House sales slump 53% across UK ..

Cat695

well to steal a quote from the carpenters

"We've only just begun"

Just incase anyone isn't old enough to remember the carpenters

http://uk.youtube.com/watch?v=__VQX2Xn7tI

Cat695

Cannon_Fodder wrote: »

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."

It is estimated that there are approximately 15 properties for sale for every buyer, according to Rightmove.

looks like I can be choosey then next year!

hethmar

Strange isnt it - Im not into maths, but if 15 people are selling their houses and only one buying, then what will the other 14 do? They arent buying because then it would be 15 sellers to 15 buyers. I suppose they just wont sell at all. Im not bright enough for all these macro economics.

Cat695

hethmar wrote: »

Strange isnt it - Im not into maths, but if 15 people are selling their houses and only one buying, then what will the other 14 do? They arent buying because then it would be 15 sellers to 15 buyers. I suppose they just wont sell at all. Im not bright enough for all these macro economics.

Me to....at the end of the day all i know (FACT) is that house prices are coming down for now and if they continue to do then I will be able to buy without worrying about a big mortgage.

hethmar

Yes, on the one hand I see our pension reducing before my eyes, but on the positive side may be the retirement country cottage with sea view will be more within reach.

neverdespairgirl

Cat695 wrote: »

Just incase anyone isn't old enough to remember the carpenters

They should be left in blissful ignorance.

IveSeenTheLight

Cannon_Fodder wrote: »

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...

Very true.
It should mean theoretically that the graph would roughly level off as the YoY is not comparing against rising prices but now against falling prices.

I'm not saying stopped falling, only that the YoY % rate should roughly level off

huntersc

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.

It wasn't the worst month, October was and you also need to bear in mind that the mortgages on these properties were likely to have been agreed in July/August. Furthermore Many of these sales would have been agreed two or three months prior, money would have been committed. There might have been a temporary upswing for the £175k SDT holiday.

The really interesting figures are ahead of us. October figures will really be interesting but January and March 09 will give us a good idea of what will happen. If Jan and March do not recover then you can kiss goodbye to any recovery until well into 2010.

However, if IR% are cut by a couple of points and March starts looking rosier then the property market will survive and recover much more quickly than people think.

I still doubt we'll see any major changes until 2011 at the earliest.

luvpump

I think some have got to get it in there heads that when a "Recovery" does begin it will be a slow affair ... The Crazy lending Multiples that propped the market up are gone ... Some seem to be holding on to this fantasy that if they hold out for 12 months the good times will be back again, they wont ....

hethmar

Im hoping the mad frenzy we saw will never be allowed to happen again.