Transaction numbers fell again in September – HMRC data

'With some sellers still holding out for last year’s prices, it’s the number of homes changing hands rather than their price that’s bearing the brunt of the slowdown,' says Hamptons.

A leading estate agency has reported a sharp decline in new buyers registering to buy in London, while more vendors are dropping asking prices.

'Not as bad as some we may have feared,' says North London estate agent Jeremy Leaf - but Savills warns that June's lending statistics 'will be more telling given the timeline of turbulence in the mortgage…