House sales drop

Graham_Devon

The number of properties sold in the UK fell to 78,000 in August, figures from the tax authority show.

This was 6,000 fewer sales than in July - which had seen the highest total for a year - although a drop is often recorded in August during what is traditionally a quieter holiday month.

However, the figure was down 3,000 compared with August 2010, HM Revenue and Customs (HMRC) said.

At the height of the property boom in July 2007, 151,000 homes were sold.

Since 2007, sales have been weighed down by the continued rationing of mortgages and the reluctance of sellers to drop their asking prices.

Separate figures published by the Council of Mortgage Lenders (CML) on Tuesday showed that UK mortgage lending rose by 6% in August compared with July.

So proves those who said the higher amount of lending in August would translate to more property sales a bit wrong.

http://www.bbc.co.uk/news/business-15016998

Pimperne1

78,000 houses sold in just one month, flippin' heck. That's a lot, didn't realise so many were selling. Must be lots of cash sales in there with mortgage approvals at the 50k level.

IveSeenTheLight

Graham_Devon wrote: »

So proves those who said the higher amount of lending in August would translate to more property sales a bit wrong.

http://www.bbc.co.uk/news/business-15016998

I would have thought that mortgage lending in August would feed through to sales in September and October.
By the time the conveyancing has been completed.

It's a bit of a stretch to think that mortgage lending in August would also result in completed sales in the same month.

I thought most solicitors take 4-8 weeks to complete.

Graham_Devon

IveSeenTheLight wrote: »

I would have thought that mortgage lending in August would feed through to sales in September and October.
By the time the conveyancing has been completed.

It's a bit of a stretch to think that mortgage lending in August would also result in completed sales in the same month.

I thought most solicitors take 4-8 weeks to complete.

I didn't say it, was just stating it proved others wrong, as I said pretty much what you said myself, but was told I didn't understand.

ash28

IveSeenTheLight wrote: »

I would have thought that mortgage lending in August would feed through to sales in September and October.
By the time the conveyancing has been completed.

It's a bit of a stretch to think that mortgage lending in August would also result in completed sales in the same month.

I thought most solicitors take 4-8 weeks to complete.

Our house sold at the end of July (buyer got mortgage offer in August) and expect to complete in October.

Mallotum_X

So are we saying the CML data for lending is mortgages agreed rather than lending actually made. I was under the impression that the data related to what had been lent out in a given month, which would also relate therefore to completions that month.

If it is mortgages agreed, then presumably the actual amount lent out will be lower as many mortgages agreed will not go all the way to completion.

Really2

Graham_Devon wrote: »

I didn't say it, was just stating it proved others wrong, as I said pretty much what you said myself, but was told I didn't understand.

So you think that is highly possible increasing approvals could mean more sales two or three months down the line then?

Oddly as I have pointed out before 70-90K sales is around pricing nutrality (when sales are around that point historically prices tend to spread around -5 -+5%)


Looks like those predicting crashing prices are ignoring historical data again.

nearlynew

What if it's a month with 2 full moons?


Does that affect the numbers?

Graham_Devon

Really2 wrote: »

So you think that is highly possible increasing approvals could mean more sales two or three months down the line then?

I think it could mean nothing if house sales fall through.

You were one that thanked the opposite of what you just said. Make your minds up bulls. You cannot keep changing your stance depending on the data released.

If you state increased approvals will mean increased sales that month, stick to it...or don't say it in your excitement.

Really2

Graham_Devon wrote: »

You were one that thanked the opposite of what you just said. Make your minds up bulls. You cannot keep changing your stance depending on the data released.

??????
Does that come with translation?

If you are referring to ISTL he was saying that approvals would not increase sales in the same months but in months after the increases?

Is that really different to what I asked you or did you misread?

Graham_Devon wrote: »

If you state increased approvals will mean increased sales that month, stick to it...or don't say it in your excitement.

I have never said that approvals increase sales in the same month, so provide proof I have or look like a lying troll.

Realmoney_2

Graham_Devon wrote: »

So proves those who said the higher amount of lending in August would translate to more property sales a bit wrong.

If they fall anymore then we will be seeing more new houses being built that are sold.

Will we see all these new property's empty until prices come back down?