Property sales still lower than last year



Mortgage

Mortgage

New figures from HM Revenues & Customs have revealed that property sales in the UK are still lower than a year ago.

66,000 homes were sold in the UK during the month of April, some 6,000 fewer than the same month last year, and 1,000 less than in March.

House sales for the first four months of 2011 have been 5% down on the first four months of 2010 as the housing market continues to struggle.

The report seems to point to consumers struggling to get approved for tough mortgage criteria, and until the economy starts to improve, the changes of a revival seem slim.

The Council of Mortgage Lenders (CML) figures last week pointed to a similar story with mortgage lending in April lower than in March, and 5% lower than April last year.

The CML pointed to the bank holidays for Easter and the royal wedding as key reasons behind the drop, although experts suggest the evidence for the last few month’s points to a stagnated market.

The number of mortgages approved but not yet granted had risen in April to 47,557 according to the bank of England, a figure which is higher than the last six months.

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