U.K. home sales fell nearly 12% in March from the previous year, according to government statistics released Tuesday.
Residential transactions across the United Kingdom totaled 92,270 in March, according to the data from HM Revenue & Customs, which makes the monthly calculation based on transactions coming through the Stamp Duty and Land Tax. The data is seasonally adjusted to account for predictable fluctuations in the housing market.
Month over month, the number of sales in the country fell 7.2%, according to HMRC.
Sales activity nationwide has plateaued—or in some segments, like prime London, fallen—since the introduction of higher stamp duty in the spring of 2016, according to the data. Limited affordable housing supply has also held down sales.
The decline in activity from last year was consistent across each of the U.K.’s four countries, according to the raw, non-seasonally adjusted figures.
Scotland saw the steepest decline over last March, with transactions falling 20%.
Northern Ireland logged a 19% decline in March year-over-year; closely followed by England, which saw a near 18% decline in sales.
Comparatively, Wales was the best performer in overall sales activity in March, with only a 6.5% decline over last year, according to the data.
In contrast to declining sales, average home prices are rising in most places outside of London as a result of low inventory, Mansion Global previously reported.
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