Thursday, Jul 24, 2008
No mortgages=no sales
Telegraph: Over 40% of house sales are collapsing
Four in ten house sales are collapsing in some areas as buyers back out or fail to get a mortgage, the Bank of England has disclosed.
The new figure is yet another sign of the pain being endured by the housing market as the effects of the credit crunch work their way through.
Large numbers of buyers were having to retreat from deals after having mortgage offers withdrawn by lenders.
Other would-be buyers simply pulled out through fear that house prices could plunge even further than they have done recently, with some analysts predicting a fall of up to 35 per cent in the next two years. Property prices are falling at a rate not seen since the early 1950s.
Posted by little professor @ 08:59 AM (232 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.