Bellway's Property Sales Crash
Housebuilder Bellway said the number of property sales agreed over June and July fell by 45% and may continue to fall at the same rate for the rest of the year.
The company reported an 'avalanche' of cancelled sales since Easter of this year as buyers pull out of agreed deals. The number of property sales falling through has risen by 125% in June and July.
The company blamed the tightening mortgage market and ongoing lack of consumer confidence for the tumble in activity.
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