UK property sales drop to lowest level since 1959
Wednesday, September 24, 2008
The number of houses sold in Britain last month fell to its lowest since 1959 as the government's delayed announcement on changes to stamp duty deterred first-time buyers. HM Revenue & Customs said 62,000 houses were sold in August, less than half the figure for a year ago.
The news came as the British Banker's Association revealed mortgage approvals dived 64% in the year to August.
David Dooks, BBA statistics director, said: "The low number of mortgage approvals in previous months predicted lower gross lending in August and, together with remortgaging, a much weaker net lending figure than of late resulted.
"Falling property prices, economic pressures on households, tighter lending criteria and anticipation of the government's announcement on stamp duty all suppressed or delayed demand in August and will continue having an impact."
Mortgage approvals for house purchases tumbled to 21,086 - the lowest since the series started in 1997 and down from 58,564 in August 2007, when mortgage lending had started to slow.
Article continues at Guardian Property
The news came as the British Banker's Association revealed mortgage approvals dived 64% in the year to August.
David Dooks, BBA statistics director, said: "The low number of mortgage approvals in previous months predicted lower gross lending in August and, together with remortgaging, a much weaker net lending figure than of late resulted.
"Falling property prices, economic pressures on households, tighter lending criteria and anticipation of the government's announcement on stamp duty all suppressed or delayed demand in August and will continue having an impact."
Mortgage approvals for house purchases tumbled to 21,086 - the lowest since the series started in 1997 and down from 58,564 in August 2007, when mortgage lending had started to slow.
Article continues at Guardian Property
Labels: House market, property prices, uk mortgage market
