According to UK property transaction figures, the number of private residential property sales fell by 11,000 during 2011, continuing the property slump that has now lasted for 3 years,.
Statistics released by HM Revenue and Customs show UK residential property sales dropped to one of the lowest totals recorded, with just 869,000 residential properties sold last year compared to the 880,000 homes sold in 2010.
The slowdown in the housing market in recent years was most evident in 2009, when only 848,000 houses were sold, (about half the number of transactions recorded in a year before the financial crisis began).
The Bank of England (BoE) said recently that it believes even more lenders will tighten their credit criteria in 2012 and it will be even harder for would be purchasers and property investors to get a mortgage, heightening concerns UK residential property sales could hit another record low this year.
The first-time buyer sector of the industry made an ever so slight slight recovery in recent months after dropping to a three-year low last autumn.
However, the recovery may prove temporary with the stamp duty holiday for first-time buyers closing in spring 2012.
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