Residential transactions down 11.3% annually: HMRC

On a non-adjusted basis, transactions in May were approximately 5.8% lower than May 2018.

Jeremy Leaf, north London estate agent and former RICS residential chairman, commented: "Transactions are always a better indicator of property market strength than the more volatile house price data which tends to rise and fall more frequently. This month’s numbers are no different, reflecting weakness in the market at a time when we might have expected more strength.

"However, the seasonal nature of the market makes spotting short-term trends difficult. Irrespective of Brexit, let’s hope the fall in the number of transactions and their impact on the wider economy is near the top of the new prime minister’s agenda."

Tomer Aboody, director of MT Finance, added: "It is no surprise that sales volumes are down on the past year given all the political uncertainty combined with the fall out from additional stamp duty on second homes that the market has had to deal with.

'While stamp duty hikes slowed the market down as expected, it failed to result in a big uplift in first-time buyers as they continue to face affordability issues. With this back drop, developers are reluctant to push forward with developments, preferring to sit on plots with planning until they can see a convincing upturn.

'The steady trend in non-residential purchases can be attributed to the fact that there has been no additional stamp duty. Multi-let units are providing yield to investors in a market with low interest rates, so this is proving to be a sensible asset class for investors.'