Property purchases jump 7% compared to this time last year – could YOUR home be worth more?

Good news for anyone looking to sell their home – the number of property sales shot up by 7% last month, compared to July last year.

Official figures from HM Revenue & Customs revealed that 90,630 homes were sold in July – that’s nearly 6,000 more than the same time last year!

This surge in sales comes hot on the heels of Nationwide’s house price index, which showed that house prices have climbed by 2.4% since last year.

Experts Predict a Brisk End to 2024

And it looks like this upward trend is set to continue, with experts predicting a busy end to the year for the property market.

Kevin Roberts, from Legal & General Mortgage Services, reckons that “the road is pointing to a stronger 2025”, thanks to a combination of stable house prices and falling mortgage rates.

Nick Leeming, at estate agency Jackson-Stops, agrees. He said: “Today’s figures suggest that the market is positioning itself for a busier end to the year compared to even 12 months ago.”

Leeming thinks that buyers and sellers are feeling more confident thanks to a more settled political scene and an improving economy.

Buyers Raring to Go

And it seems buyers are champing at the bit to get their hands on a new home, with Jackson-Stops reporting an 18% jump in the number of potential buyers compared to last year.

Leeming added: “Buyers are remaining resolute in their searches…we have seen an 11% rise [in buyer enquiries] month-on-month.”

Sellers Still in the Driving Seat

However, it’s not all plain sailing for those looking to snap up a bargain. With demand outstripping supply, sellers still hold the upper hand.

This means that while prices might have dipped slightly in July compared to June, they remain high overall.

So, what does this all mean for you?

• If you’re thinking of selling, now could be a good time to get your property on the market.
• Buyers should be prepared to act fast and be ready for some competition.

With continued interest from buyers and a more positive economic outlook, the property market looks set for a strong finish to the year!