Andy Sommerville, director of Search Acumen, comments HMRC property transactions, April 2016:
“A 45% month-on-month drop in transactions is a powerful testament to how government reform can alter forecasts and sway public attitude.
“Whilst the spike in March more than makes up for the fall in April what is worrying is that this dip is not just the consequence of buy to let landlords and second homeowners clearing transactions ahead of April.
“It’s also the result of people trying to find their bearings, preferably even trying to stay away from the market as Brexit speculation grows louder.
“The Chancellor, in efforts to sway voters to ‘stay’ has predicted ‘economic shock’ and plummeting house prices in the event of the UK leaving the EU, while others believe falling house prices could be a good thing.
“Either way, the uncertainty is stagnating the market. This is likely to continue well into June, with transactions picking up once there is greater clarity on the UK’s direction.”