House sales were 5% higher in August than in the same month the previous year, according to HM Revenue and Customs (HMRC) figures.
Across the UK, an estimated 90,210 homes were sold, marking a 5% increase compared with August 2023 and slightly lower (less than 1%) than in July 2024.
Several mortgage lenders have been cutting their rates in recent weeks as the autumn market gets under way.
Holly Tomlinson, a financial planner at wealth manager Quilter said: “The year-on-year increase (in property sales) highlights that the housing market has rebounded, as persistent inflation and interest rate pressures ease somewhat.
“Buyers are now better equipped to navigate these challenges, supported by a stabilising mortgage market, particularly as more 4% mortgage deals come into play and a realisation that rates are unlikely to get down to anything like the levels enjoyed pre and during the pandemic.”
While falling mortgage rates are improving confidence, affordability remains an issue and sellers must price realistically
Jason Tebb, OnTheMarket
Iain McKenzie, chief executive of the Guild of Property Professionals, said: “The Bank of England has made some cautious progress in lowering interest rates as a result of falling inflation levels in the past year. It is anticipated that it will continue to be much of the same as the year comes to a close.”
Andrew Lloyd, managing director at property data insights provider Search Acumen, said the figures indicate that “homebuyers are keen to capitalise on more favourable borrowing conditions”.
Nicky Stevenson, managing director at estate agent group Fine & Country, said: “Lower interest rates translate to reduced monthly mortgage payments, which should attract buyers back into the market. This change offers greater flexibility in their budgets and the opportunity to consider higher-priced homes.”
Jason Tebb, president of OnTheMarket said: “While falling mortgage rates are improving confidence, affordability remains an issue and sellers must price realistically, particularly if they are keen to move before the end of the year.”
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
