UK property sales hit record low in April

London, May 21 (IANS) Residential property sales in the UK in April hit their lowest monthly level since comparable records began in 2005, new figures revealed on Thurday.There were 38,060 transactions in April, according to provisional numbers from HM Revenue and Customs (HMRC).This was less than half the level seen in the same month last year, the BBC reported.Spring is usually a busy period for the property market, but the coronavirus lockdown halted activity.The government lifted many of these restrictions on the sector in England in mid-May.The total number of UK property sales is slightly less than the previous low when the taps were turned off in the property market at the height of the financial crisis in January 2009."The sheer scale of the collapse is staggering but what has to be remembered is that demand for residential property sales cannot be compared with demand for other items in consumers' regular basket of goods," the BBC quoted Andrew Southern, chairman of property developer Southern Grove, as saying."Residential transactions are usually motivated by necessity so, subject to the economic realities that prevail as the country starts to emerge from this crisis, many of these missing sales should rise from the deep."
--IANS ksk/