The Government yesterday said it was too early to conclude that its property rescue measures had failed to help the market despite the 31.3 per cent month-on-month drop in July's transactions. The Land Registry yesterday announced it recorded 6,280 property transactions in July, down from June's 9,146 or down 72.3 per cent compared with July last year. The value of the deals fell 34.3 per cent to $18.1 billion from June or 84.3 per cent year on year. A government spokesman said the July figure better reflected property activity for June because of the normal four-week time lag between transaction and registration with the Land Registry. He said the measures - announced on June 22 - would not be reflected until August or so. The measures included the suspension of land sales and the expansion of subsidy loans to first-time home buyers and qualified applicants.