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Friday, June 18, 2010

Transactions down supply up

The housing market in England and Wales stalled in May, according to Acadametrics.

Acadametric figures showed that house transactions in England and Wales fell to around 43,250, the lowest level of properties sold in May over the last 15 years.

May's figures were only 46% of the long term average of 93,860 properties sold in May (1995 - 2009).

Supply at highest level since Jan 2008

At the same time the number of properties for sale in the UK has reached the highest level since January 2008.

Stock increased 9% after the election between May and June, and is now 35% higher than in January. It is the fifth month in a row that the number of properties for sale has risen.

The low level of transactions combined with a rapidly increasing supply adds to the theory that the housing market could be due for a double dip where prices drift downward for a period despite their recent strong recovery.

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