According to HM Revenue & Customs, the number of properties sold in the UK has tumbled by 40% in a year, with just 100 000 homes and offices being sold in the month of May 2008. In July 2007, before the credit crunch struck, more than 160 000 homes were selling every month.
These figures demonstrate the alarming decline in the country's property market, with prices falling faster than at any time for more than 25 years and with London seeing its biggest monthly fall in house prices for three years.
Properties that came on to the market this month were, on average, £4 500 lower than in May and the trend looks set to continue.
I guess our sale has been fortunate, but Leigh on Sea (Chalkwell, to be more accurate) has always been a very sought after area that maintains its value. With the location of the house a mere 3 minute walk to a mainline station, taking you into London in 45 minutes, and the same three minute stroll dropping you directly at the seafront, it's perfect.
Its close proximity to several first class schools, a large park and all the local shops, cafes, restaurants and pubs just at the top of the road is yet another bonus and I'm sure the current owner will have a very happy time in her new home.