CPS Homes

House sales matching 1980s boom

The number of properties being sold in England, Wales and Northern Ireland has reached its highest level since the property boom of the late 1980s.

Figures from HM Revenue and Customs (HMRC) show that 1,859,000 flats and houses were sold in 2006-07.

That was the largest number sold since 1988, the peak of the boom before property prices and sales crashed in the early 1990s.

Both sales and prices in the 2006-07 financial year rose by 11%.

In 1988, the number of homes sold, in just England and Wales, stood at a record level of 2,148,000 before tumbling by more than half a million the following year.

That slump came as interest rates were raised sharply by the government, and house prices also fell, leading to negative equity for some mortgage-holders.

22 June 2007

The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.

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