Doug Crawford, CEO of My Home Move, comments on today’s HMRC property transaction figures for May 2018

“Over the past few months several indicators are pointing towards a cooling effect in the market, particularly in London, and sluggish movement will frustrate those who had hoped initiatives like the end to SDLT for first time buyers would keep a spring in the step of the market. This slight dip in property transactions compared to May 2017 will validate this bearish outlook.

“That said, as transactions fluctuate by just 0.5%, after an extended period of political and economic uncertainty we can be encouraged by the stability which remains in UK residential property. The future state of our economy post-Brexit remains blurred and broadly speaking, our market is shrugging off the jitters that many thought would weigh down transaction volumes significantly.

“The bottom line is that we are still not building enough homes and through times of uncertainty, sufficient supply is vital if more properties are to be brought within reach for market hopefuls”