Monday, December 26, 2011

Halifax painting a sinking ship

Falling house prices fail to prevent first time buyer numbers from slumping to all-time low

Falling house prices failed to prevent first time buyer numbers slumping to an all-time low in 2011, despite home ownership becoming more affordable than it has been for eight years, according to Britain's biggest mortgage provider.

Posted by jack c @ 06:36 PM (2015 views)
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4 thoughts on “Halifax painting a sinking ship

  • sibley's b'stard child says:

    Good ol’ Cowie; ‘our man in the inside’.

    2011 saw the lowest number of FTBs since records began is a telling fact in itself. The thought’s just occurred to me that the reduction in SDLT from 250k to 125k may also have a suppressing effect on props under, say, 150k as FTBs will seek to avoid paying stamp duty by paying less than 125k.

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  • Stupid number crunching…

    ..potential FTBs will only max out on their lending capacity IF they believe houses are a good financial investment..

    ..if they think they’re catching a falling knife, they will only buy if the price is absurdly low..

    We’ve barely begun in that respect – but we’ll get there…..

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  • I found the comments to be more informative than the main article.

    The banks never point out that an average sized house today is significantly smaller today than previous generations lived in.

    Much more money for much less space, that is what the banks have done for us. First time buyers will retire in their ‘starter homes’ as they will never afford to move up the housing ladder.

    A complete buyers strike will sort them out these banks, and it is already under-way.

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  • I wonder if the number of investors is also at a 37 year low? I can only think that it is the cash rich buyers (no mortgage) who are keeping things ticking along? You know, the people who were made very rich under the last government. These things take a long time to unwind and it will be a slow death for the UK housing market IMO.

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