By Jonathan Davies

UK property sales grew by 14% to 1.22 million in 2014, hitting a seven year-high, according to HM Revenue & Customs (HMRC).

The figures showed that the growth of sales eased off in the final few months of the year, but there were improvements in every UK region.

House purchases were boosted by schemes like Help to Buy, and government initiatives like Funding for Lending helped the banks to increase lending.

"Since December 2008, there has been a slow but steady upward trend in the seasonally adjusted count," commented HMRC.

"This trend grew at a faster rate between April 2013 and February 2014; however since then the rate has declined slightly."

Mortgages lenders have predicted another slowdown in the housing market in 2015, with sales expected in the region of 1.18 million.

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