8 October 2014
Housing transactions are due to drop to just 840,000 this year, the Council of Mortgage Lenders predicts. One third will be cash transactions.
Its new forecast lowers its earlier prediction of 860,000.
The figure of 840,000 compares with 901,000 residential property transactions in 2008, 859,000 in 2009 and 886,000 last year.
The CML believes that transactions will pick up next year to 900,000. It believes mortgage financed sales will climb back up to around 50,000 a month.