By Marcus Leach

Data released by HM Revenue & Customs (HMRC) show that UK house sales fell 11% last year to 869,000, one of the lowest totals on record.

According to the HMRC data the property market has now been in a three year slump, with sales at about half of what they were pre-recession in 2007.

Sales have been depressed by a combination of mortgage rationing by lenders, and rising unemployment.

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