Figures show sales recovering following Mortgage Market Review (MMR)

Sales increased by 4.5 per cent in June but new listings of homes on the market soared by 21.9 per cent during the month, suggesting a price growth slowdown is in full swing.

Out of 11 regions recorded by the Agency Express Property Activity Index nine reported increases in the numbers of properties sold and 10 recorded increases in new listings.

Stand-out regional performers include Yorkshire and Humberside, where sales rose 17.8 per cent - a startlingly high increase but dwarfed by that of London where the number of new listings increased 84.5 per cent as owners attempt to cash in on the long run of monthly price increases in the capital.

Only three of the 12 regions recorded by the index reported a drop in sales. The North East was the greatest faller, dropping for the fourth consecutive month, this time by 19.6 per cent, followed by Central England down 8.9 per cent and Wales dipping a modest 3.6 per cent.

“During last month’s lull we looked to the MMR as a possible trigger and although the reports state that the property market is calming this month it seems to have resumed its usual activity. Month on month we see figures rise and fall but on a whole, with a few regional exceptions the market remains robust” according to Agency Express managing director Stephen Watson.