UK Property transactions fall for third consecutive month

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Homes being bought and sold across the UK has fallen for the third month in a row

| Overview

The number of homes being bought and sold across the UK has fallen for the third month in a row, according to new figures from HM Revenue and Customs. There were 96,910 residential transactions completed in June of this year, on a seasonally adjusted basis. This represents a fall of 3.3% on the figure for May, the lowest monthly total since October 2016.  These figures represent a small increase compared to June 2016, however this doesn’t take into consideration that sales were depressed last year by the introduction of additional Stamp Duty rates. June was also the first time this year when the volume of house sales fell below 100,000 in a month.

London estate agent and former RICS residential chairman, Jeremy Leaf, said that transactions are a more useful indicator of the health of the housing market than price changes, which can be distorted by supply issues. He said; “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.” He warned the figures were a sign of more caution and uncertainty in the market. Falling housing transactions could make it much harder for people to sell their home if they need to escape an unaffordable mortgage.

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