Residential transactions up 8.3%: HMRC

However the number of non-adjusted residential transactions are about 10.3% lower compared with June 2017 but 1.4% higher than in July 2016.

Danny Waters, Chief Executive Officer of Enra, commented: “After three consecutive falls, it’s encouraging to see property transactions start to pick up again. The political and economic upheaval we have seen in recent months has plagued the property sector, so this increase could be an indication that buyers and sellers are beginning to feel more confident.

“While it’s true that certain areas of the property market have had a troubling few months, others have flourished. The bridging sector, for example, has gone from strength-to-strength in recent months, with the ATSL recently reporting that lending reached £875m in Q2, up 12.1% from Q1. This is most likely a result of borrowers seeking alternative financing options. What’s important now is that those looking to make a purchase are aware of the range of loans available to them, including the ones that offer the greatest flexibility in such uncertain times.”

Jeremy Leaf, north London estate agent and former RICS residential chairman, added: "Transaction numbers are important as they are a better indicator of the health of the housing market than other indices such as prices, which can boom and bust.

"While the seasonally-adjusted HMRC numbers are nothing to get particularly excited about, they do show a relatively stable market and reflect what we are seeing on the ground. Realistic buyers and sellers are getting on with moving and were doing so even at a time when things were relatively uncertain because of the general election.

"The figures compared with last year are misleading, however, because this time last year the market was in the doldrums following the imposition of the stamp duty surcharge.

"Looking forward we are expecting more of the same with buyers and sellers negotiating hard to get sales through. Those who aren’t prepared to see the reality of the present market will be left behind."