Property activity continues to slow, with estimated registered transactions this month falling about 15 per cent from last month. Separate estimates of transactions by Hong Kong Property Services (Agency) and Midland Realty indicate total deals recorded this month may have fallen to less than 10,000. The unofficial figure better reflects market activity last month because of the normal time lag of about four weeks between property purchases and registration. Agents said transactions registered next month would be even lower as property activity in the secondary market this month was expected to fall to about 3,000 deals - the lowest for a decade. Hong Kong Property estimated registered transactions this month would fall to 9,500, down about 15 per cent, from 11,162 deals last month. Midland Realty expects property transactions to drop about 10 per cent to less than 10,000 transactions. The Land Registry has yet to release official figures. The agencies said the total value of transactions would be about $28 billion, down 14 per cent from last month's $32.8 billion. Midland said transactions in the primary market this month would be more than 2,230, up 254 per cent from 632 sales-and-purchase agreements recorded last month. About 1,550 transactions in the primary market came from the sale of Henderson Land's La Cite Noble in Tseung Kwan O and Dawning Views in Fanling, Hong Kong Property said. Hong Kong Property managing director Michael Choi Ngai-min said property transaction figures would continue to drop next month in view of slow property activity this month. Transactions of second-hand homes this month were likely to plunge to about 3,000 - the lowest level in the past 10 years, he said, pointing out that the figures would be recorded in next month's report. Mr Choi attributed the sharp fall in transactions in the second-hand market mainly to the escalating price war in the primary market. The deeply discounted offers by developers had absorbed most buying interest from the secondary market, he said. Sun Hung Kai Properties sold 700 units at Mount Haven, Tsing Yi after a 12 per cent price cut. The move was in response to the release by Cheung Kong (Holdings) and Hutchison Whampoa of nearby project Tierra Verde at a lower than expected price at $4,147 per square foot. Henderson Land Development, Sino Group, Wheelock Properties and Ryoden Development have since joined the price war.