Tuesday, Jun 24, 2008
A mighty hangover.....
Mail: Property market slumps by 40% in a year while fall in house prices in London is fastest in UK
''...The number of properties sold has tumbled by 40 per cent in a year. In May, only 100,000 homes and offices which had been put up for sale found a buyer, according to HM Revenue and Customs....''
Posted by hpwatcher @ 03:18 AM (600 views) Add Comment
4 Comments
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1. landofconfusion said...
There's no doubt that the "house prices are falling" sentiment is now widespread. What we need now is something to force sellers to sell.
Mr Brown, do you gave any ideas?
2. Dbc Reed said...
Land value tax
3. it_is_going_with_a_bang said...
London falling fastest? Surely not. That's just not possible ....
4. yoyo1 said...
From yesterdays Mail:
More than one million homes are for sale in England and Wales for the first time since records began.
Estate agents have record numbers of unsold homes on their books.
Rightmove estimates there are now about 15 properties for sale for every 1 buyer.
Rightmove, says the average asking price slumped by £3,000 between May 11 and June 14, with prices in the West London borough of Hounslow falling by nearly £20,000. About 172,000 homes were put on the market during the five weeks.
In one case, a three-bedroom flat in Kelso Heights, a development on Belle Vue Road in Leeds, was bought for £237,999 in March 2006 but has just sold for £71,000 that's just over 70%.
etc etc
To summarise:
Crrrrrrrrrrrrrrrrrash