Property sales in the UK fell by 1.3% in July compared with the previous month but were 13.5% higher than the same month last year, the latest data from HMRC shows.
The seasonally adjusted estimate for July was 101,190 for residential properties and 9,330 non-residential transactions.
Meanwhile, the number of registration applications received by the Land Registry in July totalled over 1.4 million with the South East submitting the most.
There were 359,687 applications in respect of registered land, 653,293 were applications to obtain an official copy of a register or title plan, 202,740 were searches and 80,360 were transactions for value.
The slight fall in transactions revealed by HMRC is nothing to worry about, according to experts who point out that there is usually a slowing in the summer months.
Indeed, Peter Rollings, chief executive officer of Marsh & Parsons, believes that the market is returning to more natural and orderly trading conditions. ‘Buyers and sellers are finding the property market a less intimidating environment than it seemed a few months ago. The number of house sales may have fallen in the month to July 2014, but it still represents a steady and sustainable increase of activity when compared to the picture a year ago,’ he said.
‘In the short term, the introduction of more stringent borrowing regulations and affordability criteria in the spring tempered the market. But all the ingredients are in place to ensure the continued vigour and vitality of the housing recovery,’ he explained.
‘A surge in supply of available properties is soothing competition and keeping house price growth in check. Buyers and sellers alike have a bigger selection of choice available to them when looking to step onto the housing ladder or trade up, sending budding shoots of consumer confidence all the way up the chain,’ he added.