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House sales tumble to worst level in eight years
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Zammo
Posts: 724 Forumite
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3042919.ece
It's starting to look pretty serious now. Glad I'm not buying at the moment.
Sales of homes fell at their fastest pace for at least eight years last month, a key survey suggested yesterday. The number of newly agreed sales dropped for the fifth month in a row in November, the Royal Institution of Chartered Surveyors (RICS) said. It is the sharpest decline since the survey began in 1999.
The balance of surveyors reporting rising rather than falling prices tumbled to minus 40.6, compared with minus 23.4 the previous month, indicating that prices are falling at their fastest pace since May 2005.
Meanwhile, the supply of properties on the market again climbed steeply in what appears to be a rush for the exit before a widely forecast property slowdown.
The stock of unsold property on surveyors’ books jumped by 8.7 per cent, after a rise of 9.7 per cent the previous month.
The report said: “Market conditions are now the loosest they have been since October 2005.”
It's starting to look pretty serious now. Glad I'm not buying at the moment.
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Comments
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Eh? Don't you mean glad you're not selling?
I'm looking to buy in the next say, 6 months to a year and I'm watching properties come into my price range that weren't there 3 months ago. So I'm going to keep watching...
Thanks for the article though.
(yes I know I had an offer in on somewhere a month ago but the survey came back with loads of unexpected problems, and so we pulled out. Good move it looks like...):beer:0 -
Oh well.At last----here we go.Been laughed at for my bearish views over the years but this really was going to happen.I guess that there have been various reasons why house prices have defied gravity,not the least fixed rate deals(and we all know what`s going on there).
So who is rushing to the exit first,my guess is that the Johnny-come-lately btl merchants will be leading the way.0 -
So who is rushing to the exit first,my guess is that the Johnny-come-lately btl merchants will be leading the way.
I think that when the blood is really on the carpet, you will BTL merchants stepping into the market to pick up some bargains. Of course timing will be important.
A decent BTL LL will be considering that his yields are rising, since his rents are not dropping.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
The balance of surveyors reporting rising rather than falling prices tumbled to minus 40.6, compared with minus 23.4 the previous month, indicating that prices are falling at their fastest pace since May 2005.
ehn? as a statistician I object to this sentence (or rather, the logical connector in it). Maybe all the house prices just fell by £100.... thats not a very fast pace :-)
we're saving at the moment, quite happy to stay renting and watch our deposit grow as hopefully prices for houses we want at last come within our reach. I'm happy with a stabilisation though, don't need a crash.0 -
I think that when the blood is really on the carpet, you will BTL merchants stepping into the market to pick up some bargains. Of course timing will be important.
A decent BTL LL will be considering that his yields are rising, since his rents are not dropping.
Agreed, providing you have a 30-50% deposit available, getting the finance shouldn't be a problem.0 -
Got enough spare cash now to buy 2 more houses outright if the prices drop by 40-50%. Wonder how many others are in the same boat and just waiting to pounce?0
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Got enough spare cash now to buy 2 more houses outright if the prices drop by 40-50%. Wonder how many others are in the same boat and just waiting to pounce?
Quite a few rich people out there waiting to pounce... however, it's not something you want to shout from the rooftops as it wont make you the most popular kid in the playground, that's for sure.0 -
Oh well.At last----here we go.Been laughed at for my bearish views over the years but this really was going to happen
2002 - House prices will crash this year
2003 - House prices will crash this year
2004 - House prices will crash this year
2005 - House prices will crash this year
2006 - House prices will crash this year
2007 - I told you so.0 -
I laughed! 
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I must say I'm nervous. I hoped there would be a stabilisation rather than a crash as a crash usually means a hike in rent. And I'm also worried about my pension too as I know that a lot of that is invested in property.
I'm not a homeowner but I'm not convinced a crash is a good thing at all.£4000 challenge
Currently leftover - £3872.150
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