Despite this monthly uptick, the sector continues to face broader challenges. Year-to-date figures reveal an overall decline of 2.3% in housing transactions compared to the previous year. Furthermore, when compared specifically to July, August saw a significant contraction of 20% in sales volume.
Mortgage Activity Remains Resilient
Parallel to the rise in sales, mortgage activity also saw growth. The number of mortgages signed for housing increased by 2.3% in August, marking the highest level for that month in four years. This growth occurred despite the average interest rate for new housing loans climbing to 3.08%, reflecting the ongoing pressure of elevated borrowing costs on the market.
The data highlights a complex landscape where, while consumer demand remains active enough to drive year-on-year growth, the market remains sensitive to seasonal fluctuations and the persistent impact of higher interest rates.
