Residential property sales in the UK increased by 2.8% in August year on year, with the market showing no uncertainty due to the Brexit vote, according to the latest activity index.
But the figures from sale board company Agency Express also reveal that the number of listings for sale last month fell by 4.4%.
Looking at property market activity across the UK, there was a ‘robust’ level of activity, according to the data, with eight of the 12 regions recorded by the index reporting increases in properties sold and two posting increases in new listings for sale.
Sales increased the most in the North East with a month on month rise of 15.7%, followed by Scotland up 15.2%, the East Midlands up 13.8%, the South West up 7.2% and Yorkshire and Humberside up 6.3%.
The biggest rise in listings for sale was in Scotland with an increase of 11% while the East Midlands saw new listings rise by 0.7%.
The largest declines recorded last month were in London with new listing falling by 16.7%, the second month in a row of a decline while properties sold were down 4.6%.
‘Historically throughout August a slowdown in the property market is anticipated. However, this month we have witnessed a widespread increase in activity, specifically in properties sold,’ said Stephen Watson, managing director of Agency Express.
‘Last month’s regional data shows eight of the 12 regions bucking the seasonal trend. If we look back at the Property Activity Index from August 2015 we can see that all 12 regions recorded declines,’ he pointed out.
‘As we move in to September where a spike in activity is expected it will be interesting to see if the trend continues and how this reflects in the figures,’ he added.
