Mortgage data reveals a sharp drop in house sales 2011



A 29% fall in house sales in January compared to December is being blamed on inclement weather, rising inflation and government spending cuts.


The Council of Mortgage Lenders, which has collated the data, said an “unusual combination of factors” have led to the extreme drop, which is “greater than seasonal factors alone would explain”.


“With spending cuts beginning to bite, and rising inflation and tax measures putting pressure on household budgets, potential house-buyers are likely to have been discouraged. This, coupled with December's extreme winter weather, and uncertainty over future interest rate rises, has led to a lack of movement in the mortgage market,” it said


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