The rising supply of houses for sale in the UK is keeping price growth in check, according to new figures.
The latest HMRC data shows that the provisional seasonally adjusted UK property transaction count for July 2014 was 101,190 residential and 9,330 non-residential transactions in July 2014, down 1.3 per cent from the previous month but still 13.5 per cent up year-on-year.
Peter Rollings, CEO of Marsh & Parsons, comments: "As we witness a return to more natural and orderly trading conditions, buyers and sellers are finding the property market a less intimidating environment than it seemed a few months ago.
"The number of house sales may have fallen in the month to July 2014, but it still represents a steady and sustainable increase of activity when compared to the picture a year ago. In the short-term, the introduction of more stringent borrowing regulations and affordability criteria in the spring tempered the market. But all the ingredients are in place to ensure the continued vigour and vitality of the housing recovery. A surge in supply of available properties is soothing competition and keeping house price growth in check. Buyers and sellers alike have a bigger selection of choice available to them when looking to step onto the housing ladder or trade up, sending budding shoots of consumer confidence all the way up the chain."