Property sales jump 5.3% MoM in August

Year-on-year sales fell by 11%.

The property segment saw higher sales in August, with 4,660 building units sold.

According to the Land Registry, the total sale in August was 5.3% higher than the July record; however. Comparing the August record to the same period last year, sales fell 11%.

Of those sold,  3,247 were residential units. The number of sold residential units was up 5.9%  from July but 21.5% lower than August 2022.

As the number of sold residential units increased, the total consideration of residential units also improved in August, rising 7.7% MoM to $28.6b.

Overall, total considerations for all properties sold during the month increased 5.8% MoM to $34.9b.