Last year saw 99,087 property sale and purchase agreements, down 19.9% on the year before, the Land Registry says. The figure also represented a 19.8% fall when compared with 2004.

The total consideration involved in these agreements also recorded a 20.3% year-on-year fall, to $315.2 billion. When compared with 2004, the figure represented a 10.4% fall.

There were 125,983 assignments of building units lodged for registration, down 19.4% on 2005 and down 6.8% on 2004. The total consideration involved fell 17% on a year earlier, to $329.67 billion. When compared with 2004, the figure rose 7.8%.

The number of building mortgages and legal charges rose to 117 last year, up 31.5% on 2005. However, the number of other mortgages and legal charges fell 26.7%, to 101,222.

Land record searches last year totalled 3,958,070. This represented a 6.7% dip on 2005 but an 8% rise on 2004.