August sees big rise in house purchases

September 24, 2022 by Mark

Home owners

Last month saw a sizeable increase in the number of house purchases that were completed in the UK, according to the latest figures to be released by HMRC.

The figures show that there was year-on-year growth of 9.7% in the number of these sales. There was a total of 114,440 house purchases recorded over the course of the month, without seasonal adjustment, which marks a big increase on the total for both the year and the month before. There was growth of 4.4% in the house purchase total compared with July of this year.

When it comes to the seasonally adjusted figures, HRMC is reporting that they hit 104,980 by the end of August. That represents a rise of 7.6% on a year-on-year basis.

Speaking to Mortgage Strategy, the chief marketing and sales officer for Phoebus Software, Richard Pike, said:

“Once again the figures from HMRC show that the market continues to perform well. A good sign in the face of everything that is going on both here and across the world.”

Pike went on to add that expected moves by the Government to counter the latest round of rises in interest rates could help to ensure that the current strong performance of the housing market continues, despite the external pressures on it.

Among the policies expected to be announced is a reduction in stamp duty.

The continuing healthy state of the housing market will ensure that the number of people seeking out a CeMAP training company to become mortgage advisors will stay high.