Residential transactions down 12.4% annually: HMRC

The data shows that non-seasonally adjusted residential transactions in July were approximately 11% lower than in July 2018.

Jeremy Leaf, north London estate agent and former RICS residential chairman, commented: "Transactions are always a better barometer of the property market than prices, which can fluctuate quite considerably. These numbers, though a little historic, are disappointing but not surprising bearing in mind the degree of political uncertainty, despite improving affordability and record low unemployment.

"Nevertheless, we are seeing on the ground that even in the traditionally quiet summer period, buyers are emerging from their slumber and looking beyond Brexit. Meanwhile, realistic sellers are also making progress as many of these can’t put off their purchase any longer, particularly as rents have been hardening in many areas."