"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."
The number of transactions remains 0.8% higher than in April 2018.
Joshua Elash, director of MT Finance, commented: "It comes as no surprise to see transactional volumes in the residential space falling 0.3 per cent 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’s great to see confidence in this sector translating into transactional growth."
Kevin Roberts, director of Legal & General Mortgage Club, added: “Despite greater innovation in the mortgage market and Government schemes like Help to Buy and Shared Ownership, property transactions remain stagnant.
“To really see a boost, we need to fix our country’s imbalance between supply and demand by building more homes. Not only for first-time buyers, but across all housing tenures - young and old, renters and homeowners. As an industry, we are working to provide the solutions needed but we also need to ensure the Government is increasing supply and making the UK housing market accessible for all.”
