Poor weather and holiday season lead to low house sales

The adverse weather conditions experienced by much of the UK throughout December led to fewer house sales than at any point since January 2003.

A report from the National Association of Estate Agents NAEA found that average estate agent branches sold just four properties in December but many are predicting an increase in the early months of 2011.

The organisation stated that sales often drop in the lead up to Christmas but this year the slowdown was added to by the poor weather.

People looking for the best mortgage rates in order to purchase a home preferred to stay at home rather than buying a house during December.

NAEA president Mike Jones said: "We would hope to see a bounce-back in the next few months.

"Indeed, the new year has begun very strongly and agents have reported a very busy couple of weeks that we are hopeful will continue."

The prime minister recently said that some banks have gone "too far" in restricting mortgage lending since the recession, leading to fewer people accessing the best mortgage rates and therefore buying houses.
 

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2011-01-17 16:21:31 © Moneyextra.com