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House sales suffer slight fall

House sales suffer slight fall

Category: Mortgages

Updated: 22/12/2009
First Published: 22/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of house sale in the UK fell marginally during November, although the 87,000 property purchases was the second highest monthly total in 2009.

Completed sales fell from the year high of 90,000 seen in October, figures from HM Revenue & Customs (HMRC) have revealed.

Perhaps reflecting some momentum for the mortgage market in 2009, it is just the second time a monthly fall has happened all year.

While the property market has experienced a challenging year, more than double the amount of sales were completed last month than at the outset of 2009 in January, when just 41,000 properties were sold in the UK.

Of the many property surveys and figures released, the majority have pointed to increasing activity and rising house process in recent months, with last month's report by the Bank of England reporting that the number of house mortgages approved for house purchases increased for the eleventh month in succession in October.

Opinion is split on the fortunes of house prices and, indeed, the property sector in the coming year. Some experts have predicted a further fall in prices, while others have predicted a year with next to no movement.

Earlier today, the Royal Institution of Chartered Surveyors predicted a slight improvement in house prices next year, amounting to a one or two per cent increase over the course of 2010.

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