UK house sales 'at 30-year low' (Well lower when they started measuring)

brit1234

UK house sales 'at 30-year low'

More RICS members now expect sales to increase:rotfl:

The number of UK home sales has fallen to at least a 30-year low over the past three months, the Royal Institute of Chartered Surveyors (RICS) has said.

Average completed sales per RICS member fell to 10.9 between August and October, the lowest level since the body first compiled the data in 1978.
The RICS blamed a lack of available mortgages "stifling" the market.
However, the worst may now be over, as RICS said 20% of its members now expect sales to rise by the end of the year.
Falling prices

This compares to just 4% who said in September that they saw sales rising.

Many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale
RICS spokesperson Ian Perry

RICS said the growing optimism that sales would start to increase again was being driven by more sellers agreeing to drop their asking price.
:beer:

Yet it also added that it may also reflect expectations of an increase in the number of homes being repossessed.

Regarding house prices specifically, RICS said 84% of its members saw prices fall between August and October, while 14% said prices were level, and 2% saw a rise.

Lack of mortgages
RICS spokesperson Ian Perry said last week's decision by the Bank of England to cut interest rates to 3% from 4.5% will help boost sales.

"Even so the general lack of mortgage finance remains a major blockage in the housing market for a large majority of would-be buyers," he said.
"Fortunately, many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale.

"Sales should increase in the coming months as more and more sellers understand that greater realism is the only way to make that long desired move."

RICS found that London had seen the biggest fall in sales, with members reporting an average of just 6.4 sales over the three months.
Sales were strongest in the North East of England, where each member completed 16 transactions.

Britain's biggest building society, the Nationwide, said on Monday that it expects house prices to continue to fall in 2009/10.

http://news.bbc.co.uk/1/hi/business/7720886.stm




I love the way they say it is the lowest level of sales in 30 year where in reality it could be the lowest rate of sales going a lot further back. We simply do not know the figures as they weren't collated before 1978.

Can't wait to read the estate agents comments at the end of this months RICS report, its usally a great laugh. First they blamed it on the media and then that changed to the banks. When are they going to face reality and just tell the truth that property prices were just to high and they helped inflate them.

neverdespairgirl

That is, literally, my life-time.

dopester

Most sellers have heads full of lard. They don't understand we've entered rapidly in to a new world. The crash has already happened, its just sellers have yet to realise it.

They are hoping for one or two mental-cases that remain, who have their own funds or can persuade lender of their creditworthiness, to buy in so all the future losses are transferred on to them.

As we all know, UK house sales are at a 30-year-low simply because prevailing conditions mean asking prices are way too high. Nothing else.... but house prices being too high.

drbeat

These RICS's pr1cks are joining the dole queue like there's no tomorrow. One out of work RICS was on Radio 4 the other day talking about how some surveyors where in cahoots with mortgage brokers with regards to over-inflating prices. I was quite shocked at the extent of this mortgage fraud as it it extends back to surveyors too.

Old_Git

at the moment is it really such a bad thing that houses are not selling ?

sarkin

Old_Git wrote: »

at the moment is it really such a bad thing that houses are not selling ?

Yes this is a massive problem, forget the price. I need a job I dont care how much your house is worth. This goes for everyone invloved in houses, which are in no paticular order, anyone that helps knock down, clear or build a house, help buy and sell it solicitor, estate agent, surveyor, broker( thats me), removal man.

After sales White goods sellers, carpets, kitchens all that crap, DIY

As you can see a lot of people are indirectly affected by people buying and selling houses.

Commision earned is now not being spent in your shop, or at the place that employs you to shift boxes, fill out paperwork, design new propertys and back to the beging.

Restuarants close, car dealerships close, shops close all these people will now not be buying but may need to sell.

Rant over did I miss anything

rchddap1

Sounds like a pretty good list to me. And I agree that it is a big deal. Who knows what the effects will be, or how long it will last. All depends on the banks I suppose. At least at the moment

ad9898_3

sarkin wrote: »

Yes this is a massive problem, forget the price. I need a job I dont care how much your house is worth. This goes for everyone invloved in houses, which are in no paticular order, anyone that helps knock down, clear or build a house, help buy and sell it solicitor, estate agent, surveyor, broker( thats me), removal man.

After sales White goods sellers, carpets, kitchens all that crap, DIY

As you can see a lot of people are indirectly affected by people buying and selling houses.

Commision earned is now not being spent in your shop, or at the place that employs you to shift boxes, fill out paperwork, design new propertys and back to the beging.

Restuarants close, car dealerships close, shops close all these people will now not be buying but may need to sell.

Rant over did I miss anything

I agree, it is a problem, caused by sellers. Every property crash going back to the 70's is prolonged far more than it should be as sellers have to be dragged kicking and screaming into the real world.

The gap between the top of the market and the bottom always takes years. Why ? Only a small proportion of people wanting to sell are going to lose out (typically the people at the top of a chain).

It comes down to our old friend again.........greed.

abaxas

ad9898 wrote: »

I agree, it is a problem, caused by sellers. Every property crash going back to the 70's is prolonged far more than it should be as sellers have to be dragged kicking and screaming into the real world.

The gap between the top of the market and the bottom always takes years. Why ? Only a small proportion of people wanting to sell are going to lose out (typically the people at the top of a chain).

It comes down to our old friend again.........greed.

OT but kind of relevent.

Years ago, our local vicar did a sermon on 'greed'. He said that every action was greedy and then went on to describe how even the most benevolent people were greedy too.

He said that even 'Mother Theresa' was greedy as she admitted to gaining pleasure from her work and wanting to do more.

Greed can be good. It depends on your view of the outcome.

adr0ck

full survey available here

http://www.rics.org/NR/rdonlyres/ED3C83E0-6B1C-4BAB-BEC2-317A5379EDAD/0/hms_1008.pdf

adr0ck

interesting how London has had the biggest falls