Britain has seen its busiest month for house sales in a decade according to latest figures from online estate agent Rightmove PLC (LON:RMV) .
Around £37bn worth of transactions were agreed in July or always £12bn more than this time year ago.
The property website said the reopening of the housing market following coronavirus lockdown and a cut in stamp duty by chancellor Rishi Sunak drove the activity.
Average prices were slightly lower at £319,497 compared to the record £320,265 this time last year though it was weaker prices in London that pulled down the average with a number of other areas hitting new highs August.
Miles Shipside, Rightmove’s founder and a director, said more property was coming onto the market than a year ago with a balance between supply and demand with the exception on London where working from home might have encouraged people to consider leaving the Capital permanently.
Economic since the end of lock down restrictions have been mixed.
Last week, the UK officially entered recession after the economy suffered its worst three months on record.
The Royal Institution of Chartered Surveyors (RICS) also warned that the mini-boom in property activity might turn sour once the government’s jobs subsidy programme closes and stamp duty rises again.
The RICS monthly house price balance reflected the Rightmove survey with London was the only region to show price falls last month.