Thursday, January 3, 2008
Sales volumes crash by up to 39% in 2007 – Land Reg latest figures
In theory this data relates to house sales transactions that could have taken place August 2007 onwards. What is alarming is the drop off in sales volumes for the same period vis a vis 2006. The house price sectors the majority of Britons operate in saw a dramatic contraction in transactions. In the lower priced band of up to 150K, (the first time buyer market), sales volumes were a staggering 39% down in direct comparison with 2006. Once again this should be viewed as not including the impact of the credit crunch, causing 44% less mortgages for house purchase apprrovals as acknowledged by the BBA and CML.