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Ash4781

Housing Market Seized Up

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http://www.bankofengland.co.uk/publication...rendsJuly09.pdf

Looking at transactions and transaction proxies the housing market is still relatively seized up. They've thrown money at it but it's still relatively seized up. Yesterday the BOE reported that lenders were having difficulty in valuing. A bit worrying.

If we assume that attempts to get 'credit flowing' will fail then the only way to increase transactions will be a reduction in price.

Politically is it ok to have a low transaction housing market ?

I suppose voters will be happy and can calculate their 'equity' based on the housing indexes / estate agents windows. But in reality if lenders are struggling to value there's a problem.

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HMRC released the housing transactions numbers for June today (these are based on Stamp Duty returns).

The market seems fairly flat at present, but we may have seen the bottom (in transactions, not prices). Seasonally-adjusted transactions for Apr, May and Jun were 63K, 63K, and 65K respectively.

hmrctrans0609.gif

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