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25 June 2007

Houses sell at 1980 levels

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by Kay Mitchell

Houses sell at 1980 levels

The amount of property on the market increased again during Aril and May, as sellers tried to avoid the forthcoming deadline of Home Information Packs (HIPs) and the number of houses sold reached the highest since the peak of the housing boom in the 1980’s.

Almost 2 million properties were sold during the financial year 2006-2007, the amount in 1980 reached 2.1 million but fell by almost a quarter in 1981.

This surge caused a slowdown in the rate of growth in property prices but experts believe a slowdown is not forthcoming. Some analysts think that even if property price growth does slow, the demand will not drop, due to a strong economy and immigration levels.

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