Andy Sommerville, Director at Search Acumen, comments:
“This month’s data adds to the growing pile of indicators which show that contrary to the weather, the UK housing market is experiencing a clear cooling process this summer. Growth in the number of transactions hasn’t just hit a wall; it has started to move backwards, with July’s seasonally adjusted total for July transactions sitting 3.2% lower than the same month last year.
“Activity in the market has somewhat stagnated, but while house price growth has cooled considerably, in real terms we are still experiencing quarterly and annual price rises across most of the UK. As it stands, the market is in danger of being stifled as activity continues to drop due to chronically unaffordable housing in a continuously uncertain economic environment.
“So far many have been pointing the blame at housebuilders but addressing the UK’s housing crisis is about so much more than just bricks and mortar. We need to work smarter and the intelligent use of property data can help the vital task of increasing output in the sector, by matching the supply of homes to the locations they are most needed.”