Residential property transactions in July dropped 12.4% annually and 8.5% monthly, totalling 86,630, according to the latest figures from HM Revenue & Customs (HMRC).

The data revealed that non-seasonally adjusted residential transactions in July were approximately 11% lower than in the same month a year earlier.

Furthermore, year-to-date transaction counts demonstrated less change, with 2019-20 decreasing when compared to 2018-19, with the latest period returning to levels seen in 2016-17.

Commenting on the data, Spicerhaart Part Exchange & Assisted Move business development director Neil Knight said: “Figures released today from HMRC show that both the seasonally adjusted and non-seasonally adjusted residential transactions have fallen in July 2019.

"Seasonally adjusted show there were 8.5% fewer transactions in July 2019 than in June, and 12.4% fewer than a year ago, while the non-seasonally adjusted show a drop of 11% year on year.”

Knight highlighted that construction output figures published by the Office for National Statistics (ONS) earlier this month revealed that overall construction output dropped by 1.3%, and UK Finance’s latest mortgage trends update showed a decline in the number of first-time buyers, remortgages and homemovers in June.

“However, when you take into account that the drop-in construction output was mainly driven by a 6% decline in private housing repair and not new housing and that while nationally, mortgage transitions are down, actually, when you look at a regional picture, it is only London where the market is struggling, it paints quite a different picture,” he added.

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