Tuesday, Mar 10, 2009
BBC report on latest housing "boom to bust"
BBC: Housing market 'still in a slump'
UK property sales between December and February remained at their lowest level in at least 31 years, the country's surveyors have reported. Nine homes were sold per surveyor in the three months, the lowest since the Royal Institution of Chartered Surveyors' (Rics) survey began in 1978. This was despite the four consecutive months of rising enquiries by new buyers as affordability improved.
Meanwhile, house builders said construction may hit an 88-year low. "After years of boom, the housebuilding industry is lurching towards bust," said Ruth Davison, director of the National Housing Federation.
Posted by jack c @ 09:18 AM (349 views) Add Comment
6 Comments
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1. Eternal Sceptic said...
The economys gone to hell, unemployment is rising and confidence is evaporating and the experts say the housing market is still in a slump. Well what a surprise.
2. Keeprenting said...
"Its February survey concluded that enquiries from new buyers increased at the fastest pace since August 2006 - most notably in London, Wales and the South West of England.
This was prompted by the sharp cuts in interest rates and falling prices that have made a owning a home seem more affordable.
But potential buyers were still being hamstrung by the demands for high deposits by cautious banks."
Er, and by the fact the prices are STILL TOO HIGH!
3. need-a-crash said...
"We are facing one of the worst housing crises this country has ever seen - doing nothing is not an option," said Mrs Davison.
I think you'll find the crisis was when you priced FTB's out of the market about 5yrs ago. What we have now is the solution!
4. stillthinking said...
Low transactions represent denial. Capitulation is next.
5. G. V. Xylander said...
It is not only the supply but the redistribution of housing. The well off put their money into bricks and stones, accumulating 3rd, 4th homes, taking advantage of council Tax reductions and tax advantages.Houses where a family of 6 lived is now empty and shuttered, flats empty, and if rented, then for rents unaffordable to the general public. The buy- to- let market needs urgent regulation, giving tenants rights and get something like the Fair Rent Council back.The effect of living with rented tenants destroys neighbourhoods, here to-day, gone tomorrow, no interest in local issues (security, roads, lighting, street cleaning, garbage collection...)
Camden and Westminster had vast properties empty for years, which is impacting badly on all urban fabric and citizen.
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