"We have seen a very significant summer surge in market activity since the election was concluded, with transactions up 8.8% on the month in July."
The average purchase price for first-time buyers has risen by 3.3% on the month, and by 4.6% of the year. However, this comes as the number of first-time buyers entering the market falls by 0.4% on the month, and by 26.4% on the year.
July transactions also saw a 'summer surge', rising 8.8% on June, although remaining 10% lower than last year.
New buyer demand for homes rose by 1.5% on the month but is still down annually by 9.9%.
Additionally the number of properties coming onto the market has risen by 2.5% on a monthly basis, however is down by 8.5% on the year. In July there were 9 buyers chasing every property across England and Wales.
Paul Smith, CEO of haart, the UK’s largest independent estate agent, commented: “We have seen a very significant summer surge in market activity since the election was concluded, with transactions up 8.8% on the month in July. This was the highest July monthly increase in transactions in eight years. July 2014 – at the height of the property boom – was the only other time in recent years when we have seen such a large monthly rise.
“A summer surge is another clear sign that the market is proving resilient. Although the number of transactions remains significantly behind where they were a year ago, it seems the market has reached the bottom of the Brexit barrel and now the real challenge is affordability – how can we get more young people into homes that they can afford to buy?
“There is growing clamour for radical action on stamp duty at the bottom end of the market to help first-time buyers. It is time the Government listens and takes action to clear their route to homeownership.
“Looking ahead we could expect to see yet more growth in activity in August and September. Housebuilders are pushing developments towards completion as quickly as possible, and the apparent stability of the UK economy combined with a lower pound is starting to see the return of foreign investors seeking to snap up UK assets.”
