The number of house sales in June was down around half from the same month a year earlier, according to figures from HM Revenue and Customs (HMRC).
In the UK, around 95,420 homes changed hands in June, marking a 54.3% drop from the 208,750 sales recorded in June 2021.
HMRC said the figures should be treated with caution as transactions in June 2021 were significantly affected by the stamp duty holiday, which ended last year.
He said there had been significant spikes in sales in March, June and September 2021, caused by a temporary increase in “zero rate” property tax brackets.
The June total was also 7.9% lower than the number of transactions that took place in May of this year.
Our own data indicates that sentiment remained positive in June
Andrew Montlake, managing director of mortgage broker Coreco, said: “Deals are down significantly from June 2021 as last year’s data was skewed by the stamp duty holiday.
“The slowdown in transactions compared to May this year is likely a sign of things to come as people become increasingly cautious as rates rise and the cost of living crisis deepens. However , for now at least, the job market remains solid and this will ensure that transactions do not tumble.
Anna Clare Harper, director of real estate tech platform IMMO, said fewer transactions add “fuel to the fire of the market’s biggest problem right now: the shortage of quality homes to buy or rent”. .
Jason Tebb, managing director of property research website OnTheMarket.com, said: “Our own data indicates that sentiment remained positive in June, with 81% of sellers confident they could close a sale within three months. “