Property  

Property sales up 6.1% in 'summer buying spree'

Mr Murphy added: “Given the barrage of economic and political headlines over the past month, it’s perhaps all the more surprising to see sales agreed have been at their highest level at this time of year for four years.

“Another encouraging note to take away from today’s data is that the fears of some in the industry that we may see a pause in the market due to possibility of stamp duty reform in the Autumn budget appear, so far at least, to be unfounded.

“One might also suggest that, should Sajid Javid decide to announce an overhaul of the stamp duty system in the next couple of months, then any upside for those currently in the process of buying their main residence in terms of saving costs at the point of purchase would be welcome windfall.”

Yesterday (August 18) Sajid Javid rejected reports he would switch stamp duty liability from the buyer to the seller but noted the housing market needed “bold measures”.

imogen.tew@ft.com