In total, on a non-seasonally adjusted basis, there were 114,440 transactions counted, which as well as being significantly more compared to last year, is a 4.4% jump on July 2022.
The data also counts 9,930 non-residential transactions for the same period, which is 5.3% higher annually and 1.7% more when compared monthly.
And on a provisional seasonally adjusted basis, the government says there were 104,980 residential transactions – 7.6% more annually, and 10,180 non-residential transactions, 1% more than seen in August 2021.
Phoebus Software chief sales and marketing officer Richard Pike says: “Once again the figures from HMRC show that the market continues to perform well. A good sign in the face of everything that is going on both here and across the world.
“This will be a pivotal week economically with interest rates expected to rise by another 0.5%, or even 0.75%, and the mini budget on Friday anticipated to include measures to not only ease the pressure on finances but also to reduce stamp duty. A move that could guarantee the current momentum continues.”
And Altura Mortgage Finance founder Rob Gill comments: “Our transaction levels in August were the highest of the year so far, a very unusual scenario indeed.
“Rocketing mortgage rates seem to have persuaded mortgage borrowers to interrupt their holidays and get on with securing a mortgage deal, whether it be for a purchase that might otherwise be out of reach or a remortgage that could help offset other rising living costs. There’s no sign of this trend slowing down, especially with the Bank of England tipped to hike the base rate significantly again in September.”
However, MT Finance commercial director Gareth Lewis says: “As transactions take around three months, these figures reflect activity from earlier in the year. It will be interesting to see where the stats lie come the end of the year once higher living and mortgage costs have had an impact.”