UK residential property transactions decreased by 3.2% between March 2017 and April 2017, according to the HM Revenue and Customs datas.
However, direct comparisons of residential transactions between April 2017 and April 2016 should be avoided due to the unusually low level of transactions in April 2016. This was associated with the introduction of the higher tax rates on additional properties introduced in this month.
Non-tax factors may have played a role as well, for example the Bank of England’s plans to curb Buy-to-Let mortgages resulting in a rush to purchase before April 2016, and the EU Referendum affecting transactions in recent months. The residential count includes properties paying the main and additional rates.
For April 2017 the number of non-adjusted residential transactions was about 22.5% lower compared with March 2017. The number of non-adjusted residential transactions was 12.8% higher than in April 2016. The figures for the three most recent months are provisional and therefore subject to revision.