Qualified advisers answering your
Financial Questions
call 0800 092 1245

House sales match peak of 1980s boom

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.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details