Tuesday, June 12, 2012

Peter Bolton King, housing spokesperson for Rics, said…

House sales down 40% in five years

House sales per surveyor across the UK are almost 40 per cent less than five years ago at the peak of the boom, latest Royal Institution of Chartered Surveyors (Rics) survey shows. During May, the average number of completed sales per surveyor was 15.6 - 40 per cent less than in May 2007 when it was 25.4.

Posted by jack c @ 09:45 AM (1885 views)
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9 thoughts on “Peter Bolton King, housing spokesperson for Rics, said…

  • mark wadsworth says:

    So how’s business at Jack C Limited? With new buyers halved and a lot less remortgaging going on?

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  • From article in mortgagestrategy.co.uk on the same subject:
    “RICS says with transactions down and affordable mortgage finance now harder to come by, homes are taking considerably longer to sell.”

    My points:
    1. “…with transactions down”: RICS confusing an effect to be a causal factor.
    2. No mention of high asking prices as a factor or even seller stubbornness fuelled by banks’ unwillingness to book losses.

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  • Again from mortgagestrategy.co.uk article

    http://www.mortgagestrategy.co.uk/latest-news/house-sales-plummet-40-in-five-years/1052833.article

    “In spite of this, a gradual stability is returning to the market and surveyors expect transaction levels to increase over the coming months, even if prices continue to dip across most parts of the country.”

    even if??

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  • MW – it is quiet on the mortgage/re-mortgage front made worse by lenders dual pricing ie they offer different rates via brokers to those going direct to the lender (the latter often being the better deal). Fortunately I’ve got a few strings to my bow otherwise I’d be out of business.

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  • happy mondays says:

    So if this momentum keeps up (or down), we should see some significant house price falls later this year… Fingers crossed..

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  • happy mondays – we might see an ongoing stalemate ie sellers holding out for a set price and buyers either priced out or refusing to buy. I dont personally see any prospect of volumes picking up again in the immediate future. I also anticipate mortgage rates rising if some or all of the European rules are imposed on the UK mortgage market. The latest proposal is that early redemption penalties are banned.

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  • At what point does self preservation kick in? Not do much with surveyors who have little control over shaping the market but all the other shills in the process.

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  • Why do RICs feel they need to ask surveyors about sales volumes when the land registry publishes the figures anyway? The land reg figures show volumes are down 48% from peak (in 2006 not 2007 incidently).

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  • If prices fell 40%, sales would return to normal.

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