July brings residential property sales rise

August 30, 2022 by Brendan O'Neill

Property Market

New figures from HMRC covering the July period show that the month brought a slight increase in the number of residential property sales, compared with June.

The total number of these transactions during July was 110,970, which marked a month-on-month increase of 7.2% compared with the 96,290 residential sales in June. The figure for July also represents an annual increase in the total of 32.9%, suggesting that the market is bouncing back quickly from a mini-slump at the start of the summer.

Residential sales figures for June were down by 3.1% in comparison with those of the month before and by 55.1% compared to the same time in 2021, so the improvement in July is welcome for the housing and mortgage markets.

Speaking to Financial Reporter, Chestertons MD Richard Davies stated that his firm had witnessed rising numbers of both homebuyers and those wishing to view available properties last month.

He then added:

“This increase in market activity suggests that, despite economic challenges and the changes to mortgage rules, buyer appetite remains on an upwards trend.”

He went on to point out that many people who are keen to buy are also aware that interest rates are rising sharply, and that this has made some of them prioritise getting a deal done as quickly as they possibly can.

Davies concluded by saying that buyers taking advantage of the re-opening of the market after COVID-19 was another contributory factor.

Mortgage advisors who have done the CeMAP course will be pleased to see transaction numbers rising again.