11 Nov 2010

House sales hit record low for October

3:13 pm on 11 November 2010

The number of houses sold in October was the lowest for the month since Real Estate Institute figures began in 1992.

The institute says just 3903 houses were sold during the month.

That is about 500 sales lower than the previous October low of 4469 sales two years ago.

The average number of days it took to sell a house fell to 41 from 43 in September, but is still higher than the 31 days recorded in the same month a year ago.

Goldman Sachs economist Philip Borkin says the figures confirm the housing market is stalling.

Mr Borkin says prices, which slipped 0.9% during October, could come under further pressure, although he does not expect large falls.