Wednesday, September 22, 2010
Market grinds to a halt as potential buyers wait and see
The number of homes changing hands fell during August in a further indication that activity in the housing market is faltering, Government figures show. Around 85,000 properties worth more than Â£40,000 were sold during the month, down from 90,000 in July, according to HM Revenue & Customs. The figures highlight the current subdued state of the housing market, as although they were up on the 79,000 transactions that took place in August last year, the level was less than half the 162,000 homes that were sold in August 2007, before the credit crunch impacted on the market. The data comes the day after the Council of Mortgage Lenders said lending last month had fallen to its lowest level for August for a decade.