• Sep

Sales jump by one third in a month in ‘significant recovery as buyers get on with it

The property market recovered from a quiet July in August, with completed transactions jumping 32% over the month.

HMRC property transaction data recorded 117,100 UK residential sales on a non-adjusted basis last month – up by a third on July.

The transaction figure is nevertheless down 0.4% annually. It also reflects deals that will have been some time beforehand.

All regions registered a monthly increase in completed sales, with the biggest in Northern Ireland at 51%.

There was a 38% boost in Scotland and a 32% rise in England, while Wales saw sales rise by 9.8%.

This may suggest the recent increase in mortgage approvals is starting to filter through to the sales market.

The market is still behind on last year, though, with all regions registering annual declines in sales.

There was a 0.4% drop across the UK on an annual basis.

On a seasonally adjusted basis, sales were down 0.9% annually in August but up 15.8% compared with the month before.

Managing Director of Grants Independent comments “This represents a significant recovery from what was an exceptionally quiet period in June and july and bodes well for the Autumn market.