Home sales fell by 31% in the first 6 months of the year compared to the same period last year, according to new figures from the Ministry of Housing.
A total of 217, 589 homes were sold in the first half of the year, compared to 316,096 in the same period 2008. This represents the lowest number of home sales in a 6 month period since the Ministry started publishing this data in 2004.
Looking for scraps of good news, at least I can report that sales in the second quarter of the year were better the first. On a quarterly basis transactions increased by 8%, whilst year on year sales were ‘only’ down 28% in the second quarter. Does that mean the market has turned a corner? Who knows, but I doubt it.