The seasonally adjusted data shows that 106,480 property transactions took place in August – more than any month since February 2014.
It is the third month in succession the home sales of more than 100,000 have been recorded, which is welcome news for agents. But sales still remain significantly below the monthly sales of close to 150,000 recorded at the height of the property boom in 2006.
The seasonally adjusted estimate of the number of residential property transactions in August rose by 5.7 per cent compared with the corresponding month last year.
Peter Rollings (left) CEO of Marsh & Parsons, commented, “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 continued, “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.
“The subsequent squeeze on available property for sale in the capital should keep pushing house price growth along well into the autumn.”