• From The BBC:

    UK house sales fell in August from July, the first drop this year, according to HM Revenue & Customs.Figures from HMRC show that 83,000 homes were sold last month, down from 87,000 in July. House sales had been rising steadily this year, with the property market reviving from the sudden slump triggered by the credit crunch in 2007. However, sales in August were still double the number sold in January, and 19% higher than in August last year. The figures chime with those from the Council of Mortgage Lenders (CML) , which last week reported that total mortgage lending, both for house buyers and people re-mortgaging, dropped by 13% in August from July. The CML attributed this to the effect of the summer holidays but said lending would probably be subdued in the next few months. Some commentators have predicted that the revival of sales and house prices this year would soon run out of steam. Parental cashThere has been some evidence that much of the new house buying, particularly by fi…

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    Posted by Jon @ 4:02 am

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