The number of homes sold in Britain last month fell to just 47 per cent of the figure seen in September 2007, figures from HM Revenue and Customs (HMRC) have revealed.

A BBC report has explained that property transactions slumped by a massive 53 per cent between September 2007 and last month.

Twelve months ago the transaction figure stood at 126,000, compared to just 59,000 last month.

The report quoted Howard Archer, of Global Insight, who hinted that with the economic climate not likely to change soon, the housing market will remain "dismal" for some time.

"Faster rising unemployment, heightened concerns over the economic outlook and widespread expectations that house prices will continue to fall markedly seem well set to depress housing market activity and prices for some considerable time to come," he said.

Those hoping to remain in rented accommodation until the market bottoms out may wish to invest in safe storage, to free up some space until they move into a property of their own.

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