Wednesday, Sep 22, 2010
House sales up 11% on last year
Telegraph: House sales halve
Hang on a minute - they're spinning it the other way. What's going on????? Has the world been turned upside down?
Posted by phdinbubbles @ 08:52 AM (1004 views) Add Comment
6 Comments
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1. phdinbubbles said...
Sorry, that should be up 7.6% on August last year - I put the wrong number in me sums.
2. alan_540 said...
I've no idea what you're talking about.
3. phdinbubbles said...
"I've no idea what you're talking about."
Really?
It's customary for the main stream media to talk up the housing market by being selective with the figures they are comparing with. Normally, one would expect a headline along the lines of 'House Sales up 7% on last year'. This article does the opposite - it makes a headline out of comparing today's sales with pre-crash levels, which is surely a significant change in sentiment (or more probably a realisation by the telegraph that unless pricecs don't drop soon then they won't be able to pin it on Labour)
4. J-hi said...
Why do the mainstream media want to talk up the housing market?
5. str 2007 said...
Obviously (I assume) the difference between 85k sales and 50k odd mortgage approvals ie 35k ish are cash sales.
I wonder if anyone has the figures as to the percentage of those cash sales how many are downsizers as opposed to foreign or English come to that 'investors'.
It certainly points towards the majority of mortgage sales being to buy 'last' houses ie detached family homes, facilitating downsizing and cash purchases.
Could this be exaggerating the haliwide monthly figures upwards?
6. Shoebox said...
From Todays FT...
Housing figures heighten gloom
By Norma Cohen
Published: September 21 2010 23:03 | Last updated: September 21 2010 23:06
Housing transactions slipped in August from July’s level, according to figures from Revenue and Customs that further flesh out the picture of a housing market in the doldrums.
The data, which include properties purchased outright for cash and are thus considered somewhat more complete than mortgage lending figures, show that the number of purchases of homes in August totalled 77,000 on a seasonally adjusted basis, down from 81,000 the month before.
The figure is higher than the 71,000 registered in August 2009 but well below monthly sales rates seen late last year as prices were rising.
“The HMRC data continues to demonstrate the subdued level of activity in the residential property sector,” said Simon Rubinsohn, economist at the Royal Institution of Chartered Surveyors.
He noted that, while the Rics’ own survey showed improving expectations for the volumes of sales, the numbers underscore the generally downbeat mood.
The data come as the Bank of England reported that mortgage approvals also continue to fall.
In August the number fell to a 17-month low of 45,000 loans – the lowest since the trough of property prices in April 2009.