“August’s figures point to cautious momentum, with the number of transactions on annual basis now having risen for two years in a row. While a modest annual uplift, completions are moving in the right direction, buoyed by improving affordability conditions and a pragmatic commitment from buyers and sellers to move forward. The market remains sensitive to economic events and international decisions, but the easing of mortgage costs has helped to restore confidence.

“We may still be a distance away from the Autumn Statement, yet speculation around housing policy reform is already weighing on the market. Proposals under consideration include replacing Stamp Duty with a national property tax on homes over £500,000, potentially shifting the burden to sellers. While this could improve mobility for buyers, it risks discouraging downsizing among older homeowners, a part of the market our research revealed is highly sensitive to stamp duty changes – our latest insights highlighted stamp duty relief for downsizers could bring over half a million homes to the market within just 12 months, delivering much needed market fluidity and wider economic activity.

“For now, the market can take comfort in the continued completions and sustained house price growth. Though, further momentum will depend on a stable economic backdrop and thoughtful policy decisions that support movement, rather than undermine it.”