HMRC has published provisional details of monthly property transactions completed in the UK with value of £40,000 or above, for August 2019.
There were 99,890 residential and 11,330 non-residential transactions.
The provisional seasonally adjusted count of residential property transactions in August 2019 is 0.9% lower than August 2018 and 15.8% higher than July 2019.
Meanwhile, the provisional seasonally adjusted count of non-residential property transactions in August 2019 is 8.7% higher than August 2018, and 29.0% higher than July 2019.
Neil Knight, Spicerhaart Part Exchange & Assisted Move business development director, said: “The latest figures from HMRC show that residential transactions in August have remained broadly stable year on year, with just a 0.4% drop on a non-seasonally adjusted basis from August 2018. This represents a significant recovery from what was an exceptionally quiet July: overall property transactions increased by nearly one-third (32%) from the previous month.
“Comparing year-to-date totals, the market is still lagging somewhat behind where it was in 2018, with some 30,000 fewer transactions than by this stage last year – possibly reflecting heightened uncertainty around the nature and timing of Brexit.
“What we are seeing at Spicerhaart is much more in line with last month’s more buoyant figures, and consistent with reports from the National House Building Council which painted a more optimistic picture of the market.
“Our Part Exchange and Assisted Move arm is busier than ever, with buyers and housebuilders alike keen to move the process along. We’re clear that there is plenty of demand out there: regardless of political uncertainty people still need and want to move house.”
Adrian Moloney, sales director at OneSavings Bank, added: “As we edge into Autumn and away from the summer slump, the slight upturn in activity is good news for the sector. While it’s too soon to suggest that this increase in transactions is a sign of what’s to come, the market is showing some form of resilience.
“For buyers and landlords with capital, there are bargains to be had, and it appears that many are abandoning the wait and see approach in favour of just getting on with it. Mortgage rates are very competitive, employment is high and earnings have improved, so there are reasons to be positive.
“As we reach the tail end of 2019, we continue to wait for any sign of commitment from the government to boost activity in the market, and this has to start with an increase in the number of houses built. Until buyers receive some clarity, we are unlikely to see a return to form.”