In Britain’s mercurial housing market November saw the number of houses sold fall below 100,000 for the first time in a year.
A total of 98,490 residential properties were sold last monthy, according to HM Revenue and Customs data, the lowest level since November last year, when 99,320 homes changed hands.
House sales had been growing steadily up until February of this year, peaking at 109,560. Since then, sales have been falling except for small rises in August and September.
Not surprisingly, the number of mortgage approvals fell for the fifth consecutive month in November, hitting an 18-month low, according to the British Bankers’ Association.
In October 37,153 were approved but in November only 36,717 were. This was the lowest since April 2013.
The Association noted “a sharp chill to the housing market in recent months” with mortgage approvals in November 20% lower than the previous year.
