Andy Sommerville, director of Search Acumen, comments on the Land Registry House Price Index for July:
“Even though the Land Registry reports that transactions were noticeably down year-on-year between February and May, there has been a host of positive signs since the election of greater activity returning to the market.
“Today’s figures show the monthly rate of house price growth picked up slightly from 1.1% to 1.7%, but with the annual measure falling from 5.4% to 4.6%, it suggests the housing affordability crisis may be easing slightly as the economy improves.
“Black Monday has thrown the global picture into confusion, but one thing that seems clear is that the 0.5% base rate is likely to be with us for some time yet, which will help to keep mortgage finance affordable.
“After a slow start to the year, conveyancers have plenty of reason for cheer, having just experienced their busiest Q2 of the post-recession era. July also saw mortgage lenders break post-recession records with monthly gross lending hitting £20.1bn.
“There is everything to play for over the next six months and no time for businesses to rest on their laurels.”
