HMRC: House sales down in October

| November 24, 2010 | 0 Comments
HMRC: House sales down in October

HM Revenue & Customs (HMRC) has revealed a slump in the number of homes sold in October in the UK.

According to HMRC, 79,000 homes worth at least £40,000 or more were sold in the month, a fall of 11% on an annual basis.

While it was 1,000 higher from September’s figure, it is evident that the housing market is in the midst of a slowdown.

The ongoing lack of mortgage availability and economic uncertainty continues to put pressure on the housing market.

Yesterday, the British Bankers’ Association (BBA) revealed a further fall in the number of new mortgages approved by the major banks in October.

According to the BBA, the number of new mortgages approved in the month fell to 30,766, down from 31,058 in September – representing the lowest level since March 2009 – when the country was in the midst of its worst recession in decades.

The figures confounded analysts expectations of a rise to 31,300 and continue to suggest that the mortgage market will remain subdued over the coming months.

The Council of Mortgage Lenders and the Bank of England have both reported falls in mortgage lending over recent months,

Meanwhile, house prices are expected to continue to come under pressure as new instructions continue to outstrip buyer demand.

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