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Lack Of Finance Hits House Sales For March

Official data from the Land Registry has confirmed what many in the housing market had feared, a lack of mortgage finance is starving the markets of food and house sale numbers have fallen off a cliff. The figure show that the number of houses sold in March 2008 is half of the number sold in March 2007, with the figures being 53,080 and 106,047 respectively. While the figures are a major disappointment they are not a shock to those at the cutting edge of the housing market.

It seems as though London, Rutland and Wales have been hit hardest with sale numbers in London alone falling by over 60 percent in the sub £200,000 sector of the market. Since the figures in March there has been a further downturn in the mortgage finance situation and the figures later in the year could be even worse. The estate agency sector is literally grinding to a halt with many bargain hunters unable to raise the required capital.

There will come a point when the housing market bottoms out and the bargain hunters are able to become more involved but it looks as if this may still be some way off.

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