23 Jun

Housing transactions down 37% year-on-year in May

Housing transactions down 37% year-on-year in May

New data from HM Revenue and Customs reveals that the number of housing transactions fell by nearly 37 per cent year-on-year in May.

The department announced today that property transactions numbered 100,000 last month, which is 13 per cent lower than in April.

Meanwhile, it found that there were 504,000 sales in the first five months of this year worth more than the stamp duty notification limit, compared with 743,000 such sales during the same period in 2007.

Commenting on the figures, Simon Rubinsohn, chief economist at the Royal Institution of Chartered surveyors, told Reuters: "These numbers clearly highlight the very real pressure on the residential property market."

The Council of Mortgage Lenders released similar data to HM Revenue and Customs' last week, stating that number of housing transactions are currently 40 per cent down on last year's level.
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