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House sales down 53%

Wednesday, 22 October 2008 10:54 AM

Property sale dropped 53 per cent in the last year, according to new figures from the taxman.

HM Revenues & Customs data show 59,000 homes worth £40,000 or more were sold in September. This is down from 126,000 last year.

It also represents a fall 62 per cent fall from the market peak of 154,000 home sold in December 2006.

Over the last three month a total of 188,000 homes were sold - down from 407,000 in the year before - and so far this year 747,000 homes have changed hands, a drop of 42 per cent.

The slowdown in property sales has been prompted by falling property prices and the collapse of the mortgage market.

Data released yesterday by the Council of Mortgage Lenders (CML) show mortgage lending dropped 42 per cent in the last year, while figures from Rightmove reveal a 4.9 per cent drop in asking prices.

Meanwhile, last week data from the Royal Institution of Chartered Surveyors (Rics) show some estate agents are now seeing less than one sale week.

"While the data are a lagging indicator as they relate to completed sales, they nevertheless provide yet further evidence of the dismal state of the housing market," said Howard Archer, chief UK economist at Global Insight.

"More forward looking indicators do not make any more pleasant reading, with latest mortgage approvals and lending data showing sinking to new long-term lows as housing market activity continues to be suffocated by very tight lending conditions and still-stretched affordability ratios."

Previously the mortgage industry had claimed house prices would be supported by strong fundamentals - such as the economy and high employment - but as these disperse the property market looks gloomy.

"Housing market activity and house prices seem poised for further weakness as the fundamentals remain largely unfavourable," Mr Archer said.

"Credit conditions are still relatively tight; and even if the government measures to tackle the financial crisis work on a sustained basis, it will undoubtedly take time for confidence to improve and mortgage lending to pick up significantly."

He added demand for mortgages will also be muted as affordability will remain an issue despite house price falls.

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