Property transactions fall by 2% in July – HMRC

“Faster, more consistent surveying can play a role here by getting reliable information into the transaction sooner and reducing the risk of problems emerging after significant time and money have already been invested.”

Paul Adams, sales director at Pepper Money: 

“A fall in July’s transaction numbers against last year tells us June’s brief improvement hasn’t turned into anything more lasting, and that’s consistent with the caution we’re hearing from brokers on the ground. 

“Lower mortgage rates locked in a couple of years ago are still keeping a lot of would-be movers in place, because trading up to a significantly more expensive rate simply doesn’t add up for many households right now.

“That caution tends to fall hardest on self-employed and specialist borrowers, whose income doesn’t always fit neatly into standard lending criteria. 

“Our research found 76% believe their employment status makes securing a mortgage harder.  

“Speculation around the Autumn Budget, and specifically what might happen to stamp duty, is giving buyers another reason to sit tight. Until there’s more clarity from the government, some of that pent-up demand is likely to stay on the sidelines rather than show up in the transaction figures.”

Maria Harris, chair of the Open Property Data Association: 

“A fall in July’s property transactions is another reminder the housing market remains vulnerable to uncertainty, but it should also reinforce the need to address the structural problems that make moving home unnecessarily difficult.

“People are still navigating a homebuying process that is too slow, too fragmented and too uncertain.

“The focus needs to move beyond simply increasing transaction volumes and towards making every transaction more reliable and less prone to delay and failure.

“The Government’s commitment to modernise homebuying creates a real opportunity to do this. But turning ambition into reality will require trusted property data, common standards and systems that can share information securely and consistently.

“If we get those fundamentals right, higher transaction volumes can be matched by a homebuying experience that works better for everyone.”