Tuesday, Aug 12, 2008
More from RICS
Telegraph: House sales drop to lowest level on record
Estate agents are selling just one property a week, as figures show the worse drop in sales for 30 years.
The Royal Institution of Chartered Surveyors (RICS) said the number of properties sold had dropped to its lowest level since records began in 1978.
Posted by little professor @ 12:29 AM (951 views) Add Comment
9 Comments
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1. peter_2008 said...
Oh, these poor surveyors. Just as they have always rightly pointed out that it is NEVER a lack of affordable houses, but a lack of affordable mortgages. The house price is so cheap now, it is unfair we don't buy houses anymore. How dare us FTB don't burden ourselves with debt! It is socially irresponsible!!
There are plenty of cheap deals you can get with 25% deposite + 3 times salary. That's what I call affordable!!
2. wiltshire said...
I've just realised, Gordon Brown in 1997 didn't say "No more boom and bust". He actually said "No! More boom and bust!" And he was right all along.
3. george monsoon said...
no crash here then kirsty!
4. Eternal Sceptic said...
In case those lonely surveyors are feeling hard done by, they are not alone.
The business, scotsman.com has the following to say:
BUSINESS activity in the UK dropped to its lowest level in the history of the Purchasing Managers Index report in July, Royal Bank of Scotland has revealed.
And even the politicians have turned the volume down for the last couple of days .
5. it_is_going_with_a_bang said...
Blamed it on the lack of affordable mortgages?
How about the lack of "affordable" homes?
6. bystander said...
When mortgages become more affordable , as the banks become more solvent and begin lending again, to all and sundry (which they will, as greed will always conquer fear), will there be a flood back into the market or has sentiment truly changed?????? Thoughts anyone????
7. Adrian777uk said...
When it says estate agents are selling just one property per week - is that per office or per individual agent?
8. sold out said...
Bystander@0815am
My opinion is that the banks will never go back to the lending practices that we have seen during the last decade. They may be able to start to offer better deals sometime next year, but by then their will be very few takers. This time next year once unemployment has risen and repossessions have increased to record levels and house prices have plummeted, the number of people who will want or be able to take on a mortgage in 2009 will be limited.
The downward spiral of house prices will continue long after the banks sort themselves out
9. Tenyearstogetmymoneyback said...
bystander at 6
I can't agree more. It is scheduled to happen in 2017.
:- Duncan
p.s. I can remember about 5 years ago having to tell a prospective flat buyer about the 1990s crash.
As he was only about 24 ehrn it happened its not surprising he didn't remember it.
In the end the £100000 he paid for his flat might have been a fair price. I bet it was worth £170000 last year