Transactions for the first five months of this year have fallen by 6% compared with the same period in 2017.

This morning’s house price index, published by LSL and Acadata, estimates that there were 60,000 transactions in May,.

The figure is 2% up on April, compared with the normal bounce of 14% that has been measured over the last 20 years.

The report also looks at transactions between February and April inclusive this year, and in 2017 and 2016.

In those three months in 2016, across England and Wales, there were 205,858 transactions in 2016; 171,746 last year; and 163,831 this year.

It means that transactions were down 20% this year compared with two years ago.

There have been falls in each region, but the biggest has been in greater London – a fall of 36% in the last two years; there were falls of 26% in both the south-east and the east of England; 21% in the south-west; and 18% in the east midlands.

The report does caution that the three-month period in 2016 included March, which was a very busy month for transactions ahead of the 3% Stamp Duty surcharge in April.

However, the number of transactions between February and April this year were still down on the same period last year, by an average of 5% in England and Wales.

Again London was most affected, down 9%, followed by the south-east and east, both down 8%. The north-west was the only region where transactions did not fall year-on-year, remaining static.

Today’s report puts the average house price in England and Wales during May at £305,654, the same as in April, but up over £6,000 on a year ago.

The average price includes both cash and mortgaged purchases, and new homes.