The Land Registry received 13,325 sale and purchase agreements for flats in May, down 6.8% on April, but up 2% on May last year.

The total consideration of these agreements was $52.7 billion, 17.4% lower than April, but 19.7% higher than May last year.

More than 11,000 were for residential units, 10% down on April and 6.6% lower than May last year. The total consideration was $42.8 billion, 19.6% lower than April, but 8.7% higher than May last year.

The number of searches of land registers made by the public in May was 495,464, down 0.5% on April, but 23.8% higher than May last year.

The 12-month moving average for May was 13,085, up 0.2% on April and 69% on May last year.