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exiges

Property Sales 'decimated In May'

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OK, maybe not "decimated", but they're still falling and the BBC is spinning it as "subdued"

Here's the report: http://www.hmrc.gov.uk/stats/survey_of_prop/val-40000-or-above.pdf

Here's the BBC article: http://www.bbc.co.uk/news/business-13857102

Property sales in the UK remained at a relatively low level in May and lower than the same month a year ago, new figures show.

Some 68,000 homes were sold in May, down 2,000 on the revised total of a month earlier, according to HM Revenue and Customs data.

The total was also 3,000 down on the same month a year ago.

Lenders say there is little chance of a rebound in the coming months, judging by mortgage data.

The Council of Mortgage Lenders said on Monday that it expected lending for home loans to be "relatively flat" during the coming months.

This view came despite gross mortgage lending in the UK rising by 12% in May, compared with April, to £11.3bn. The figure was 1% higher than in May 2010.

Property market commentator Henry Pryor said the low level of sales could have a knock-on effect on related industries.

"Much of the wider economy relies on a healthy housing market with money spent in the High Street on home improvements as people buy and sell," he said.

"Many jobs in the building and decorating businesses rely on a healthy turnover as well as those more directly employed like mortgage brokers, conveyancers and estate agents."

Edited by exiges

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We had a rubbish May (and April for that matter) but June looking better. Although not long before it all goes quiet for the summer holidays.

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I was sure this thread was going to be by RB when I read the title!

Transactions will increase as prices fall. The longer prices stay inflated the lower thransactions will become.

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'Killer Cucumbers Deter House Hunters'

I dunno, all those lesbian lizards certainly took my mind off buying a house.

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We had a rubbish May (and April for that matter) but June looking better. Although not long before it all goes quiet for the summer holidays.

That was because of the bank holidays.

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I was sure this thread was going to be by RB when I read the title!

Transactions will increase as prices fall. The longer prices stay inflated the lower thransactions will become.

+1 People need to associate a recovery in the market with an increase in volume (which necessarily means lower prices).

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Sorry Mr. Pryor, but you cannot base an an economy around people borrwing ever higher sums of money to buy and sell the same piles of bricks amongst each other.

3b9f4cf5-burn-the-witch-burn-witch-kill-monty-python-demotivational-poster-1223816026.jpg

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As "Decimation" is technically defined a loss of 10%, this hardly counts.

Like "quantum", it's one of those overused words that actually means the almost the opposite of what people actually think.

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As "Decimation" is technically defined a loss of 10%, this hardly counts.

If you're going to pick people up on their use of words, make sure you read what they wrote. Namely: "OK, maybe not "decimated"

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The market is trading at about 60% normal volume, it has for some time. There really aren't many buyers out there, but sellers are joining the queue and unsold volumes are increasing. Usually a sign of an imminent bear run when asset values rise on low volumes.

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Property market commentator Henry Pryor said the low level of sales could have a knock-on effect on related industries.

"Much of the wider economy relies on a healthy housing market with money spent in the High Street on home improvements as people buy and sell," he said.

"Many jobs in the building and decorating businesses rely on a healthy turnover as well as those more directly employed like mortgage brokers, conveyancers and estate agents."

Good to see this acknowledged, hasn't it so far been assumed that by propping up house prices people will still feel rich and spend, now that is being shown not to work perhaps the movement in the market will become the priority and we know what that will need, in the place of higher lending and gimmicky "help" for first time buyers of course..... lower prices

all the factors are lining up pointing in the right direction these days :D

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Overheard conversation a week or so ago, total US house sales across all states around 1000! Just waiting for the data to come out to see if its true or not.

Surely not. That would be staggeringly low.

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Transactions will increase as prices fall.

Oddly they don't. When prices fall, transactions decrease quite rapidly. When prices rise , transactions increase.

In 1992, there were very few sales as prices still had a bit further to fall.

Transactions will not increase until we reach the bottom of the market.

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OK, maybe not "decimated", but they're still falling and the BBC is spinning it as "subdued"

Here's the report: http://www.hmrc.gov.uk/stats/survey_of_prop/val-40000-or-above.pdf

Here's the BBC article: http://www.bbc.co.uk/news/business-13857102

Volumes ( ,000s):

2006 = 1,666

2007 = 1,621

2008 = 922

2009 = 847

2010 = 884

The number of "pent-up" sellers must be going up.

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Volumes ( ,000s):

2006 = 1,666

2007 = 1,621

2008 = 922

2009 = 847

2010 = 884

The number of "pent-up" sellers must be going up.

http://www.communities.gov.uk/housing/housingresearch/housingstatistics/housingstatisticsby/housingmarket/livetables/

Yes, half what it used to be and 2010 was a year when prices rose against a limited supply with some active buyers.

I think anyone selling now has missed the peak and may not sell regardless as prices tumble. No one buys in a falling market.

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Volumes ( ,000s):

2006 = 1,666

2007 = 1,621

2008 = 922

2009 = 847

2010 = 884

The number of "pent-up" sellers must be going up.

How much of the sales in 2006 and 2007 were people jumping on the rising price bandwagon though? Figures earlier than 2006 are needed to provide a more accurate comparison IMO.

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How much of the sales in 2006 and 2007 were people jumping on the rising price bandwagon though? Figures earlier than 2006 are needed to provide a more accurate comparison IMO.

I agree. (I was a bit lazy, didn't feel like Googling for it.)

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Overheard conversation a week or so ago, total US house sales across all states around 1000! Just waiting for the data to come out to see if its true or not.

Are you suggesting that only 1000 houses sold in the entire USA in a month? There's more sold in King County (Seattle) than that.

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  • 284 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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