After 3 consecutive quarters of growth, home sales fell by 3pc over 12 months to the end of June, according to the Land Registry.
There were 85,161 home sales in Q2, a fall of 32pc compared to Q1, and the lowest level of quarterly sales since they starting publishing this data series.
The quarterly fall can be largely explained by fiscal changes that pushed forward sales into last year: Now it is payback time.
On a rolling 12-month basis there were just over 400,000 sales to the end of Q2, a far cry from the 1 million sales over 12 months to the end of Q1 2006, as illustrated in the chart above. The market has shrunk 60pc since then.
“The trend shows continuity towards a deterioration in real estate activity in the last quarter, as we warned in previous quarters,” explains the the latest report from the registrars.