Residential property sales were up by 7% in July compared to the same month year, with 90,630 transactions, official figures show.
However, the numbers were marginally lower month on month, dipping by less than 1% compared to June, according to the data from HM Revenue & Customs.
The trend echoes that shown in Nationwide’s house price index today, which reports house prices slipped month on month in July, but were 2.4% higher compared to last year.
Legal & General Mortgage Services managing director Kevin Roberts says: “The UK property market may have seen a marginal dip in transactions in July, but the underlying strength of the market is evident.
“Despite a few speedbumps, the road is pointing to a stronger 2025. Capital Economics’ July Report indicates that house prices will stay flat for the rest of the year, and this will dovetail with falling mortgage rates to create a wave of new opportunities for buyers.
“For now, stability is enough, and the current range of products and apparent lender competition on rates and criteria is a sure sign that the market is in good health.
“The horizon definitely seems to be looking a little brighter and there’s a confidence we’ll experience a busier last few months of the year, leading to further positive transaction figures in the future.”
Jackson-Stops chairman Nick Leeming says: “Today’s figures suggest that the market is positioning itself for a busier end to the year compared to even 12 months ago.
“While transaction data can take longer to show a shift in trends, even today’s annual uptick suggests greater confidence from buyers and sellers in direct response to a clearer political outlook and improving economic situation.
“This greater sense of clarity is being seen across the Jackson-Stops network too. “In July, new applicants, listings and completions were all higher than June 2024.
“Completions particularly have seen a notable uptick month-on-month and are also up considerably on a year ago.
“Though, sellers continue to have the upper hand and prices are being insulated as a result of the level of demand that is outstripping current stock levels.
“Despite this, buyers are remaining resolute in their searches, we have seen an 18% increase in applicants compared to a year ago and an 11% rise month-on-month.”
