HMRC’s provisional seasonally adjusted UK property transaction count for May 2016 was 89,700 residential and 10,790 non-residential transactions.

The seasonally adjusted estimate of the number of residential property transactions increased by 1.5% between April 2016 and May 2016.

This month’s seasonally adjusted figure is 11.9% lower compared with the same month last year.

March 2016 recorded the highest number of transactions in the last 10 years. This peak is associated with the introduction of higher rates on additional properties in April 2016.

For May 2016 the number of non-adjusted residential transactions was about 13.0% higher compared with April 2016. The number of non-adjusted residential transactions was 13.8% lower than in May 2015.

David Brown, CEO of Marsh & Parsons, said: “Transaction figures in April and May weren’t quite at the level we witnessed for the corresponding period in 2015, but the huge spike in activity in March this year meant that the market had established something of a cushion which softens the blow. Activity in April was always likely to step back after March’s flurry and April’s improvements show a market finding its more natural level again.

“After a long EU referendum campaign, the conclusion is in touching distance and the market will have a great deal more certainty once the result becomes clear on Friday. Prospective purchasers who have been delaying their decision based on the outcome will be able to act more decisively and the market may witness a fillip akin to that often seen after general elections.”