Data from the government shows that on a non-seasonally adjusted basis, transactions for UK residential properties in June this year came to 96,290.
This is a 55.1% fall on an annual basis and 3.1% lower than the number seen in May 2022.
The data also reports that, on a non-seasonally adjusted basis, non-residential property transactions totalled 8,850, which is a 24.3% decrease on June 2021 and a 9.5% fall on last month.
Seasonally adjusted, the report says that residential transactions were 54.3% lower on an annual basis and 7.9% lower looked at monthly, and non-residential transactions, 21.9% lower and 11.6% lower, respectively.
LiveMore managing director of capital markets and finance Simon Webb says: “This year has been a bit up and down on a monthly basis for housing transactions, but on a seasonally-adjusted basis they are relatively steady and not dissimilar to pre pandemic levels.
“The monthly drop in housing transactions in June could be the start of a summer lull. With an uncertain economic environment ahead as the cost of living continues to rise along with interest rates, people may put their house buying plans on hold. However, we are seeing house price growth slow down so affordability may still be in reach for potential buyers.
“But the bottom line is a continued lack of supply in the housing market. The new Prime Minister, whoever he or she may be, must make housing and the infrastructure to support it a priority.”
And MT Finance direector Joshua Elash comments: “The cost of living crisis is starting to bite, with a dramatic fall in transactional activity in the property market compared with the same period last year, reflecting broader uncertainty in the economy as a whole, as well as the frenzy we witnessed last year when the stamp duty holiday was about to expire.
“We must be watchful as this trend could well lead to a more significant and swifter cooling of the housing market than expected which will translate into downward pressure on house prices as home owners and investors alike focus on cost savings.”
