Between September and October according to HMRC figures. On a non-seasonally adjusted basis, transactions are 30.1% lower than October 2020 and 48.4% lower than September 2021.
After a stonking September where buyers rushed to complete on their property purchases in order to take advantage of the last vestiges of the stamp duty holiday, October was bound to see a drop-off in transactions.
"The markets continue to price in an interest rate rise in December although the Bank of England is hinting that the situation is ‘finely balanced’ with slowing growth and the energy supply squeeze, which won’t be helped by a rate rise. In the meantime, the dynamic nature of mortgage pricing has paused a little as lenders take stock. Not all mortgages are becoming more expensive – generally, rates on lower loan-to-value mortgages have been rising but on higher LTVs they have been falling. A 95 per cent LTV two-year fix is cheaper now than it was two years ago, making life easier for first-time buyers, who are so important to the overall health of the housing market.