The "toughest property market conditions in a generation" have passed, property website Rightmove has announced, as it returned to growth with record buyer activity.

As activity on the housing market began to increase, the website recorded the most visitors it has had in its nine-year history on August 10.

Pre-tax profits for Rightmove for the six months up to June 30 were down by 8% to £18.2 million, with the fall being linked to the slump in the property sector this year.

However, over the summer months membership numbers have begun to steadily improve. July saw the best monthly revenue growth for the year to date, and the second highest ever monthly operating profit.

Although figures may not reach last year's £41 million in earnings, the website says it now expects to beat market forecasts for the full year results.

Rightmove said membership numbers since the start of the year were up 1%, as the decline in number of estate agents in the market came to a halt.

It had seen up to 300 estate agents quit the service each month at one stage as many struggled to survive - with Rightmove estimating that around a fifth of the market was forced out of business.

The new home development market is still depressed, with membership numbers unchanged and new developments advertised down 14%, said Rightmove.

Overseas homes advertisers also fell by 11% over the six months.

However, improving interest from home buyers saw website traffic rise 3% year-on-year as activity defied the usual summer lull.

Miles Shipside, commercial director of Rightmove, said: "We do believe we're past the low point, which appears to have been last winter.

"But there's still limited mortgage finance out there, so a return to traditional sale volumes does require greater mortgage lending."

"Overall the outlook is stable, although the market will possibly bump along the bottom rather than see an immediate full recovery," he added.

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