Housing turnover the lowest in 40 years | Money | guardian.co.uk
The property forecaster Hometrack has warned that 2011 could have the lowest level of housing turnover in 40 years for England and Wales, as figures showed prices dipped again in November.
Hometrack says 840,000 sales are expected this year – almost 50% lower than the figure for 2007. Its latest housing survey showed prices fell by 0.2% in November from the previous month, following another 0.2% tumble in October.
Prices are down by 2.3% year on year and have fallen every month since July 2010, apart from April this year when the market was flat with no change recorded.
Hometrack said prices were being propped up by people's reluctance to put their homes up for sale, creating a scarcity of supply.
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