The U.K. has experienced the biggest fall in home sales since the 2008 global financial crisis, according to the country’s largest home builder.
A Reuters/Ipsos opinion poll found that sales fell 3.9% in March compared to a year earlier.
The decline was more pronounced in London, where sales fell 2.7%.
The National Association of Realtors said the market in England was “disappointing” and that “there is no sign of a recovery in the housing market.”
The group said a lack of affordable homes has driven many buyers to move to the U., while the average price of a home in the U.
“We think that is going to be the most difficult period in the UK,” said Stephen Dib, a managing director at NAR.
The British government announced a crackdown on foreclosing last year, but it has also put pressure on developers to increase the supply of affordable housing.
Some of the latest housing starts in London include homes in the market for over £500,000 ($745,000), according to NAR data.