Officials have finally accepted that speculation has surged in recent months after seeing a boom in the number of resales of property before the original purchases had been completed. Seven per cent of all property transactions completed in February - 1,137, the highest monthly figure recorded - fell into that category. In a written reply to Legco, Secretary for Housing Dominic Wong Shing-wah disclosed that a sharp increase in 'confirmor' transactions indicated increased speculative activity. Confirmor is the term used to refer to people who buy a property and then resell it before the assignment process for the property is completed. Mr Wong said: 'The rise in number gives a broad indication of speculative activity in the residential property market, and may contribute to price increases to some extent.' Confirmor deals constituted seven per cent of February's transactions, a percentage comparable to that of May 1994 when property speculation pushed up prices. The Government introduced measures to cool the market in June that year. Mr Wong said the way to tackle speculation and check prices was to increase housing supply.