HMRC: House sales continue to fall in May
HM Revenue & Customs (HMRC) has today revealed a further fall in the number of homes sold in May in the UK.
According to HMRC, 68,000 homes worth at least £40,000 or more were sold in the month – 2,000 lower than the revised total of April and 3,000 lower when compared with May 2010.
Today’s figures, along with other recent reports, suggest the housing market will remain subdued throughout 2011 due to economic uncertainty and ongoing mortgage restrictions.
Yesterday, the Council of Mortgage Lenders (CML) said lending is expected to be flat over the next couple of months.
The comments came as the Council reported a slight pick-up in mortgage lending for the month of May.