Property transactions up on this time last year

The number of properties changing hands is up 11% in the last three months compared to the same period last year, statistics for Revenue and Customs have shown.

Warren Bright, chief executive of property website, says: “This suggests that the housing market is holding up well in the face of rising interest rates.

“Brisk levels of business are a much more important indicator of the health of the housing market than prices as they show that people are still keen to buy and sell.”