Market outlook: further evidence of sales recovery taking hold

• At the beginning of the year, the recovery in the sales market was tentatively taking hold. Four months later, that recovery has solidified further.

• Prices have stabilised and leading indicators for transaction activity show promising signs. Mortgage approvals in February were their highest in 17 months.

• This will be a slow and steady recovery in prices. Affordability metrics are still stretched, compared to historic market norms. Source: #Dataloft by PriceHubble, HMRC, Bank of England