There were 85,870 property transactions in the UK in June 2023, which is 6.1% higher than in May but 15.4% lower than a year ago, according to HMRC. The number of property transactions in June was also 11.0% lower than in January 2020, prior to the ‘race for space’ spike in the housing market demand.

It is worth noting that property transactions rising in June compared with May were largely based on mortgages approved in late April and early May as mortgage rates were falling from the spike in rates post-Mini Budget last year and the latest transactions are based on mortgage approvals before the recent sharp rises in mortgage rates so transactions will fall further in the second half of the year.

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