Property sales drop by a third - Niche Market Recruitment - Emu Consulting

Sales of Property worth more than the new stamp duty limit of £125,000 fell by 32 per cent this year, according to HM Revenue & Customs.

There were 504,000 sales in the first half of 2008 worth more than the stamp duty threshold, which compares with 743,000 in the same period last year.

House and flat sales have fallen sharply this year, mainly due to the shortage of mortgage funds available to borrowers in the wake of the credit crunch and the increased cost of borrowing the money that is available.

The HMRC's figures show that in May alone sales were down by 37 per cent on last year at 98,000.