The Land Registry has reported a fall in the volume of house sales for the summer of 2016, compared to the figures for last year.

At a time of year when properties traditionally enjoy higher sales, the Land Registry has announced a dip of -32.2 per cent in June, compared to last year and -28.1 per cent in July.

In real terms, that means that around 30,000 fewer houses are being sold each month in England.

The sudden downturn is thought to be based on a number of factors – the uncertainty of Brexit and the American elections as well as tax rises for landlords earlier in the year.

Locally, estate agents have said they have just as many buyers and renters coming forward to look for properties – and yet vendors and landlords are suddenly very thin on the ground.

It is thought the lack of housing stock on the market is to blame for the down turn in volume of sales.

During the same sales period, Zoopla also said the number of properties needing to reduce their guide price to secure a sale, has increased from 3.65 per cent in April to a 32.64 per cent of all listings being discounted in July.

Zoopla spokesman Lawrence Hall said: “The total number of properties on the market with a reduction has risen since April, but discounts are way off their peak and not as high as one might have predicted given the EU Referendum outcome.

“However, where there are bargains to be had, this could present a good opportunity for those first time buyers lucky enough to have saved the required deposit.

“Couple this with the recent interest rate cut decision which could result further in adjustments in mortgage rates, the second half of this year could a great opportunity for first time buyers to research the market and find a bargain.”

Despite a reduction in the volume of sales and a reduction in some prices, property remains a good investment with the average house price rising by 7.7 per cent in the year to September 2016.

It means the average price for a property in the UK, now £217,888, as reported by the Land Registry.