Housing recovery still on track despite seasonal dip
The number of homes changing hands dipped slightly during August as the property market suffered its traditional seasonal slowdown, Government figures have revealed.
THE number of homes changing hands dipped slightly during August as the property market suffered its traditional seasonal slowdown, Government figures have revealed.
Around 83,000 properties were sold for more than £40,000 in the UK during the month, down from 87,000 in July, according to HM Revenue and Customs.
But the figure was still the second highest since June last year, and more than double the low of only 41,000 reached in January.
The drop was slightly more pronounced once the figures were seasonally adjusted, with home sales dropping from 80,000 to 74,000 during August, although it was still the second highest level for 15 months on this measure.
The fall in sales during August is in line with other data on the housing market for the month, with the Council of Mortgage Lenders recently saying mortgage advances fell by 13%.
The group said a drop in lending was to be expected during August when activity in the market slows down as potential buyers go away on holiday.
But it added that despite the dip, underlying lending levels appeared to have stabilised during the summer.