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Property transactions dropped 10 per cent in June, says HMRC

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  • 23/07/2019
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Property transactions have been falling since March for residential and non-residential uses, figures from HM Revenue & Customs (HMRC) showed. 

 

Residential transactions, when seasonally adjusted, were trundling along at about 100,000-a-month from June 2018 until March 2019 when they started to drop, reaching just 84,490 by the end of June.

The number of transactions was 9.6 per cent down between May and June 2019 and 16.5 per cent lower on June 2018.

Un-seasonally adjusted figures fell more steeply – by 25.1 per cent in June 2019 against June 2018.

The same pattern was true for non-residential transactions which were hovering at about 10,400 monthly and dropped to 9,140 by end-June 2019.

This number was down by 7.2 per cent between May and June and by 12.4 per cent on June 2018.

Non-residential transactions (not seasonally adjusted) decreased by 19.1 per cent in June 2019 compared to June 2018.

 

Post-crisis picture

The HMRC figures are compiled from transaction records collected by HMRC, Revenue Scotland and the Welsh Revenue Authority.

Neither residential nor non-residential transactions have re-gained the highs of 2006, apart from a blip in residential sales in March 2016 before higher rates on additional properties were introduced.

However, non-residential transactions have recovered more strongly than residential following the financial crisis and are following a generally rising trend.

 

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