 Property |
| Search News |
|
|
| Find an IFA |
|
|
| Browse |
|
| UK Spotlight |
While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
→
Read More
|
|
| Disclaimer |
| Financialadvice.co.uk adheres to the Financial
Services and Markets Act 2000. This site contains only factual and
readily available public information. |
|
|
| |
|
|
|
|
Friday 22nd June 2007
Britain's property sales reached their highest number in 2006/07 since 1988, the year in which the property market took a nose dive, new figures show.
Statistics from HM Revenue and Customs (HMRC) show that a total of 1,859,000 flats and houses were sold in the UK in 2006/07.
In 1988 the number of homes sold in just England and Wales stood at a record level of 2,148,000. That figure dropped by more than 500,000 the following year before a period of negative equity set in that harmed mortgage owners.
The survey of property transactions for 2006/07 also shows that both sales and prices of houses have risen by 11 per cent on last year.
The four interest rate hikes since summer 2006 have raised concerns of a slowdown in the market. A sharp increase in interest rates in 1988 preceded the property market slump of 1988.
Britain's property market is currently showing signs of a slowdown but experts say the weak supply-side means demand will remain "resilient" in the near-term.
|
→ Full Property News Archive
→ Return to Homepage |
|
|
|
| Other top stories in this section:
|
|
|
|
.gif)
