UK Money News
22nd February 2008
Study shows extent of property sector slowdown
New figures from Her Majesty's Revenue and Customs (HMRC) have provided further evidence of the ongoing slowdown in the UK property market.
Data from the HMRC shows that 115,000 properties changed hands in England, Wales and Northern Ireland during January.
This represents the lowest figure since April 2005 and is a 13 per cent fall from December's figure of 132,000.
Transactions in England and Wales were also down when the figures were seasonally adjusted, dipping by 137,000 in December to 113,000.
The HMRC's findings will fuel further speculation from property market analysts that the UK property market is set for a prolonged slowdown this year in the face of larger economic problems.
Pressure is also likely to mount on the Bank of England to move quickly to cut interest rates to stimulate a revival in the UK property sector.
Towards the end of 2006 when the property market was peaking the number of transactions stood at 200,000.
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