Greg Bryce, managing director at SearchFlow, comments: “The figures indicate a slight increase in the transaction level despite the uncertainty during the run up to the referendum. And whilst this is 10.2% lower than the same time last year, the transaction level for the last three months is still substantially higher than the same period last year.
“This is because of the large increase in transactions of 41.5% for March 2016, as buyers rushed to beat the higher rate on additional homes which was introduced on 1 April.
“Immediately after the Brexit result, we did witness a drop in residential transaction levels. Our conveyancing sentiment survey revealed that 28% of conveyancers noticed an increase in transaction failures in the wake of the referendum result. However, the remaining 72% did not. And a month later, activity levels are picking up again.
“Our survey reveals that the industry is remaining very positive about the health of the property industry. The clear majority, 60% of respondents, believe that transaction level will remain the same, 20% believe it will increase by 1-10% and 14% of respondents believe transaction level will increase by 11-20%.
“With interest rates expected to drop further, record low unemployment levels, the number of people owning their own home revealed to have stopped reducing for the first time since 2003, and a surge of interest in property purchases from foreign investors, the property market is in a very strong position to withstand any uncertainty surrounding Brexit.”