Fresh fall in UK property sales

Many homes remain on the market as first-time buyers have been frozen out

UK home sales fell in November as the property market showed little sign of fresh life at the end of the year.

There were 77,000 residential properties sold for more than £40,000 in the UK in November, according to HM Revenue and Customs (HMRC).

This was down from a revised figure of 80,000 the previous month and some 6,000 fewer sales than in the same month a year earlier.

A lack of demand from first-time buyers has pushed down sales and prices.

The most recent surveys from the Nationwide Building Society and the Halifax showed that prices fell in November compared with October.

The slowdown in buying and selling has also had an effect on the prices charged for tenants.

The average monthly cost of renting a home rose again in November, to a record £692 a month, according to the recently-published LSL property index.

However, the group said rise in costs for tenants had slowed.

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