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House Sales Hit 8-Year Low In Snowy December

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Didn't it snow last year? And, intact the year before that....

House Sales Hit 8-Year Low In Snowy December

Last Updated 08:19 14/01/2011

Graham Fitzgerald, Sky News Online

The number of homes changing hands fell to an eight-year low during December as the severe weather exacerbated an already subdued housing market.

A combination of the bad weather and the approach of Christmas led to the average estate agent branch selling just four properties during the month.

That is the lowest level since January 2003 and nearly half of the number sold in November, according to the National Association of Estate Agents.

Mike Jones, president of the NAEA, said: "December is always a slow month for agents, but there is little doubt that these figures are worse than usual.

"However it is important not to read too much into it. This lack of sales can be explained by freak weather conditions.

"We would hope to see a bounce-back in the next few months. Indeed, the New Year has begun very strongly."

The number of people who registered with estate agents in December dropped to an average of 227 per branch, down from 241 in November.

But the NAEA stressed that it was normal to see a fall off in buyer interest during December, as people put their plans on hold until after the festive season.

On Monday Halifax revealed figures showing house prices fell by 1.3% in December - and 3.4% during 2010 - as buyers decided to stay away from the property market.

Despite the bad weather, the average number of properties which estate agents had on their books remained unchanged at 64.

But while this is good news for future activity levels in the market, it could be bad news for house prices.

One estate agent in Essex said properties were typically only selling for 10% to 12% below their asking price.

On a brighter note, the proportion of properties bought by first-time buyers jumped from just 19% in November to 25% in December, despite the large deposits demanded by lenders.

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A combination of the bad weather and the approach of Christmas led to the average estate agent branch selling just four properties during the month.<snip>

On a brighter note, the proportion of properties bought by first-time buyers jumped from just 19% in November to 25% in December, despite the large deposits demanded by lenders.

So.... On a brighter note, the average estate agent sold one property to a first time buyer in December. Happy times :lol:

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It's not like you would view a property in December and then exchange within a couple of weeks. The weather in October/November was quite clement when most viewings/offers would have been made.

Barrel scrape.

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So.... On a brighter note, the average estate agent sold one property to a first time buyer in December. Happy times :lol:

Volumes have been low for the last two years, but now it looks like the housing market just doesn't exist at all. No buyers, no sellers.

It's a load of nonsense about snow, most sales take two to three months to go through and they'd hardly stop because of a bit of snow.

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I visited an EA yesterday to arrange a viewing. Spouted off at how it was really good news that house prices were crashing and that it would benefit all to have a 40% drop to get the market moving again. The younger female EA I was talking with seemed to approve of that idea while her workmate (can't use the "partner" designation anymore due to sexual implications) sat there in dark silence. This one has investment properties in the area and tried to sell me one she was doing up to sell this Spring. My doom and gloom speech must have sent her scurrying for her meds.

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It's not like you would view a property in December and then exchange within a couple of weeks. The weather in October/November was quite clement when most viewings/offers would have been made.

Barrel scrape.

Indeed.

Like the snow had anything to do with it, lol. :lol:

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So.... On a brighter note, the average estate agent sold one property to a first time buyer in December. Happy times :lol:

I've just moved into a rental property. The previous tennants (couple in their 50s) had expected to rent forever, but an unexpected inheritance meant they could suddenly afford to buy somewhere. Technically a first time buyer.... but hardly representative of the majority! :) At least their estate agent could add them to their stats. :)

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Anyone want to place a bet that the even lower sales volumes in spring and summer will be due to " the hot weather"? :rolleyes:

Also don't forget the Cricket World Cup from February to April, then a couple of months later everybody will be off on their summer hols for June-August, then the Rugby World Cup is in September and October. Then it's November, and damp weather and Christmas will prevent anybody from offering 2007 prices on 3 bed semis even if they really really want to. To be honest, I don't know how anybody ever has time to buy a house.

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Is that because people can build igloos in snow and therefore don't need to buy a house?

Clearly councils should grit more to get the housing economy moving!

Ahh , global warming doesn't just kill polar bears , it also kills the housing market! :P

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http://www.ft.com/cms/s/0/e8710196-1fee-11e0-b458-00144feab49a.html?ftcamp=rss

The severe winter weather conditions exacerbated an already-subdued housing market in December, resulting in the number of homes sold falling to an eight-year low.

However, experts say early signs indicate that the year could experience a resurgence in demand and activity.

A combination of the bad weather and the approach of Christmas meant the average estate agent sold just four properties last month, according to the latest report from the National Association of Estate Agents (NAEA). This is the lowest figure per agent since January 2003, when the figure was two properties per branch. In November 2010, the average branch sold seven properties.

Sales traditionally drop in December, as many people are reluctant to buy or sell during the holiday season. But UK’s snowfall exacerbated the already low sales.

“December is always a slow month for agents, but there is little doubt that these figures are worse than usual. The lack of sales can be explained by freak weather conditions, rather than any underlying problem with the market. We would hope to see a bounce-back in the next few months,” said Mike Jones, president of the NAEA.

However, other trends in the housing market provide a glimmer of hope for the housing market. The supply of properties remained strong in December, when a fall had been expected. The average branch had 64 properties on its books in December, the same as the previous month.

The percentage of sales made to first time buyers increased from 19 per cent in November to 25 per cent in December. But the number of people registering to look for property fell from 241 in November to 227 in December.

Edited by fellow

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It's not like you would view a property in December and then exchange within a couple of weeks. The weather in October/November was quite clement when most viewings/offers would have been made.

Barrel scrape.

+1

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Is that because people can build igloos in snow and therefore don't need to buy a house?

Clearly councils should grit more to get the housing economy moving!

:lol:

Why would snow stop anyone buying a house? It might delay you viewing it for a couple of days but it won't stop you buying it altogether.

Edited by fellow

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:lol:

Why would snow stop anyone buying a house? It might delay you viewing it for a couple of days but it won't stop you buying it altogether.

Wrong type of Snow! :P

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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