Property news: home sales reach year high in November

By Matthew Kinlin

Annual home sales reached their highest peak of the year so far in November, according to figures from HM Revenue and Customs (HRMC).

The figures showed that the total amount of homes sold in November was 85,000, up from 79,000 homes in October.

However, despite the rise in monthly transactions, the amount of homes sold in the first 11 months of 2011 has fallen when compared with the same period in 2010.

The property market has been stagnant for quite a while. This is due to numerous causes, including; hesitant lending, mortgage rationing, unrealistic selling prices, the wider economy and factors regarding employment.

The figures from HMRC show that there were 9,000 more sales in November 2011, when compared with November 2010.

However, the first 11 months of 2011 had a total of 787,000 sales, which has dropped from 810,000 sales in 2010.

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