News: 2011 property sales lowest in 40 years, say Hometrack

Mon, 28 Nov 11

This year is set to register the lowest level of property sales in 40 years, according to Hometrack.

In its latest national housing survey, the firm says it forecasts 840,000 sales for 2011 and expects this trend of low transaction levels to continue into 2012.

The analysis shows that house prices fell slightly in November, by 0.2% compared to October, while the number of new buyers registering with estate agents decreased by 2.2%. Hometrack says demand from new buyers is likely to decline further in the run up to Christmas.

There was a 4.6% rise in the number of sales agreed, but the number of property listings fell by 0.8%, and the average time on the market rose slightly from 9.8 weeks to 9.9 weeks. 

Source: Mortgage Strategy

See also: Hometrack House Price Index

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