HMRC: Property sales are falling

The level of property sales in the UK is declining, HMRC has suggested, after it revealed that transactions dipped for the second consecutive month in January.

The latest property transactions data from the taxman has recorded 77,390 sales in January 2023 on a non-seasonally adjusted basis, down 7% annually and 27% lower than December 2022.

On a seasonally-adjusted basis, there were 96,650 sales, down 11% annually and a 3% decline on the previous month.

HMRC said: “UK residential transactions have generally been stable in recent months but we are now starting to see a decline in numbers.

“Residential transactions are similar to pre-coronavirus levels, for example the provisional seasonally adjusted estimate in January 2023 is 96,650 compared to 97,310 in January 2020.”

It comes after HMRC recorded a non-seasonally adjusted figure of 108,960 sales in December, down 1% annually and 3% on a monthly basis.

Agents and commentators remained upbeat despite the declining figures.