UK property transactions fall again - HMRC
The number of homes being sold in the UK has shrunk for the third month in a row, according to official figures released on Friday.
There were 96,910 residential sales completed in June, HM Revenue and Customs revealed, which was down 3.3% on the number in May and the lowest total since last October.
June's numbers were up 1% compared to the same month last year however, when sales were considerably depressed by the introduction of higher stamp duty.
London estate agent Jeremy Leaf, a former RICS residential chairman, said property transactions were more useful in assessing the health of the housing market than price changes, which can be distorted by supply issues.
"Transactions show whether buyers and sellers really are getting on with moving or sitting on their hands. These figures are disappointing as we would have expected them to be much higher bearing in mind the turmoil in the market this time last year following the introduction of the stamp duty surcharge."
"What we are seeing on the ground is more caution and more uncertainty but a determination by some to buy and sell where value can be shown and certainly no sign of a bigger price correction - yet."
, says: ’When assessing the health of the housing market, property transactions are the figures that we look at more than price changes as the latter can be distorted by supply issues. Transactions show whether buyers and sellers really are getting on with moving or sitting on their hands. These figures are disappointing as we would have expected them to be much higher bearing in mind the turmoil in the market this time last year following the introduction of the stamp duty surcharge.
‘What we are seeing on the ground is more caution and more uncertainty but a determination by some to buy and sell where value can be shown and certainly no sign of a bigger price correction - yet.'