House sales hit new 30-year low (again)

neverdespairgirl

RICS' latest - another 30 year low, like last month and the one before that.

The slump in the property market is becoming even worse, according to a survey from the Royal Institution of Chartered Surveyors (Rics).
Estate agents sold less than one property per week each in September.
The number of properties being sold across the UK was the lowest since the Rics survey started in 1978 and was 52% lower than in September last year.
London was the region with fewest sales per estate agent, at an average of just eight in the previous three months.

http://news.bbc.co.uk/1/hi/business/7668017.stm

GDB2222

They've made pots of money during the last 10 years. Surely, they must have a bit put aside for a rainy day?

carolt

Certainly nothing selling round here.

I think it's a battle of will between the 2 local EA's in my village as to which one will close down first - I'd be happy to see them both go, as have had dealings with both, and found them both as greedy and unprofessional as each other.

ad9898_3

GDB2222 wrote: »

They've made pots of money during the last 10 years. Surely, they must have a bit put aside for a rainy day?

:rotfl:I know you're takin the p*ss, I reckon they have probably put away about as much as our great leader, none.

adr0ck

http://www.rics.org/NR/rdonlyres/83AF2FD7-95CC-4140-A2A8-A590A7AD7B41/0/hms_0908.pdf

adr0ck

some quotes:

The main trend is for vendors to place
their property into the rental market to
derive an income to cover their mortgage
and allow them to move.

Bad news day in – day out!

The overall picture is probably not any
worse than it was last month, but remains
grim. New instructions are up on last
month and the majority of our ‘new
vendors’ are looking to buy, so there is still
potential for sales if all parties are sensible
in their expectations.

The market remains dire. Many would
be sellers are now turning ‘to let’. This
market is also becoming more
congested

The market is in the doldrums. Altering
the stamp duty threshold has had no
effect.

The market remains virtually
paralysed.

adr0ck

another good one

The market for sales is not depressed…..it is
suicidal! Until mortgages are being
granted, the market will remain in a
straight jacket. We need to lend to mend!

ad9898_3

It staggers me really, they must know the reason that things aren't moving, prices are too high, a very small child could tell you this They seem to think that if they wish hard enough things will go back to 2007.

Want to get the market moving, drop your prices, it is painful but not rocket science. Face up to it, 2007 as gone, its not going to return for possibly decades, get over it.

Example my friend bought a really nice 3 bed detached in 2000, corner plot, double garage, not a new build nasty, nice gardens, bigger than average. He paid 88k, now there is a similar one up for sale for 265k !!!, needless to say its been up for over a year with no interest. That 265k means nothing, they might as well have it on for 500k, its simply not worth it. I would say with inflation its perhaps realisticly worth about 125k and not a penny more.

paulherts

Area Exeter
Detached £391,000
Semi £211,000
Terraced £204,000
Flat £144,000
Overall £211,000


Average wages around £20,000. Exeter is not unique property prices are too high built on unsustainable lending.

Fundamentals are all wrong, the Government should not be propping up a system built on sand.

If crazy lending parctices return (and they should not) then it will lead to another banking crash in the medium term. If lenders adopt responsible lending criteria then housing market will continue to become more realistic.

ad9898_3

paulherts wrote: »

Area Exeter
Detached £391,000
Semi £211,000
Terraced £204,000
Flat £144,000
Overall £211,000


Average wages around £20,000. Exeter is not unique property prices are too high built on unsustainable lending.

Fundamentals are all wrong, the Government should not be propping up a system built on sand.

If crazy lending parctices return (and they should not) then it will lead to another banking crash in the medium term. If lenders adopt responsible lending criteria then housing market will continue to become more realistic.

So the average house in your area is over 10x salary, doh, I can see that the EA's may have small problem here, may I suggest that ... erm.. prices are too high by the small amount of over 100%, oh dear, the word dumb for these people must be the best compliment you could give them

Kez100

A quick drop will see people buying but they need to drop enough. If sellers/new build only dropped asking price it would help. Otherwise it will be a long drawn out affair waiting for repossessions and desparate sellers to do the job required.

There were plenty of savvy FTBs sat out there waiting last week and now, I believe, all new FBs know the score.....sit wait and build a deposit. There has to be some sort of void while we move from old principles onto new.