 64,000 UK property sales in January, up 23 per cent compared the same month last year, according to figures from HM Revenue and Customs (HMRC).

Sales numbers endured the traditional post-Christmas dip, falling from 86,000 in December.

But the January figures are the highest since 2008.

Yesterday the Council of Mortgage lenders said that mortgage lending was up 10 per cent to £10.5bn last month, boosting hopes that the market is on the road to recovery.

However some experts suggest there is simply a rush to enjoy the tax holiday from the 1 per cent stamp duty rate for first-time buyers on properties worth between £125,000 and £250,000. The exemption ends on 24 March.