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Completions fall to 77,000 in August

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  • 21/09/2010
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Completions fall to 77,000 in August
Residential property transactions completions were an estimated 77,000 in August, down from the year’s peak in July of 81,000, according to HMRC.

HMRC figures for completions on properties valued above £40,000 showed that the market continues to be very subdued, despite year-on-year completions being modestly up from 71,000 in August 2009.

Nevertheless, house sales remain far removed from the highs of 2007, with transactions for August 2010 almost half of August 2007’s 146,000.

Completions for the second quarter of the year were slightly up on the previous quarter to 222,000 from 214,000 in the first quarter.

This compares to 193,000 completions in Q2 2009 and just 168,000 in Q1 2009.

Simon Rubinsohn, chief economist at RICS, said: “The HMRC data continues to demonstrate the subdued level of activity in the residential property sector.

“Despite on-going concerns about the prospects for the economy, the latest RICS Housing Market Survey showed sales expectations are improving.

“However, with mortgage finance still in short supply and little evidence of a meaningful shift in behaviour from lenders, it is hard to see this slightly more optimistic mood being translated into significant higher sales volumes.”

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