UK residential transactions totalled 96,290 in June, down 55.1% when compared with last year and 3.1% lower than the previous month, according to the latest HMRC Property Transaction data.

HMRC also reported that the number of non-residential transactions was 8,850 in June 2022, around 24.3% lower than the previous year and 9.5% lower than the previous month. The sharp drop in transactions year-on-year is unsurprising given the impact of the stamp duty holiday on the volume of property deals.

The data from HMRC also revealed that residential property transactions in June were down 7.9% on the prior month. Jason Tebb, CEO at OnTheMarket, commented: “Transaction levels were slightly lower in June compared with May, however while the frenetic pace of the housing market may have slowed, the market continues to show remarkable resilience. As evidence emerges of more stock becoming available, we’re seeing the beginning of an inevitable rebalancing of supply and demand, yet this will take time.”