Number of houses sold tumbles 35%

A new survey released by the government reveals 159,116 properties changed hands during the first three months of 2005, down on the 243,914 homes sold during the same period last year. House sales in London decreased by 36%, which could suggest a cooling period in the market, however the average property price for in the capital increased by 9.83% from £262,685 in 2004 to £288,507 for the period ending in March. For the rest of England and Wales, prices also continue to climb, up 10.27% on average in 2005 to £183,486, as opposed to a 14.06% increase to £163,404 recorded last year, accor...