It was also estimated the number of residential property transactions decreased by 3% between May 2018 and June 2018, HMRC property transactions showed.

In June there were 2018 96,340 residential and 9,710 non-residential seasonally adjusted transactions.

Neil Knight, business development director of Spicerhaart Part Exchange & Assisted Move, said: “At the moment it appears that it is first-time buyers – being incentivised by schemes like Help to Buy – purchasing new builds that are driving both the property and mortgage markets.

“This is supported by last week’s (non-seasonally adjusted) construction output figures from the ONS which showed that while all new construction work was up just 1% on the previous year, output on new housing was up 5.7%.

“And while it is encouraging to see steady growth in the new build sector, if we want to keep the market moving, we need to be looking at building a wider variety of properties and residential developments, so that home movers and downsizers have options too.”

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