Property transactions rose almost a third in August
Property transactions in August rose almost one third on the previous month, according to official estimates.
The provisional seasonally adjusted estimate of residential transactions in August was 98,300, 32 per cent higher than July, HMRC data published on Tuesday revealed.
The number of transactions was also 20.8 per cent higher than August 2020.
It comes as buyers are facing fierce competition to buy with demand per property on the market more than double levels prior to Covid, according to Rightmove’s house prices index.
The non-seasonally adjusted estimate of transactions for last month was 106,150, up 28.0 per cent on July and 24.8 per cent on last August.
This provisional estimate is close to levels recorded before the pandemic, such as an estimated 111,600 transactions for August 2019.
Non-seasonally adjusted estimates of residential transactions completed were 87,860 in England and 2,780 in Northern Ireland.
The boost comes after a temporary increase in the stamp duty nil rate band was reduced to £250,000 from July 1 until September 30.
Estate agents Chestertons said the London market registered a 54 per cent increase in sales in August, compared to the previous month, according to its own data.
“After a record-setting first half of the year, the housing market has been levelling out since June but remains buoyant. We expect activity to pick up as we move into the autumn as there is still substantial unsatisfied demand.
“Buyers are especially looking for larger properties with gardens and are still able to take advantage of very attractive mortgage offerings,” Nick Barnes, head of research at the firm, added.