The seasonally-adjusted estimate of property transactions from HMRC shows that sales dipped 0.6 per cent in July 2013 from June, but is now 18.5 per cent higher than June 2012.
Indeed, the trend since the beginning of 2012/13 has been an increase in transactions, with a peak and trough in March and April 2012 caused by the ending of SDLT first time buyer’s relief.
The number of non-seasonally adjusted transactions is the highest it’s been since December 2009. The seasonally adjusted number of transactions has also been rising in recent months, although there was a slight fall in April 2013.
Paul Smith, CEO of haart estate agent, comments: “Although they fell marginally from June to July the general pattern is that transactions are on the rise again. This is a significant pointer to the recovery of the housing market and coincides with a general feeling that sentiment is becoming positive.
“At their peak in 2006 there were 1,667,800 transactions and they now stand at 930,750 which means there’s a still a way to go before the market can be said to be completely recovered.
“As we have said it’s the lack of houses coming onto the market which is slowing this recovery and with our branches achieving 98.9% of asking prices now is the time to put your property on the market, before the masses become aware of this recovery and properties are put onto the market in their droves.”