Property sales plummet for August

Figures from HM Revenue & Customs have revealed that the number of houses sold in the UK last month fell by over half compared to a year ago.

HMRC statistics show that only 62,000 properties were sold in August, a fall of 7,000 from the 69,000 houses sold in July.

The August data is made all the more stark when compared to the 141,000 properties sold a year previously.

The low level of transactions follows yesterday’s report from the British Bankers’ Association which reveals that August mortgage approvals for house purchase were down 64% from a year ago.