New figures confirm buyer dip

Recent statistics showing a major fall in the number of housebuying transactions taking place in the UK have been closely matched by new figures showing a similar trend.

Figures from HM Revenue and Customs have shown that in May the number of transactions was down by 37 per cent, while in the first five months of 2008 the total is 32 per cent less than over the equivalent period in 2007, at 504,000 compared with 743,000 last year.

Such figures appear to be further confirmation of the difficulties faced in trying to buy a house by the credit crunch, with many deciding not to undertake transactions because of it.

These figures appear to provide confirmation of a trend shown by the Council of Mortgage Lenders last week, in which it said transactions had fallen by 40 per cent on a year earlier.

With buying a home proving difficult at present, some many consider the alternative approach of building their own.