HMRC: House sales slump in January

HMRC: House sales slump in January

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

According to HMRC, just 54,000 homes worth at least £40,000 or more were sold in the month – the lowest number since January 2010.

The figures are revealed as the British Bankers’ Association (BBA) reported a further fall in the number of new mortgages approved by the major banks in January.

According to the BBA, the number of new mortgages approved in the month stood at 28,932 - marginally better than December’s levels but 29% lower compared with January 2010.

The figures suggest mortgage lending will remain subdued this year after the Council of Mortgage Lenders (CML) also reported mortgage lending remained weak in January.

Earlier this week, property website Rightmove said most of the UK property market faced “paralysis” this year.

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