This is the first time transactions have soared since December 2022, according to new data from GetAgent.co.uk.
The research, which was published earlier in the week by the comparison site, discovered that whilst the Bank of England’s decision to hold interest rates at 5.25% has negatively impacted many, it has boosted the market’s confidence tenfold.
Between December 2021 and August 2023 – when interest rates were frequently climbing, an average of 99,510 transactions were completed across the UK market on a monthly basis. What’s more, the number of transactions completing also increased by an average 2.2% per month.
Whilst these figures are impressing, the way transactions held themselves during the period interest rates were retained at 5.25% is arguably better. Between September 2023 and July 2024 the number of transactions seen on a monthly basis fell to just 87,940.
However, on an even more positive note the research shows that the figures for August suggest the property market is starting to filter through to transactional volumes.
Following the first base rate reduction in four years at the start of August, the number of transactions seen throughout the month increased by 7.6% versus July.
Commenting on the research, co-founder and CEO of GetAgent.co.uk, Colby Short, said: ‘We’ve seen a high level of property market positivity so far this year and there’s no doubt that a hold on interest rates has helped to bring a greater degree of confidence to the market, with buyer activity in the way of mortgage approval levels increasing consistently in recent months.
‘However, whilst this greater level of stability has helped entice buyers back to the fold, it’s only now that we’re seeing this filter through to an increase in transactional volumes, with total UK transactions exceeding the 100,000 threshold for the first time in almost two years.
‘This is, of course, due to the time required to push a sale through from offer accepted to complete and so whilst the outlook for the year is good, we’re unlikely to see the market return to full strength until next year where transaction levels are concerned.’
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