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Housing sale lowest in 30 years

Discussion in 'General Discussions and Lounge' started by temi, Oct 14, 2008.

  1. temi

    temi Facilitator Webmaster

    The slump in the property market is becoming even worse, according to a survey from the Royal Institution of Chartered Surveyors (Rics). Estate agents sold on average under one property per week each in September.
    The number of properties being sold across the UK was the lowest since the Rics survey started in 1978 and was 52% lower than in September last year.
    London was the region with fewest sales per estate agent, at an average of just eight in the previous three months.

    source: bbc
  2. neilrbowen

    neilrbowen Member Webmaster

    Its not great at the same time, the cause for drops is not having any money to lend people to buy properties with,

    this acctually makes it harder for first time buyers despite the drop in prices.

    The people who will make most from this are the people with most money who can now buy up cheap properties with cash and wait.
  3. TeamPlayer

    TeamPlayer New Member Webmaster

    True, recession isn`t a good thing, though I do think house prices all got a bit silly, with daft increases in values. They`re at least a bit more realistc now, though the banks and building societies will have to start cutting back on loans to people who really can`t afford them (which of course is how this all started in the US with sub-primes etc).

    And if unemployment starts to go up that won`t help matters either.

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