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House sales slump 53% across UK House sales slump 53% across UK
(30 minutes later)
Property sales in the UK have fallen by 53% in the past year, according to the latest figures from HM Revenue & Customs (HMRC). The number of property sales in the UK has fallen by 53% in the past year, according to the latest figures from HM Revenue & Customs (HMRC).
In September, 59,000 homes were sold, down from 126,000 sales in the same month last year.In September, 59,000 homes were sold, down from 126,000 sales in the same month last year.
That was also a 62% fall from the recent peak in sales, of 154,000, seen in December 2006.That was also a 62% fall from the recent peak in sales, of 154,000, seen in December 2006.
This year, the credit crunch has driven the housing market into its sharpest slowdown for decades. This year, the credit crunch has driven the housing market into its sharpest slowdown for many years.
Despite a recent cut in interest rates, attempts by the government to refloat the banking system, and a cut in the burden of stamp duty, there is no sign yet of the property market coming out of its steep nose-dive.
Lenders such as the Halifax and Nationwide have reported that prices are still falling fast and are down by about 12% on their levels of a year ago.
A recent survey by the Royal Institution of Chartered Surveyors found that estate agents were struggling to sell even one property per week each on average.
In addition, the best leading indicator of future activity - the number of new mortgages approved for house purchase but not yet lent - is down by 70% on a year ago, suggesting that sales and prices have further to fall.
On Monday, mortgage lenders warned that lending this year would turn out to be just 37% of last year's level and that prices would probably continue falling in the next few months.
Howard Archer of Global Insight described the HMRC figures as "dismal".
"Faster rising unemployment, heightened concerns over the economic outlook and widespread expectations that house prices will continue to fall markedly seem well set to depress housing market activity and prices for some considerable time to come," he said.