Property transactions at their lowest point in 20 years

New figures out today show just how weak the housing market was in 2008 with the number of property sale transactions in Britain at a 20 year low and down by over 50 per cent compared to only one year ago. Less than 727,000 home sales were recorded last year compared to over 1.48 million in 2007.

Zoopla.co.uk, the UK's leading house prices website which provides free, instant value estimates on all 27 million UK homes and access to over 15 million property sale records, has revealed just how dismal the state of the British property market was in 2008, with the best month (May) barely racking up 78,000 transactions, far less than the worst month (Dec) of 2007r Overall 2008 saw only 1,990 home sales completed per day on average compared to over double that at 4,050 per day a year earlier.

With the average home in Britain losing £26,813 in value in 2008 according to Zoopla.co.uk latest figures, a staggering 3.2 million homeowners across the country are now faced with being 'underwater' having paid more for their homes than they are now worth - an increase of 2.7 million British homeowners in this position compared to the start of last year.

Alex Chesterman, CEO and founder of Zoopla.co.uk, comments:

"One of the best indicators of market direction is often transaction volume and property activity was incredibly weak in 2008 with only 2.75 percent of the housing stock in Britain changing hands, about half the average volume of the last few years. The unprecedented fall in activity brought about by the credit crunch has led to the sharp decline in prices witnessed in recent months. With estate agents reporting an increase in interest in the first few weeks on this year, the key to stabilising the market in 2009 lies in the government's ability to unlock the credit freeze so that buyers are able to act on that interest."

- Ends -

Hello. We're Zoopla. A property website and app.

We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

Tools that let you filter them in all kinds of clever ways.

And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

Zoopla is part of Zoopla Limited which was founded in 2007.

Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH Registered in England and Wales with Company No. 06074771 VAT Registration number: 191 2231 33 Data Protection number: Z9972266