Total consideration for sale and purchase agreements in July was down 39.9% to $42.4bn.

The number of sale and purchase agreements for all building units received for registration in July was 7,291, down 37.2% on June and down 51% on July last year.

According to figures the Land Registry released on Tuesday, the 12-month moving average for July was 12,352, which was 4.9% below the 12-month moving average for June and 3.3% below that for July last year.

The total consideration for sale and purchase agreements in July was $42.4 billion, down 39.9% compared with June and down 29.9% compared with July last year.

Among the sale and purchase agreements, 5,254 were for residential units, 41.9% fewer than in June and 59.5% fewer than July last year.

The total consideration for sale and purchase agreements in respect of residential units was $31.8 billion, representing a fall of 39.9% compared with June and a fall of 39.1% on a year-on-year basis.