HMRC: House sales down in November
HM Revenue & Customs (HMRC) has revealed a slump in the number of homes sold in November in the UK.
According to HMRC, 77,000 homes worth at least £40,000 or more were sold in the month – down from the 80,000 sold in October and 6,000 less than in November last year.
The figures are further evidence that the housing market continues to cool.
The ongoing lack of mortgage availability and economic uncertainty continues to put pressure on the housing market.
The figures come just a day after the Council of Mortgage Lenders (CML) reported mortgage lending remained weak in November.
Mortgage lending last month fell by 5% when compared with October, said the Council.
According to the CML, mortgage lending totalled £11.1 billion – lower than October’s £11.6 billion and the weakest monthly amount since April.
Last week, the CML said the housing market will remain subdued in 2011, due to uncertainty surrounding the economy and the ongoing mortgage rationing by lenders.
Over recent times, demand has been weak as many buyers have adopted a “wait and see” approach as uncertainty continues to surround the economy and the Government’s spending cuts make prospective buyers cautious.
Meanwhile, house prices are expected to continue to come under pressure as new instructions continue to outstrip buyer demand.