House sales slump 53% across UK ..

luvpump

http://news.bbc.co.uk/1/hi/business/7681741.stm

Just 59000 Sales in September ..!!

"That was also a 62% fall from the recent peak in sales, of 154,000, seen in December 2006." .. Evidently Prices still have a LONG way to fall !!... & we are only just entering what is likely to be a deep recession ..

hethmar

Actually 59000 sales in the worst month of a crisis, isnt so dismal at all is it. Im surprised its so high considering all the negative reports.

sjaypink

luvpump wrote: »

.. Evidently Prices still have a LONG way to fall !!...

good. :j(no offence intended to anyone this will adversly affect )

oh and btw, nice avatar! :rotfl:

Cannon_Fodder

"In addition, the best leading indicator of future activity - the number of new mortgages approved for house purchase but not yet lent - is down by 70% on a year ago, suggesting that sales and prices have further to fall."


Prices were dropping when that extra 70% was still being lent, so now we are without that 70%, where on earth will the figures go...?

hethmar

Were prices dropping a year ago? Cant say Id noticed that one.

dopester

Yes they were.



Nationwide's data reported drops in the first month the credit crunch hit UK shores, and Halifax's data followed a month or so after.

Not worshipping the graph now are we hethmar.

hethmar

Worshipping the graph? Dont know what that means? So last September was when the crunch first started? I thank gawd a member of my family was gazumped out of a property in August last year I thought all the drops started only this year.

Cannon_Fodder

It took 6 months worth of monthly negatives to counter-balance the previous positive months, before getting down to 0% on an YoY basis. Then as each remaining positive month disappeared the figures started to get 'real'.

So, Vested Interests were quoting the Annual % as it was still positive, although dropping, and made people feel wealthier just that bit longer to delude themselves that it wasn't really happening...

Cat695

hethmar wrote: »

Actually 59000 sales in the worst month of a crisis, isnt so dismal at all is it. Im surprised its so high considering all the negative reports.

59000 sounds alot but how many houses are up for sale.....over a million?? 500000??

I did a search in london alone and got over 20 000 until i got bored

hethmar

Yes but still an awful lot of sales isnt it. I imagined it would be a lot lower in the circumstances.

Cannon_Fodder

according to http://www.homemove.co.uk/news/23-06-2008/official-figures-reveal-slump-in-home-sales.html

"Rightmove said around 172,000 homes were put up for sale during the period May 11 and June 14, pushing the total number on sale above one million for the first time since records began."