The number of residential transactions recorded on a non-seasonally adjusted basis in the UK this July equalled 110,970, say government statistics.

This is 32.0% higher than July last year, and a 7.2% gain on June 2022.

The data also shows that non-residential transactions, also on a non-seasonally adjusted basis, rose 3.8% annually, to 10,380. This is 5.1% more than in June 2022.

Seasonally adjusted, residential transactions read as 104,470, which is 36.7% more than last year, and, for non-residential transactions, 10,460 – 6.4% more across the same time frame.

MT Finance director Tomer Aboody comments: “Transaction levels are still relatively low which is the main reason that property prices remain high, even though interest rates are going up along with inflation.

“With the need to stem the increase in property pricing, higher interest rates are not the only solution. We have been calling for a restructure of stamp duty for some time, encouraging those in bigger family homes to downsize.

“We are seeing buyers becoming more cautious than in the past few years, fearing rising costs. Borrowers are trying to lock into an extended fixed rate, as inflation is predicted to increase which in turn will push rates much higher, potentially as high as 5% to 6%.”

And Legal & General Mortgage Club head of lender relationships Danny Belton says: “The UK property market is one of the most resilient around and is therefore a favourite among investors.

“We have seen an increase in mortgage searches from June to July, while those on behalf of first-time buyers and first-time landlords remain second most popular, despite this being one of the cohorts people are most worried about. We would be doing the industry a disservice if we were to underestimate its resilience.”