"The figures show a stable increase in residential transaction activity every month since the Brexit vote and those within the property sector are finding themselves asking what all the fuss was about."
The provisional seasonally adjusted UK property transaction count for August 2016 was 97,660 residential and 10,620 non-residential transactions.
This month’s seasonally adjusted figure is 6.1% lower compared with the same month last year.
Andy Sommerville, Director of Search Acumen, said: “It is encouraging that pre-referendum forecasts of economic meltdown continue to appear overblown as August’s residential property transactions show some resilience and commercial activity gains a new lease of life. The figures show a stable increase in residential transaction activity every month since the Brexit vote and those within the property sector are finding themselves asking what all the fuss was about.
“We are, however, in danger of being overly optimistic about the short-term stability we’ve seen over the past months as a 6.1% decline since the same month last year uncovers 12 months of turbulence in our sector and efforts to get our market back on its feet must not slowdown.”
Richard Sexton, Director of e.surv, commented: “It’s not surprising to see only a nominal monthly change in transactions at this time of year, with these figures signalling no real shock to the market. However, this modest rise in numbers does show that the vote for Brexit has not caused the great shockwave predicted by some scaremongers. Instead, the housing market remains resilient and open for business."
Steve Griffiths, Director of Sales and Distribution at The Northview Group, added: “There has clearly not been the immediate, dramatic market crash that many predicted following the UK’s vote to leave the EU. Transaction figures have remained steady, with a marginal increase in the number of property transactions.
“Whilst we must wait for the coming months to see the true impact of the Brexit decision on our housing market, demand is still strong and many buyers in particular continue to maintain their interests in securing their next buy-to-let purchase.
“With competition still the watchword of Britain’s property market, buyers will look for certainty and speed in their mortgage application, and we believe this provides an opportunity for challenger lenders to set new standards and carve out a reputation for meeting customers' needs."
