Monday, Jun 23, 2008
WTF! Now Miles Shipside is an economics expert!!!
Guardian: House prices fall as sellers 'recognise market realities'
In spite of the lowest housing transactions for 30 years, new sellers had been coming to the market asking record prices. It was a mad state of affairs that defied the laws of economics.
Posted by inbreda @ 09:38 AM (705 views) Add Comment
5 Comments
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1. inbreda said...
I Like these stats!!!
"The number of properties for sale in the UK now outweighs the number of buyers by over six to one. There are 25% more properties on the market than six months ago, which means that 1 million sellers are competing for just 150,000 buyers.
Average unsold stock per agency branch rose to a record 75 homes, up from 73 the previous month. "
2. montesquieu said...
Acutally the rightmove release above puts it at 15:1:
'Standing out becomes increasingly important as ratio of buyers to available property
doubles year on year to 15:1 as mortgage famine hits home'
Pretty extreme surely?
3. taffee said...
brilliant miles....no wonder you work for such a dynamic organisation
not as if your asking price average house price ramped the market then.
4. jack c said...
This from today's trade press "House sellers admit defeat and drop prices"
House sellers are being more realistic about the price they can achieve for their property, reports Rightmove.
The Rightmove House Price Index shows sellers have dropped their prices by 1.2% in June, which equates to a fall in prices of almost £3,000. This reflects the extent of housing stock currently going unsold, with a record of 75 unsold properties per branch.
Rightmove's estate agents report an average of 15 homes available for every buyer in the UK.
Miles Shipside, commercial director at Rightmove, says: “In spite of the lowest housing transactions for 30 years, new sellers had been coming to the market asking for record prices.
"It was a mad state of affairs that defied the laws of economics. Thankfully, new sellers are now taking some pro-active steps to price more realistically from the outset to attract increasingly hard-pressed buyers.”
5. sold out said...
Have seen recently 2 houses that have sold in the last few weeks,both are 2 bed terraced in Chelmsford.One was on the market at 160k and another at offers above 130k.All the other similar properties remain unsold at 200k.It would seem that the masses are still not ready to face reality and drop there prices.As it appears that only very heavily reduced properties (20-30%) are actually selling,it wont be long before we see some really spectacular figures for monthly falls,perhaps 10%plus,August i reckon.