Housing market continues positive growth

The indicator, which runs from negative 10 to plus 10, climbed to a positive 6.68 in August, from 5.39 in July.

It is a sensitive measure of the housing market and includes three main factors: changes in the number of houses sold, changes in price and the time taken for houses to sell.

"The rate of turnover in the housing market is the fastest in almost two years," says Mike Pero Mortgages chief Shaun Riley.

In August, it took an average of 34 days to sell a house, 21 days fewer than in August last year, and three days better than the 37 days taken in July this month.