Tuesday, Jan 13, 2009
"First-time buyers and owner-occupiers are now stuck in a market which does not fulfil their aspirat
BBC News: House sales 'continuing to fall'
Rics found that the number of members reporting sliding prices had eased a little, with 73.5% more of its members seeing prices fall locally than rise - the lowest level since February.
However confidence in house prices in the months ahead fell to its worst level since April 2008, with nine out of 10 Rics members in England and Wales reporting a fall in price expectations.
Large supplies of unsold properties and the number of buyers able to get access to financing were the main depressing factors, the group said.
Posted by stevie dee @ 03:30 AM (547 views) Add Comment
5 Comments
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1. Katrina said...
maybe this is happening because its not everyone benefit the low interest rate in morgage if your a first time buyer. coz not to manny people have 20% to 25% deposit , so it is useless
2. paul said...
I love the way the BBC automatically links the low transactions issue to mortgage availability, completely bypassing affordability questions.
Some of the statements from RICS are unverifiable, but the BBC still prints them, like a mentally ill parrot:
"Buyer interest is now at levels not seen since 2006 but without mortgage finance the housing market is at a standstill and transaction levels at an all-time low."
Buyer "interest" is high then? ORLY?
"First-time buyers and owner-occupiers are now stuck in a market which does not fulfil their aspirations."
Well something must be done to rescue their trammelled aspirations!
(Or maybe they should adjust their aspirations instead. Idiots.)
3. monty032 said...
"Some would-be buyers are reluctant to step into the market, when house prices have fallen by about 15% in the past year, with some observers forecasting similar drops in 2009." No shit, Sherlock.
My brother visited over the weekend. The two houses either side sold for £300,000 in 2007, but I said I would make my landlady an offer when I could buy this or a similar house for around £150,000 towards the end of 2010 / start of 2011. He thought I was joking.
4. Papabear said...
Could someone please explain how this "buyer interet" is measured? Does it go something like this:
A would-be buyer walks into a (London) estate agents...
Buyer: "Hello, how much is that 2 bedroom flat you have displayed in your window?"
EA: "£499,000"
Buyer: "See ya!"
EA (turns to colleague): "Put down another one as interested! Man, there is so much pent up demand..."
5. luckyjim said...
In fact, it is the rate of change in buyer interest that is at '2006' levels. It doesn't mean much
Less say there were 10 people visiting the EA last month. This month 12 people visit. Thats a 20% growth rate in buyer interest. The percentage may well be similar to 2006 - but the actual numbers could be still be a fraction of what they were eg 1000 people one month, 1100 the next - a growth rate of only 10%.
Ian Perry chose his words very carefully when I heard him on the radio this morning. I'm not sure if he has been misquoted here but there is no way that actual buyer interest is comparable to 2006.