Property transactions fell in April this year, down 3.2% on March’s total, according to the latest figures from HM Revenue & Customs.
April’s seasonally adjusted figure is 20.3% higher compared with the same month last year, but direct comparisons should be avoided due to the unusually low levels of transactions after the April 1 2016 stamp duty surcharge deadline in which 3% was added to all additional property acquisitions, including buy-to-let properties.
In light of the new HMRC figures on the number of property transactions, Stephen Wasserman, managing director at West One Loans, said: “The property market will take a while to fully recover from the jitters caused by stamp duty hikes and economic uncertainty. On top of this, the result of the upcoming general election is likely to have an impact over the coming months. Nevertheless, we’re confident the sector will bounce back.”