Sunday, July 31, 2011
Observations
Sluggish housing market loses its grip on buyers
Outside of prime central London and one or two isolated hot spots, the UK property market is struggling as perhaps never before.
Posted by dill @ 09:26 AM (873 views)
3 thoughts on “Observations”
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Crunchy says:
“Sluggish housing market loses its grip on buyers.”
Could it be the wrong kind of summer slime?
will says:
‘Rightmove figures reveal that July asking prices were on average £236,597, but the new Land Registry figures show that the average house price in England and Wales is now £161,479. This reveals a significant gap between the prices demanded and the prices homes are actually selling for. A house is, after all, worth only what someone is prepared to pay for it.’
That’s a 30% difference.
dill says:
Indeed. will.
Let’s go further. There simply isn’t the funding in circulation to support the ‘notional value’ of housing stock in aggregate. And there will never be for Britain in the future, regardless of the misguided attempts by the Tory wing to try and stall everything until other economic fundamentals catch up. Which they won’t, as no alternative platform was laid down over the last ten years to replace over indulgent consumerism and corrupt financialism.
House prices will fall under the weight of future distress – sad though it is to say it. Everyone pays the price, in one way or another.