Monday, Dec 29, 2008
Houses not selling
BBC 'News': 'Stagnation' hits property market
One in five properties in some areas of the UK has been on the market for over a year, according to research from property website Globrix.
The picture of a stagnated market is most critical in the north of England. Rochdale in Lancashire topped the chart, with 26% of homes for sale remaining on the market for the whole of 2008.
Globrix chief executive Daniel Lee said "Property prices are now very tempting and I am sure many buyers, having delayed for so long, will be closer to making their move."
Posted by little professor @ 05:05 PM (1198 views) Add Comment
8 Comments
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1. gone-to-colombia said...
¨ Property prices are now very tempting and I am sure many buyers, having delayed for so long, will be closer to making their move. The next few months could determine the shape of the next few years."
Prices might be more tempting month by month, and then why not wait another month and another month.
Why is it that these idiots draw such foolish conclusions from such dire research?
2. plato said...
..........and so many of us were pointing out that this would lead to stagnation in the property market. Comparatively low prices look attractive indeed,until the lack of funding and further falls in market value are realised. Stepping in at the wrong moment is the last thing prospective buyers want to experience having already watched the show so far. Anyone with savings has been hit very hard indeed,already and they don't want to see yet another depreciation in their hard earned savings by jumping in,when they have already suffered enough.
This can be one of the biggest financial mistakes one makes as it turns out, so it is not good advice to make such a danger look an attractive opportunity. Stagnaton is a natural stage in this process.
3. paul said...
If I remember the VI logic correctly from a year or so ago, no-one was going to question catching a falling knife because the pain of buying an asset falling in value would have been justified in order to get your foot on the (next) rung ... or something like that ...
Probably the same circular logic that brought us the following gem
Banks: "We're not going to start lending until house prices recover"
EAs: "House prices will recover when banks start lending"
4. crunchy said...
Nothing stagnates in a bubble economy!
5. crunchy said...
It's win or lose. and most eventually lose.
6. crunchy said...
Crunchy Robbed British Citizen ex HPC vet homeless redundant and hungry!
7. Chilli said...
"One in five properties in some areas of the UK has been on the market for the whole of 2008, data suggests."
"On average across the country, 5% of homes for sale have remained unsold since the beginning of the year, according to property website Globrix. "
First two sentences in the article contradict one another. One in Five is 20%, not 5%.
The quality of journalism knows no lower bounds obviously.
8. it_is_going_with_a_bang said...
Well actually ...
It says in some areas it is 1 in 5... then goes on to state the average across the country is 5 % so is correctly written.
£160 k for an average house is still not 'very' tempting for the average person earning 25k pa. despite what some people may think.