I might be wrong, but I think this is the first time the Rat and Mouse has featured data from the Inland Revenue. I wonder why that is? Anyway, the news is that transactions dropped in October to their lowest level since May 2005. There were 118,000 in October, compared to 147,000 in September (and those are, apparently, seasonally-adjusted figures... presumably adjusted after-the-fact by other economists... or is the IR in the business of seasonally-adjusting property transaction data?). Anyway, more here.