HMRC has reported that UK property transactions in June 2016 numbered 94,550 residential and 10,930 non-residential transactions.
Residential property transactions increased by 4.9% between May 2016 and June 2016.
HMRCH said that June’s residential property transactions are 10.2% lower compared with the same month last year.
Meanwhile, the numbers of non-residential property transactions increased by 9.2% between May 2016 and June 2016.
Non-residential transactions in June were up 11.6% compared with the same month last year.
Stephen Smith, director of Legal & General Housing Partnerships, said: “Although there was an overriding sentiment of uncertainty in the run the run up to June’s EU referendum, these figures highlight that the mortgage market has thus far weathered the Brexit storm and continued to grow over the last month.
“Despite this ‘keep calm and carry on’ attitude, annual figures show a significant dip in transaction numbers and it’s important to remember that transactions haven’t seen the same dramatic increases that have characterised lending figures for some time now.
“A supply-demand crisis is continuing to plague our housing market, and the result has been house prices that have risen well above the level of inflation. Without more homes, we’ll only continue to see transactions languish and lending rise as people borrow more to cover the costs of homeownership.
“To try to resolve this problem, we need to see action from the Government to make good on the promises of the previous administration and build more homes. We had the promise of a million homes by 2020, now we need to see real, on the ground action to deliver that policy by mobilising the public sector and encouraging private companies to construct the homes we desperately need.”
