The property market has been in a three-year slump
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House sales in the UK fell by 11 per cent last year, recent figures by HM Revenue & Customs have shown
The fall means that the property market has been in a three-year slump since 2009.
The fall is thought to be because of a combination of mortgage rationing by lenders and rising unemployment levels.
The record low was in 2009, when just 848,000 homes were sold. This figure was the lowest since modern records began in 1978.
Geoff Meen, professor of economics at the University of Reading comments of the falling figures. He said, ‘If you have very poor levels of credit availability, for first-time buyers and people moving home, you are going to get low levels of sales taking place.’
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