UK House Sales Down 11% in 2011
UK house sales fell by 11% in 2011 to 869,000, one of the lowest levels of sales on record, with sales almost half of what they were in 2007. This compares with the recent record low of 848,000 sales in 2009.This fall off in house sales is a combinaiton of a number of factors, including economic uncertainty and a lack of availability of credit finance.
The Council of Mortgage Lenders has forecast that total lending will fall again this year, suggesting that house sales are unlikely recover from these current low levels.
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