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| UK home sales fall below 100,000 a month | UK home sales fall below 100,000 a month |
| (35 minutes later) | |
| The number of homes sold in the UK fell below 100,000 a month in November for the first time in a year, according to HM Revenue and Customs (HMRC). | The number of homes sold in the UK fell below 100,000 a month in November for the first time in a year, according to HM Revenue and Customs (HMRC). |
| It said 98,490 properties were sold in November on a seasonally adjusted basis - down 2.1% on the previous month. | It said 98,490 properties were sold in November on a seasonally adjusted basis - down 2.1% on the previous month. |
| In a further sign of the slowing housing market, the number of people taking out mortgages has also fallen. | In a further sign of the slowing housing market, the number of people taking out mortgages has also fallen. |
| The British Bankers' Association (BBA) said 36,717 mortgages were approved in November, the lowest for 18 months. | The British Bankers' Association (BBA) said 36,717 mortgages were approved in November, the lowest for 18 months. |
| The figures show that the number of mortgages being granted has fallen by 19.5% over the last year. | The figures show that the number of mortgages being granted has fallen by 19.5% over the last year. |
| The value of those mortgages is also down - from £9.2bn in October, to £9bn in November. | |
| 'Turnaround' | |
| "Today's figures show quite a sharp chill to the housing market in recent months," said Richard Woolhouse, the BBA's chief economist. | |
| "The BBA data provide ongoing evidence that the housing market is ending 2014 on the back foot," said Howard Archer, the chief UK and European economist at IHS Global Insight. | "The BBA data provide ongoing evidence that the housing market is ending 2014 on the back foot," said Howard Archer, the chief UK and European economist at IHS Global Insight. |
| He added that the recent changes to stamp duty were unlikely to produce a "major turnaround" in the market. | He added that the recent changes to stamp duty were unlikely to produce a "major turnaround" in the market. |
| Chancellor George Osborne announced earlier this month that most of the homes sold in the UK would pay less stamp duty. | |
| However, experts say tighter rules on mortgage lending, and worries about an eventual rise in interest rates, are helping to slow the housing market. | |
| The Halifax reported earlier this month that house price growth had slowed to 8.5% on an annual basis. |