The variety of UK residential property gross sales edged all the way down to 93,630 in August, slipping again by 2% in comparison with July, official transaction figures present.
However, August’s determine was 2% greater than a yr in the past, in keeping with provisional seasonally-adjusted knowledge from HM Revenue & Customs.
It follows three consecutive months of will increase within the variety of property gross sales transactions since there was final a dip in transactions in April.
Commercial transactions have been 2% decrease in August than a yr earlier and three% decrease than in July at 9,910.
SPF Private Clients chief govt Mark Harris says: “Transaction numbers dipped barely in August however stability and consistency within the mortgage market is encouraging exercise and enabling debtors to plan forward with extra confidence.
“Some lenders have been elevating their mortgage charges barely whereas others have been tweaking downwards and debtors on the entire have gotten used to this greater charge setting.
“While we’ve had 5 base charge cuts up to now yr, with extra anticipated, the period of rock-bottom charges is lengthy gone.”
North London property agent and former Royal Institution of Chartered Surveyors residential chairman Jeremy Leaf says: “A primary look at these figures, which helpfully cowl money and mortgaged gross sales, would possibly make you suppose the market is demonstrating better-than-expected resilience.
“But don’t be fooled – these transactions replicate exercise from the previous few months so don’t take a lot account of latest uncertainty prompted by hypothesis about Budget content material.
“Since then, some consumers and sellers, significantly of costlier flats and homes, have been urgent the pause button though the overwhelming majority of our gross sales are persevering with albeit extra cautiously.”
Jackson-Stops chairman Nick Leeming says: “We should still be a distance away from the Autumn Statement, but hypothesis round housing coverage reform is already weighing in the marketplace.
“Proposals into account embody changing stamp responsibility with a nationwide property tax on houses over £500,000, doubtlessly shifting the burden to sellers.
“While this might enhance mobility for consumers, it dangers discouraging downsizing amongst older owners, part of the market our analysis revealed is very delicate to stamp responsibility adjustments.
“Our newest insights highlighted stamp responsibility reduction for downsizers may carry over half one million houses to the market inside simply 12 months, delivering a lot wanted market fluidity and wider financial exercise.”
