UK property sales exceed 100,000 for third month in a row

Sold boardsResidential property sales in the UK were at their highest in August for 18 months, according to the latest data published by HMRC.

It means that more homes were sold in in August than in any month since February last year with the seasonally adjusted data showing 106,480 transaction during the month.

It is the third month in a row that sales of more than 100,000 were recorded, however, sales are still well below the monthly sales of nearly 150,000 seen during the housing boom in 2006.

The seasonally adjusted estimate of the number of residential property transactions increased by 3.1% between July 2015 and August 2015 and that is 5.7% higher compared with the same month last year.

For August 2015 the number of non-adjusted residential transactions was 7.4% lower compared with July 2015. The number of non-adjusted residential transactions was 1.9% lower than in August 2014.

Peter Rollings, chief executive officer of Marsh & Parsons, said that taking into account seasonal adjustment, property sales are going from strength to strength, and showing great improvement from this time last year.

‘With the spectre of higher interest rates being kept at bay, buyer demand is in full swing and summer sales have continued to blossom in August. After slightly fewer home sales than we would expect in a typical July, buyers last month were showing a new enthusiasm and readiness to enter the market,’ he pointed out.

‘The changes to stamp duty are still washing over London and cooling activity at the topmost tiers of the housing market. But overall demand for property in the capital hasn’t waned, as young professionals and first time buyers continue to seek out up and coming areas to put down roots,’ he explained.

‘The subsequent squeeze on available property for sale in the capital should keep pushing house price growth along well into the autumn,’ he added.

Source: Property Wire

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