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UK property sales drop to lowest level since 1959

Comments

  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    What about all those poor people who trained as energy assessors?
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • Lotus-eater
    Lotus-eater Posts: 10,789 Forumite
    10,000 Posts Combo Breaker
    StevieJ wrote: »
    What about all those poor people who trained as energy assessors?
    Read the funny estate agents blog :D
    Freedom is not worth having if it does not include the freedom to make mistakes.
  • carolt
    carolt Posts: 8,531 Forumite
    Liked this Telegraph article even more:

    http://www.telegraph.co.uk/news/uknews/3067098/House-sales-fall-to-lowest-level-in-50-years.html

    "The extent of the slump was confirmed by the British Bankers Association which revealed that the number of people taking out mortgages to buy homes has slumped by more than 60 per cent to the lowest level since records began.

    Just 700 mortgages are now being taken out every day compared with almost 3,000 home loans a day at the height of the housing market boom.

    The BBA also said the value of mortgage lending was £2.1 billion in August, which was less than half the average level of £4.7 billion for the previous six months.

    ..Katie Tucker, of mortgage brokers Mortgage Force, said: "New buyers are either waiting for lending terms to improve, and many would-be home movers are stuck in a property losing value in a chain going nowhere as the bottom rung keeps falling out."

    Earlier this week, property website Rightmove said house prices had continued their downward spiral with the average asking price dropping 1 per cent to £227,438 during the five weeks to September 13.

    Further falls in house prices are widely expected, with some predicting that the average home will be worth just £140,000 within the next 18 months.

    Seema Shah, a property economist at Capital Economics, said: "The speed, and the magnitude, of the falling housing market activity has been unprecedented.

    "We see no realistic prospect of a rapid end to the housing market correction."
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Lotus-eater wrote: »
    Read the funny estate agents blog :D

    What's that?
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • Lotus-eater
    Lotus-eater Posts: 10,789 Forumite
    10,000 Posts Combo Breaker
    http://agentsdiary.blogspot.com/
    Freedom is not worth having if it does not include the freedom to make mistakes.
  • hsc-online
    hsc-online Posts: 1 Newbie
    i think this price drop will continue next 12 months also, Hope 2012 will helps to improve property market. this is really bad time for all .
  • Chris2685
    Chris2685 Posts: 1,212 Forumite
    hsc-online wrote: »
    i think this price drop will continue next 12 months also, Hope 2012 will helps to improve property market. this is really bad time for all .
    Why is it a bad time for all? I would argue it is a good time for most who are not up to their elbows in debt?
  • MrDT
    MrDT Posts: 951 Forumite
    Chris2685 wrote: »
    Why is it a bad time for all? I would argue it is a good time for most who are not up to their elbows in debt?

    first post, property links in sig, 'bad time for all', expecting the olympics to be the 'great saviour' as opposed to 'the great waste of money that could really do with being spent on more worthwhile things'...

    I really don't get the whole olympics = disaster averted thing :confused:
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