Total values dive 21 per cent because of fewer luxury housing projects on offer Property purchase volume fell for the fifth consecutive month last month as uncertainties over the impact of interest rate rises continued to cloud the sector. Total property sale and purchase agreements lodged with the Land Registry last month numbered 8,670 - a drop of 2.7 per cent from August and almost half April's peak. Total values fell 21.1 per cent from August to $23.5 billion. Of the deals, 7,100 were residential transactions, down 2.7 per cent from the previous month. The value of home transactions for the month was $17.9 billion, 18.5 per cent lower than August because fewer luxury housing projects were on sale, according to the Land Registry. Agents said recent interest rate rises had soured the sentiment which took monthly property transactions as high as 16,280 deals in April. According to a quarterly survey released by the Hong Kong Polytechnic University at the end of last month, confidence among home owners and buyers in the property market fell for the first time since March last year. The BRE Confidence Index for residential property scored 704 out of 1,000, down four points from that in June. The survey showed that 34 per cent of the respondents, compared with 17 per cent in June's survey, said the impact of higher interest rates was 'significant' and 'very significant'. Despite a continued fall, Midland Realty chief analyst Buggle Lau Ka-fai said total property transactions volume in the first nine months rose 13.5 per cent to 100,322 deals. This compared with 88,354 deals achieved over the same period last year. Total value of sales during the nine months period rose 32.2 per cent to $316.7 billion.