According to data from HM Revenue and Customs (HMRC), UK home sales reached a record high of 110,970 in July, up 7% from June and up 33% year-on-year, the highest level this year. HMRC pointed out that monthly sales have remained at about 100,000 units this year, reflecting that demand for housing remains strong. Propertymark chief executive Nathan Emerson said the data showed that the UK property market continued to hold steady, with transaction volumes rising well above pre-pandemic levels. Despite the rising cost of living for UK residents, property demand remains strong and there is not enough unmet market, with new buyers now seven times as many as new listings.The National Building Society chief executive Julie-Ann Haines also pointed out that 1.8 million homeowners will have fixed-rate mortgages due next year, when the pressure on lenders such as banks will increase. While there may be a slowdown in the UK property market, there is absolutely no sign of a slump.
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