The UK property market is ‘continuing at a steady pace’ and there was no sign of a quiet August.
Remortgaging and moving continued over the summer, according to the latest National Mortgage Index by the Mortgage Advice Bureau.
The average purchase price dipped by 1.2 per cent from the previous month, with first-time buyers paying an average of £208,994 in August.
Meanwhile, remortgagers saw their average loan size tick up by 0.6 per cent.
An expected a summer lull amid concerns about the economy and slowing wage growth failed to materialise, the MAB says.
It says the number of residential transactions has remained steady over the past three months at more than 100,000.
It expects the market to remain steady through the autumn, with buyers looking to move by Christmas offsetting low levels of housing stock.