Transactions fell by 0.3% in April to 99,420 from 99,740 in March, according to figures from HM Revenue and Customs (HMRC).

Year-on-year, the seasonally adjusted number of property sales rose by 0.8% from 98,620 in April 2018.

Non-residential property transactions

The number of non-residential property sales in April was up on both a monthly and yearly basis.

Year-on-year, transactions rose by 7.1% last year to 11,300 from 10,550 in April 2018.

On a monthly basis, these sales saw a rise of 9.5% from March 2019 where they stood at 10,320.

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Investors’ confidence brings transactions up

Joshua Elash, director of property lender MT Finance, said that it comes as no surprise to see transactional volumes in the residential space falling month-on-month.

“We expect this trend to continue while uncertainty over Brexit specifically impacts the end-user market and overly aggressive tax treatment continues to dampen investor activity and appetite.

“However, it’s a tale of two cities as investors turn instead toward commercial property where yields remain attractive and less oppressive tax policies support and encourage investment. Whatever the Brexit debate, investors are buying into commercial property and it is great to see confidence in this sector translating into transactional growth.”

Adrian Moloney, sales director at OneSavings Bank, said: “With house price growth stalling and in some areas falling, and take home pay packets increasing, there are tentative signs that some prospective buyers are taking the opportunity to purchase their first home.

“Nonetheless, caution has not been entirely cast aside as we are unlikely to see any significant activity without more housing stock and some closure to the political and economic uncertainty which is still in the back of many buyers’ minds.”