The variety of UK residential property gross sales edged down to 93,630 in August, slipping again by 2% in contrast to July, official transaction figures present.
However, August’s determine was 2% greater than a 12 months in the past, in accordance to provisional seasonally-adjusted information from HM Revenue & Customs.
It follows three consecutive months of will increase in the variety of property gross sales transactions since there was final a dip in transactions in April.
Commercial transactions had been 2% decrease in August than a 12 months 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 in 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 fee atmosphere.
“While we’ve had 5 base fee cuts in the previous 12 months, 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 assume 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 current uncertainty prompted by hypothesis about Budget content material.
“Since then, some consumers and sellers, notably 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 be a distance away from the Autumn Statement, but hypothesis round housing coverage reform is already weighing available on the market.
“Proposals into consideration embody changing stamp responsibility with a nationwide property tax on properties over £500,000, doubtlessly shifting the burden to sellers.
“While this might enhance mobility for consumers, it dangers discouraging downsizing amongst older householders, part of the market our analysis revealed is extremely delicate to stamp responsibility modifications.
“Our newest insights highlighted stamp responsibility reduction for downsizers might deliver over half one million properties to the market inside simply 12 months, delivering a lot wanted market fluidity and wider financial exercise.”
