HMRC records property transactions down almost 9% on a year ago

Property sales improved between May and June, helped by a surge in activity in Scotland, but it wasn’t enough to boost the annual figures, HMRC data shows.

The taxman’s latest UK Property Transaction Statistics shows there were 107,750 sales during June on a non-adjusted basis.

This is up 13% on a monthly basis but down 8.8% when compared with June 2017.

Scotland had the biggest monthly increase among the UK regions. Transactions increased 50.9% between May and June but were down 8.1% annually.

Sales in England were up 11.8% on a monthly basis and down 8.2% annually to 90,850.

Wales saw monthly activity fall 3.4% to 4,350, down 21% annually, while Northern Ireland recorded a 14.1% boost between May and June to 2,580 but was down 4% annually.

On a seasonally adjusted basis, the number of residential property transactions decreased by 3% between May and June and was down 5.7% annually to 96,340.

Commenting on the figures, Neil Knight, business development director of Spicerhaart Part Exchange & Assisted Move, said: “At the moment it appears that it is first-time buyers – being incentivised by schemes like Help to Buy – purchasing new-builds that are driving both the property and mortgage markets.”

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