Residential property transactions totaled 86,630 in July, a monthly drop of 8.5% and an annual fall of 12.4%, according to the latest figures from HMRC.
The data shows that non-seasonally adjusted residential transactions in July were approximately 11% lower than in July 2018.
Josef Wasinski, co-founder of Unmortgage said, “This fall in property transactions indicates the continued struggle of many people still unable to buy their own homes. These figures do little to disguise the grim reality that, for many, the dream of stepping onto the property ladder is still out of reach.
“The ability of first-time buyers to leave behind their ‘reluctant renter’ status and become homeowners is proving difficult for many. Unless there is real change and a long-term effort to provide new and alternative routes to homeownership, people will continue to struggle.”
Kevin Roberts, director of Legal & General Mortgage Club added, “Our research shows only one in ten borrowers plan to delay buying or selling as a result of Brexit, so it’s clear there are other barriers preventing a boost to transaction levels. While government schemes have helped thousands of first-time buyers onto the property ladder, we need to think about those further up the ladder too.
“To stimulate the market, the government needs to build more housing across all types of tenure. This will provide second steppers and last-time buyers with more choice and in turn, families can up or down-size accordingly.”