House sales drop 13% as downturn deepens

The number of house sales dropped by 13% in May, the biggest monthly fall since December 2006.

Revenue & Customs, which measures stamp duty, said there were about 100,000 sales last month, down from 115,000 in April.

Economists think house prices could fall 30%, reports the Guardian.

The Royal Institute of Chartered Surveyors said its own data showed housing transactions are at their lowest since 1978, when it began measuring them.

The group said it expected the level of activity to fall further.