Annual property sales down 11.3%: HMRC

The provisional residential transaction count for September 2016 was 93,130.

For September 2016 the number of non-adjusted residential transactions was about 5.7% lower compared with August 2016 and 5.3% lower than in September 2015.

HMRC says the introduction of higher rates on additional properties and the Bank of England's plans to curb Buy-to-Let mortgages resulting in a rush to purchase before April, as well as the EU Referendum, has affected transactions in recent months.

Jeremy Duncombe, Director, Legal & General Mortgage Club, commented: “The market has obviously experienced a great deal of fluctuation and uncertainty over recent months – and today’s figures showing a decrease in transactions add to this tumultuous picture.
 
“However, it is important not to be distracted from the critical issue: a supply and demand crisis that is plaguing the housing market. Today marks 100 days since the new Prime Minister took office. It’s high time, as we approach the Autumn Statement, that the Government ends years of procrastination over our housing market and embarks on a radical construction programme that will see our children and grandchildren have the best opportunity to make their first step onto the property ladder.”