The latest figures from HM Revenue & Customs show that the number of residential property transactions in the UK rose by 13% in June compared to July, reaching 93,530.
The June figure is also 1% higher than in the same month last year, and experts believe that the increase in the number of transactions indicates a stabilisation of the market after the stamp duty hike in April.
Prices in June remained unchanged from the previous month, which was in line with the average forecast of analysts surveyed by Trading Economics.
In May, they fell by 0.3%, whereas a 0.4% decline had been reported earlier.
The average property price in the UK remained virtually unchanged last month at £296,665 ($403,500) compared to £296,782 in May.
“Given that markets are expecting two more interest rate cuts by the Bank of England before the end of the year, and the average rate on new mortgages is now at its lowest level since 2023, we still expect modest house price growth in the second half of the year,” said Amanda Bryden, head of Halifax’s mortgage division.
