House sales up after record lows

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The average estate agent agreed eight sales during the month, the highest level since February last year and up from a record low of just five in August, the National Association of Estate Agents said.

The group said the rise in transactions showed that the increase in buyer demand seen during January was beginning to generate more sales, as consumers believed there were "bargains to be had" in the property market.

It added that with record low interest rates making savings accounts less attractive, growing numbers of people were willing to make a long-term investment in bricks and mortar.

There were also other signs that a recent pick up in interest in the property market was holding up.

The number of househunters estate agents had on their books remained broadly unchanged during February at an average of 240, following a jump of more than 20% in January.

The proportion of househunters who were first-time buyers also held up at 24%, more than double the 11% recorded in December.

The NAEA said demand for housing among first-time buyers remained "very strong", and when they could get access to the finance they needed, people were "ready and willing" to buy a property.

Although it added that more still needed to be done to enable people who wanted to purchase a home to be able to do so.