Property market activities slowed by about 20 per cent last month with less than 6,800 transactions, the lowest monthly volume since September last year, according to estate agents. The total transaction amount stood at $17.69 billion, down 18.48 per cent from July. Centaline Property Agency estimated there were 6,791 deals last month while Midland Realty put the figure at 6,778. Both agents compiled their data based on Land Registry records. The Land Registry recorded 8,488 transactions for July. Centaline said developers had reduced their marketing activities for new projects since July, which contributed partly to the fall in transactions. First-hand residential transactions registered last month included 154 units of Sun Hung Kai Properties' Grand Pacific Views in Siu Lam, 70 units of Tung Chung Crescent and 63 units of Cheung Kong (Holdings) Villa d' Arte in Tai Hang. Centaline expected total transactions to fall to about 5,000 this month, driven by further contraction in both primary and second-hand markets. Although the market slowed, Centaline found that average second-hand residential prices increased by 5.18 per cent to $3,658 per square foot last month. The price rise partly contributed to the transaction fall as home-seekers became more cautious in the face of higher prices, it said. Midland Realty said first-hand residential transactions for last month declined by 50.5 per cent to 755. Transaction value amounted to $2.92 billion, down 51.3 per cent from July. Second-hand residential transactions fell 9.3 per cent to 5,042 while total consideration dropped 3.8 per cent to $11.89 billion, said the agent. It pointed out that the trading of Home Ownership Scheme flats had become increasingly important in the second-hand market. Transactions of subsidised housing units accounted for 14.7 per cent of the total market activity, the highest ratio so far this year. As market activity shrinks, Midland expects this month's transaction volume to worsen and fall to less than 6,000. PROPERTY